Stocks sold off on Wednesday after New York City announced it was closing its schools as the coronavirus cases crossed the threshold for more restrictions. The indexes were down slightly on Thursday, but only by about 0.3%. Investors have been pondering what the markets and economy will look like in post-election and post-coronavirus scenario in 2021. Now is the time for investors to start planning how to be invested for the coming year.
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 Thursday, November 19, 2020.
Accenture PLC (NYSE: ACN) was started with a Buy rating and a $278 price target at Goldman Sachs. Shares closed down 1.7% at $239.73 ahead of the call and have a $241.65 consensus target price.
Bank of New York Mellon Corp. (NYSE: BK) was downgraded from Outperform to Market Perform with a $43 target price (versus a $38.74 prior close) at Keefe Bruyette & Woods.
Boeing Co. (NYSE: BA) was reiterated as Positive and its price target was raised to $275 from $220 at Susquehanna. Boeing opened up at $223.02 on Wednesday on news that the 737 Max was being recertified, but the stock closed down 3.2% at $203.30 as spiking coronavirus cases are creating more restrictions.
Cinemark Holdings Inc. (NYSE: CNK) was downgraded to Hold from Buy at Loop Capital.
Citigroup Inc. (NYSE: C) was raised to Outperform from Market Perform with a $65 price target at Keefe Bruyette & Woods.
Cree Inc. (NASDAQ: CREE) was raised to Overweight from Neutral with a $90 target price at JPMorgan.
Foundation Building Materials Inc. (NYSE: FBM) was downgraded to Hold from Buy at Truist Securities, which noted that no additional buyout bidders are likely to surface and the deal already has secured more than 50% of shareholder approval.
FuelCell Energy Inc. (NASDAQ: FCEL) was lowered to Neutral from Overweight at JPMorgan, a valuation downgrade coming after the stock rose 100% in recent days on news. Despite the downgrade, the stock traded up 2% at $5.20, after a 23.8% rise to $5.10 the prior day.
GoodRx Holdings Inc. (NASDAQ: GDRX) was raised to Outperform from Sector Perform with a $56 target price (versus a $33.76 prior close, after another 6.7% loss) at RBC Capital Markets. Shares traded at $46.72 earlier this week, before Amazon announced its online pharmacy.
Insperity Inc. (NYSE: NSP) was reiterated as Buy and its price target was raised to $105 from $95 (versus an $85.67 close) at Truist.
Intercontinental Exchange Inc. (NYSE: ICE) was raised to Strong Buy from Outperform and its target price was raised to $125 from $115 at Raymond James. The stock closed down 0.57% at $99.46 ahead of the call, and it was indicated up almost 1% at $100.40 afterward. The consensus target price was $117.97 ahead of the call.
JPMorgan Chase & Co. (NYSE: JPM) was downgraded to Market Perform from Outperform at Keefe Bruyette & Woods.
Lowe’s Companies Inc. (NYSE: LOW) closed down over 8% at $146.74 after earnings on Wednesday. Truist reiterated it as Buy with a $178 price target, and RBC Capital Markets reiterated its Outperform rating but trimmed its target to $180 from $186.