Wednesday's Top Analyst Upgrades and Downgrades: DraftKings, Dollar General, HPE, Novavax, Rackspace, Unity Software, Weyerhaeuser and More

NortonLifeLock Inc. (NASDAQ: NLOK): BofA Securities upgraded it to Buy from Underperform and has a $30 price target. The consensus target is $25.92, and Tuesday’s last trade was at $23.35, which was up almost 11% after the company posted very solid first-quarter results.

Novavax Inc. (NASDAQ: NVAX): JPMorgan downgraded the vaccine company’s stock to Neutral from Overweight. It also lowered the price target on the shares to $161. The much higher consensus target is $294, and Tuesday’s close was at $138.18, which was down almost 14% on the day.

Phathom Pharmaceuticals Inc. (NASDAQ: PHAT): The upgrade to Neutral from Sell at Goldman Sachs included a price target hike to $48. The consensus target is up at $56.83, and the stock ended trading on Tuesday at $34.09, after seeing almost a 4% gain for the day.

Rackspace Technology Inc. (NYSE: RXT): Raymond James lifted its Outperform rating to Strong Buy with a $28.50 price target. That compares with the lower $26.83 consensus target and Tuesday’s closing print of $19.01, which was down a stunning 21% for the day despite earnings beating expectations for the quarter.

TuSimple Holdings Inc. (NYSE: TSP): Credit Suisse started coverage with an Outperform rating and a $62 price target. No consensus target was available, and the shares closed Tuesday at $38.07.

Unity Software Inc. (NYSE: U): Stifel upgraded the shares to Buy from Hold and has a $125 price target. The consensus target is $139.57, and the last trade for Tuesday was reported at $84.54, up almost 4% after posting solid earnings. They were up an additional 5% in the premarket.

Weyerhaeuser Co. (NYSE: WY): This was selected as Bull of the Day at Zacks. The analyst said that the stay-at-home initiative, combined with looming inflation, has caused a fierce rally in lumber and this company is a significant beneficiary. Shares closed most recently at $39.64 and have a consensus price target of $39.83.

Even though the economy is starting to open up, it may be time for investors to move to more defensive positions. Five BofA Securities stock picks pay dependable dividends and can soften the blow if we see a big sell-off in the next six months.

Have short sellers lost interest in Alphabet, Amazon, Apple, Microsoft and Tesla?

Tuesday’s top analyst upgrades and downgrades included Activision Blizzard, Coinbase, Devon Energy, DuPont, Grubhub, Nike, Shopify, Tilray and Wynn Resorts.