Stocks sold off on Tuesday, but the indexes were all pointing up early Wednesday. Investors have been trying to factor in what the markets and economy will look like in the post-election and post-coronavirus scenario in 2021. After missing out on much of the rally in 2020, many investors are planning how they should be invested for 2021.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Wednesday, November 18, 2020.
AbbVie Inc. (NYSE: ABBV) was started with an Outperform rating and a $123 price target (versus a $99.21 prior close) at BMO Capital Markets. It had a $110.75 consensus price target, and the stock recently was added to the Warren Buffett stock portfolio.
American Outdoor Brands Inc. (NASDAQ: AOUT) was started as Buy with an $18 price target (versus a $13.99 prior close) at C.L. King.
Baidu Inc. (NASDAQ: BIDU) was reiterated as Overweight and the price target was raised to $190 from $182 (versus a $144.04 close) at KeyBanc Capital Markets.
BigCommerce Holdings Inc. (NASDAQ: BIGC) was started as Overweight and its price target was set at $83 (versus a $67.50 close) at Piper Sandler. The stock had an $88.89 consensus target price.
Boeing Co. (NYSE: BA) was raised to Outperform from Neutral with a $306 price target at Robert W. Baird. Boeing closed up almost 4% at $210.05 a share on Tuesday, and its stock was up over 6% at $224.12 on Wednesday on news that the FAA will recertify the 737 Max.
Boston Scientific Corp. (NYSE: BSX) was maintained as Overweight and the target price was cut to $41 from $44 (versus a $35.03 close, after a 7.9% drop) at Wells Fargo.
Ciena Corp. (NASDAQ: CIEN) was downgraded to Neutral from Buy at Rosenblatt.
Curaleaf Holdings Inc. (CURLF) was reiterated as Buy and its target was raised to $14 from $13.50 at Needham, and Cantor Fitzgerald reiterated its Overweight rating and raised its target to $20 from $18. Shares closed at $10.80 on Tuesday, in a 52-week range of $2.54 to $11.69.
Deere & Co. (NYSE: DE) was reiterated as Hold but its price target was raised to $244 from $227 (versus a $258.21 close) at Deutsche Bank. The stock had a $240.41 consensus target price.
GoodRx Holdings Inc. (NASDAQ: GDRX) was down 22.5% at $36.21 on Tuesday after Amazon entered into the online pharmacy business. Deutsche Bank maintained its Hold rating and cut its target to $31 from $50. JPMorgan downgraded it to Underweight from Neutral with a $29 price target.
Honeywell International Inc. (NYSE: HON) was downgraded to Hold from Buy at Jefferies, and HSBC downgraded it to Hold from Buy. The stock closed down 1.56% at $205.33 on Tuesday and has a $185.90 consensus target price.
ITT Inc. (NYSE: ITT) was reiterated as Overweight and its target price was raised to $80 from $72 at KeyBanc Capital Markets. It had a $74 consensus price target.
Kirby Corp. (NYSE: KEX) was raised to Buy from Neutral with a $54 target price at BofA Securities. The stock closed at $48.15 on Tuesday and has a $47.00 consensus target price.
Kohl’s Corp. (NYSE: KSS) was up over 11.5% at $29.18 on Tuesday after earnings. BofA Securities reiterated it as a Buy and raised its price objective to $36 from $30. Deutsche Bank maintained its Hold rating but raised its target from $19 to $28.
Medtronic PLC (NYSE: MDT) was reiterated as Overweight and the target price was raised to $127 from $118 at Wells Fargo. Shares closed at $110.14 on Tuesday, with a $118.79 consensus target price.
ONEOK Inc. (NYSE: OKE) was downgraded to Underperform from Neutral at BofA Securities.
Spirit Aerosystems Holdings Inc. (NYSE: SPR) was raised to Buy from Hold and the price target was raised to $40 from $24 at Jefferies.
Tecnoglass Inc. (NASDAQ: TGLS) was downgraded to Outperform from Strong Buy at Raymond James.
Ternium S.A. (NYSE: TX) was named as the Bull of the Day at Zacks, which said a solid earnings report has this stock on the move. Shares most recently closed at $25.50 and have a consensus price target of $22.96.
Tesla Inc. (NASDAQ TSLA) was upgraded to Overweight from Equal Weight and its price target was raised to $540 from $360 at Morgan Stanley. The firm noted that the company is shifting toward a high-margin business, with recurring software and services revenues on top of cars and other sales.
Virgin Galactic Holdings Inc. (NYSE: SPCE) was named as the Zacks Bear of the Day stock. The firm said investors may have to wait a while for this stock to take off. Shares last closed at $21.35 and have a consensus price target of $25.78.
Walmart Inc. (NYSE: WMT) was down about 2% at $149.37 on Tuesday, and it previously had a $155.68 consensus target price. Raymond James reiterated it as Outperform and raised the target price to $165 from $145. Deutsche Bank reiterated it at Buy and raised its target price from $163 to $168, and KeyBanc reiterated its Overweight rating and raised its target to $180 from $155.
24/7 Wall St.Value stocks have rallied recently, but some of the best ideas we have found are still remarkably reasonable compared to many of their peers, especially in technology and biotech. Four stocks are rated Buy at Jefferies, and all are solid companies to look at now.
Tuesday’s top analyst upgrades and downgrades included AECOM, BBVA, Cheniere Energy, Chevron, DraftKings, General Motors, Moderna, Novavax, Palo Alto Networks and Penn National Gaming.
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