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Top Analyst Upgrades and Downgrades: Boeing, Citigroup, Cree, FuelCell, Lowe's, NextEra, Nio, Nvidia, Shopify, Sonos, Square, Target, Uber, Yelp and More
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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.
NextEra Energy Inc. (NYSE: NEE) was started with an Overweight rating and an $81 price target at Piper Sandler. The stock closed down 1% at $75.79 and has a $78.72 consensus target price.
Nio Ltd. (NYSE: NIO) was reiterated as Buy and its price target was raised to $50 from $34 (versus a $45.06 prior close) at Deutsche Bank. Shares have risen exponentially in 2020, and the consensus target price was just $24.28 ahead of this call.
Nvidia Corp. (NASDAQ: NVDA) closed up $0.26 at $537.15 ahead of earnings, and it was trading down almost 2% at $526.61 on profit-taking afterward. Wedbush Securities reiterated it as Outperform with a $600 price target. Mizuho reiterated its Buy rating and raised its target to $605 from $575. Raymond James reiterated its Outperform rating and raised its target from $550 to $600.
ODP Corp. (NASDAQ: ODP) was named as the Bull of the Day at Zacks, which said the office products giant Office Depot looks to be on the right road to post-pandemic recovery. Shares most recently closed at $29.43 and have a consensus price target of $27.67.
Portland General Electric Co. (NYSE: POR) was downgraded to Neutral from Buy with a $43 price target (versus a $42.41 close, after a 2.5% drop) at Mizuho.
RealReal Inc. (NASDAQ: REAL) was named as the Zacks Bear of the Day stock. The firm said consumers just are not looking for luxury consignment goods right now. Shares last closed at $13.21 and have a consensus price target of $17.63.
Shopify Inc. (NYSE: SHOP) was raised to Buy from Hold and its price target was raised to $1,250 from $1,150 (versus a $931.43 close) at Jefferies.
Sonos Inc. (NASDAQ: SONO) was down 0.3% at $17.09 ahead of earnings, but after beating estimates and raising guidance, its shares were up 20% at $20.50 on Thursday morning at almost an all-time high. RBC Capital Markets reiterated it as Outperform and raised its price target to $24 from $19. Morgan Stanley reiterated its Overweight rating and lifted its target to $30 from $20.
Square Inc. (NYSE: SQ) was reiterated as Buy and its price target was raised to $300 from $225 (versus a $185.54 close) at Mizuho. It had a $180.88 consensus target price, and its shares were indicated up 4% at $193.00 on Thursday morning.
State Street Corp. (NYSE: STT) was raised to Outperform from Market Perform and was given an $84 price target at Keefe Bruyette & Woods. Shares closed down almost 2% at $69.18 ahead of the call and have a $75.18 consensus target price.
Target Corp. (NYSE: TGT) closed up 2.3% at $166.85 after posting solid earnings. MKM Partners upgraded it to Neutral from Sell with a $156 target. Raymond James reiterated its Strong Buy rating and raised its target to $200 from $180.
TJX Companies Inc. (NYSE: TJX) was reiterated as Outperform and its price target was raised to $70 from $64 at RBC Capital Markets. The stock hit a new high of $65.14 on Wednesday after earnings.
T. Rowe Price Group Inc. (NASDAQ: TROW) was downgraded to Neutral from Buy at BofA Securities.
Uber Technologies Inc. (NYSE: UBER) was reiterated as Outperform and its target price was raised to $60 from $49 at Wedbush. It closed up 0.45% at $49.11 on Wednesday, with a $47.95 consensus target price.
Yelp Inc. (NYSE: YELP) was reiterated as Outperform and its target was raised to $34 from $29 at RBC Capital Markets. Shares closed up 3.1% at $30.89 on Wednesday and have a $28.35 consensus target price.
ZoomInfo Technologies Inc. (NASDAQ: ZI) was raised to Overweight from Equal Weight with a $53 target at Morgan Stanley. Shares closed down almost 3% at $39.59 on Wednesday and have a $53.93 consensus target price.
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Wednesday’s top analyst upgrades and downgrades included Baidu, BigCommerce, Boeing, Ciena, Deere, GoodRx, Kohl’s, ONEOK, Tesla and Walmart.
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