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Top Analyst Upgrades and Downgrades: Chipotle, Etsy, Exxon, GE, Jazz Pharmaceuticals, Microsoft, Nikola, Palo Alto, Pfizer, Twitter and More

Lee Jackson

Published: December 16, 2020 8:59 am

Last Updated: December 16, 2020 9:08 am

The futures were slightly higher Wednesday as the market digested a massive rally Tuesday as traders and investors were buoyed by the rollout of the COVID-19 vaccine and the possibility for the long-awaited stimulus package. Given these positives, investors should keep in mind that the major equity indexes are still near all-time highs, regardless of all the caution and concerns about rising COVID-19 cases and shutdowns. The current view is to look out to 2021 for an economic recovery and for the vaccine(s) to become more widespread.

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, December 16, 2020.

Chipotle Mexican Grill Inc. (NYSE: CMG) was raised from Neutral to Buy with a whopping $1,500 price target at Stifel. The Wall Street consensus target is $1398.71. The shares were last seen trading at $1346.46.

Cimarex Energy Co. (NYSE: XEC) was raised to Buy from Neutral at Goldman Sachs, which increased the price target on this Permian Basin leader to $46. The consensus target price is $44.11. Tuesday’s last trade came in at $39.22.

Devon Energy Corp. (NYSE: DVN) is reiterated at Buy and added to the Americas Conviction List at Goldman Sachs. The 52-week trading range for the shares is $4.70 to $26.98, and the consensus target price is $17.93. The stock ended Tuesday at $15.79, and shares were higher in Wednesday’s premarket.

Electronic Arts Inc. (NASDAQ: EA) was downgraded to Neutral from Overweight at JPMorgan, which kept a $155 price objective. The consensus is $147.38. With shares closing near a 52-week high of $140.66, after a stellar 2020 run, this is probably a valuation call.

Etsy Inc. (NASDAQ: ETSY) was downgraded from Buy to Hold with a $170 price target at Stifel. The consensus target is $163.29. The last trade Tuesday came in at $177.80, up almost 5% on the day.

Exxon Mobil Corp. (NYSE: XOM) was raised from Neutral to Buy with a $52 price objective at Goldman Sachs. The consensus target for the integrated energy behemoth is $46.66. Note that the company has kept the giant 8.06% dividend in place. The shares were last seen trading at $43.04.

FuboTV Inc. (NASDAQ: FUBO) was started with an Outperform rating and a $40 price target at Wedbush. That compares with a $31.64 consensus and a $26.47 closing trade on Tuesday. Shares are up almost 4% in the premarket.

General Electric Co. (NYSE: GE) was raised from Sell to Hold with an $11 price target at DZ Bank. The consensus price target for the legacy industrial conglomerate is slightly lower at $10.93. The stock closed above both levels Tuesday at $11.11.

Hain Celestial Group Inc. (NASDAQ: HAIN) was raised from Neutral to Overweight with a $43 price objective at JPMorgan. The consensus target is $37.75, and Tuesday’s closing price was $37.83. Shares were up almost 2% in premarket action.

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Goldman Sachs Adds Pharmaceutical Giant to Conviction List of Top Stocks to Buy

Hawaiian Holdings Inc. (NASDAQ: HA) was named as the Zacks Bear of the Day stock. The firm said that this airline just posted another big loss and next year could be just as challenging. Shares last closed at $18.83 and have a consensus price target of $15.13.

HP Inc. (NYSE: HPQ) was raised from Equal Weight to Overweight with a $30 price target at Morgan Stanley. The consensus target is much lower at $23.33. The final trade on Tuesday hit the tape at $23.71. The stock was over 2% higher in the premarket.

Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) was started at Buy with a $174 price objective at UBS. The posted consensus target is higher at $181.28. The stock closed most recently at $152.58.

Microsoft Corp. (NASDAQ: MSFT) was reinstated with a Buy rating a $256 price objective at BofA Securities. The software and service colossus has a consensus target of $239.37. Shares close at $214.13.

NetApp Inc. (NASDAQ: NTAP) was raised to Overweight from Equal Weight at Morgan Stanley, where the analysts have a $76 price target. The consensus target is $61.22. After Tuesday’s close of $62.65, shares were higher in the premarket.

Nikola Corp. (NASDAQ: NKLA) was started with an In-Line rating and a $20 price target at Evercore. The consensus target for the extremely volatile electric vehicle company is $30. The last trade on Tuesday hit the tape at $16.48.

Palo Alto Networks Inc. (NYSE: PANW) was raised to Outperform from Sector Perform at RBC Capital Markets. The analysts raised their price target on the cybersecurity giant to $380, which is higher than the $322.70 consensus figure. The final trade for Tuesday was booked at $317.45. The shares were up almost 3% in the premarket.

Pfizer Inc. (NYSE: PFE) was downgraded to Sector Perform from Outperform at RBC Capital Markets, where the analysts dropped the price target to $42. That is the same as the consensus target. Tuesday’s close was $38.71 a share.

Salesforce.com Inc. (NYSE: CRM) was resumed in coverage at BofA Securities with a Buy rating and a $275 price objective. The consensus target is $275.47. The stock ended Tuesday at $220.15.

Twitter Inc. (NYSE: TWTR) was raised from Neutral to Overweight with a $65 target price at JPMorgan. The consensus target for the social media giant is $43.77, and Tuesday’s closing print was $52.82. Shares were up close to 4% in premarket action.

Williams-Sonoma Inc. (NYSE: WSM) was named as the Bull of the Day at Zacks, which said that this home furnishings retailer is still reaping the rewards from people renovating their homes. Shares most recently closed at $110.45 and have a consensus price target of $106.29.

In a move that investors looking for more defensive ideas should applaud, the analysts at Goldman Sachs have added Bristol-Myers Squibb to the Americas Conviction List. Plus, they have four additional health care stocks that look like outstanding ideas for growth investors.

Tuesday’s top analyst upgrades and downgrades included Baker Hughes, Bristol Meyers, Chevron, Emerson, Halliburton, HCA, Intuitive Surgical, Medtronic, NXP Semiconductors and Phillips 66.