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Tuesday's Top Analyst Upgrades and Downgrades: Cloudflare, Con Edison, Ford, IBM, Incyte, Simon Properties, Skechers and More

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The futures were up across the board Tuesday, after a dreadful Monday that saw all the major indexes get hit hard right out of the gate. Worries over the reopening of the economy losing steam due to new COVID-19 Delta variant infections was the main impetus behind the selling. Plus, as we noted last week, after the long market run many investors appear to be selling the news when companies report second-quarter earnings. While stocks were crushed, buying in the 10-year U.S. Treasury debt was robust, as the yield on the benchmark bond dropped to 1.18%, the lowest in over five months.

Despite the remerging COVID-19 concerns, many across Wall Street are also leery of the beginning of the tapering of the quantitative easing program after the clear building of inflationary pressures, despite the fact the Federal Reserve is vowing to keep interest rates contained. That could be one reason for the continued moves higher in the equity markets even after sell-offs. Also note that money markets continue to see massive inflows, which is another big plus.

With major Wall Street firms still warning of the potential for impending 5% to 10% correction across the board, it makes sense for investors to continue building some cash reserves into the market strength while repositioning portfolios for the rest of 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 Tuesday, July 20, 2021.

Bank of New York Mellon Corp. (NYSE: BK): Argus raised the stock to Buy from Hold and has a $55 price target. The consensus target is right in line at $54.75. Monday’s closing share price was $47.58.

Cheniere Energy Partners L.P. (NYSE: CQP): Barclays downgraded the stock to Equal Weight from Overweight and has a $45 price target. The consensus target is $43.71. Monday’s closing trade was reported at $41.82.

Cloudflare Inc. (NYSE: NET): BTIG Research downgraded the stock to Neutral from Buy. Shares of the cybersecurity software company have traded in a 52-week range of $32.69 to $111.97, and they have a $100.73 consensus price objective. After a stellar run, and trading close to the 52-week high, this looks like a valuation call.


CMS Energy Corp. (NYSE: CMS): KeyBanc Capital Markets raised its Sector Weight rating to Overweight with a $67 price target. That compares with the $65.95 consensus target and Monday’s close at $61.45.

Consolidated Edison Inc. (NYSE: ED): KeyBanc Capital Markets downgraded the utility to Underweight from Sector Weight, and it has a $66 price target. The consensus target is $75.79. The shares closed at $73.77 on Monday.

Cytokinetics Inc. (NASDAQ: CYTK): Goldman Sachs reiterated its Neutral rating and has a price target of $26. The posted consensus target is up at $32.64. The stock ended trading Monday at $27, which was up a stunning 40% on the day after the company posted positive results from a study of its investigational drug for hereditary heart disease.

Ford Motor Co. (NYSE: F): Zacks named this as its Bull of the Day stock. The analyst ponders whether this leading automaker finally has broken through the malaise. The stock most recently closed at $13.28 and has a consensus price target of $14.98.

Gatos Silver Inc. (NASDAQ: GATO): RBC Capital Markets not only upgraded the mining company’s stock to Outperform from Sector Perform but also lifted the price target to $18 from $15. The consensus target is $17.88. The shares ended trading on Monday at $12.70.

International Business Machines Corp. (NYSE: IBM): Societe Generale upgraded the venerable technology giant to Hold from Sell, and it also raised the price target to $140 from $121. The consensus target is $144.12. The shares were last seen on Monday at $137.92.


Incyte Corp. (NASDAQ: INCY): Benchmark raised its Hold rating to Buy with an $89 price target. The consensus price objective is up at $106.14. The shares closed on Monday at $77.56 apiece.

Inter Parfums Inc. (NASDAQ: IPAR): D.A. Davidson’s upgrade to Buy from Neutral included a price target boost to $90 from $80. The posted consensus target is $78.25. Monday’s last trade hit the tape at $67.55, and shares were almost 3% higher in premarket trading.

Krystal Biotech Inc. (NASDAQ: KRYS): The Goldman Sachs upgrade to Buy from Neutral came with a price target hike to $90 from $73. The consensus price target is even higher at $100. The shares closed on Monday at $61.09, which was down almost 4% for the day.

LivaNova PLC (NASDAQ: LIVN): Needham upgraded the shares to Buy from Hold and has a $93 price target. The consensus price objective is $95.17. The stock was last seen at $76.02 on Monday.
Rocket Companies Inc. (NYSE: RKT): Wedbush downgraded the mortgage giant to Underperform from Neutral and has a $12 price target. The consensus price objective is higher at $19.62. The stock closed at $17.33 on Monday.

Select Energy Services Inc. (NYSE: WTTR): This oilfield services firm was the Zacks Bear of the Day stock. The analyst stated that it feels like the move in energy is over and earnings could be confirming. Shares last closed at $5.38, and the consensus price target is $6.42.

Simon Properties Inc. (NYSE: SPG): Stifel upgraded the commercial real estate giant’s stock to Buy from Hold and also raised the price target to $132 from $125. That compares with the higher $138.71 consensus target and Monday’s closing print of $117.19.

Skechers USA Inc. (NYSE: SKX): Monness Crespi & Hardt raised the stock to Buy from Neutral and has a $55 price target. The consensus target is $56.63. The stock closed Monday at $46.07.

Sunnova Energy International Inc. (NASDAQ: NOVA): RBC Capital Markets started coverage with an Outperform rating and a $59 price target. The consensus target is $53.69. The stock closed Monday at $33.65. Shares were up over 3% in premarket action.

Western Midstream Partner L.P. (NYSE: WES): BofA Securities both raised the shares to Buy from Neutral and lifted the price target to $25 from $22. The consensus target is $24.07. The stock closed Monday at $18.45.

Zions Bancorp N.A. (NASDAQ: ZION): Baird raised the bank tock from Underperform to Neutral with a $49 price target. The higher consensus target is $59.88, and Monday’s closing print was $47.70, which was down almost 4% for the day.


Despite slipping crude prices, Stifel remains optimistic about the energy sector and favors upstream stocks. The firm has five outstanding ideas for investors with a degree of risk tolerance who are looking at energy stocks now.

Check out which meme stocks were on the move on Monday, and see what Jim Cramer believes it will take to stabilize the markets.

Monday’s early top analyst upgrades and downgrades included ADT, Alcoa, GoDaddy, KB Home, Morgan Stanley, NOV, Qualcomm and Range Resources. Analyst calls seen later in the day were on BioNTech, CyberArk Software, Vertex Pharmaceuticals and more.

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