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Facebook, Spotify, Wingstop and More Thursday Afternoon Analyst Upgrades and Downgrades

Shares were higher across the board as we reached the midway point for Thursday trading. Continuing and initial jobless claims came in higher than expected, while the first estimate for second-quarter gross domestic product came in much lower than expected at 6.5%. The Wall Street estimates called for 8.5%. Supply chain issues were once again cited as a disrupting force in the data.

24/7 Wall St. is reviewing some big analyst calls seen on Thursday. We have included the latest analyst call on each stock, as well as a recent trading history and the consensus targets among analysts.

For those that might have missed it, 24/7 Wall St. had an earlier round of analyst calls on Thursday that included Boeing, Campbell’s Soup, Dick’s Sporting Goods, Spotify and Tesla.

Cirrus Logic Inc. (NASDAQ: CRUS): Craig Hallum raised the stock to Buy from Hold and has a $105 price target, while Benchmark resumed coverage with a Buy rating and a $110 price target. The shares have traded in a 52-week range of $55.84 to $103.35 and have a $100.67 price target.

CyrusOne Inc. (NASDAQ: CONE): Truist Securities downgraded the shares to Hold from Buy. The stock has traded in a 52-week range of $61.64 to $86.77. The consensus price target is set at $80.55.

Facebook Inc. (NASDAQ: FB): The stock may have hit the proverbial “buy the rumor, sell the news” wall. Despite posting solid results, the shares were sold off as the company warned of a slowdown. Facebook beat expectations, with the focus on price-driven jump in advertising revenue, but lagged competitors. Facebook warned that company growth may decelerate significantly in the third and fourth quarters. However, Wall Street remains very positive:

  • Morgan Stanley reiterated its Overweight rating and lifted the price target to $400 from $375.
  • Oppenheimer reiterated it as Outperform and raised the price target to $405 from $375.
  • Credit Suisse reiterated an Outperform rating and moved the price target to $500 from $480.
  • Truist Securities reiterated a Buy rating and hiked the price target to $425 from $400.
  • BofA Securities reiterated a Buy rating, and the price target went from $400 to $425.
  • Piper Sandler stayed with a Neutral rating but lifted the price target to $385 from $335.

The consensus price target for Facebook is $386.47. Over the past year, the stock has traded between $229 and $377.55.

Moody’s Corp. (NYSE: MCO): UBS downgraded the stock to Neutral from Buy but raised the price target to $392 from $383. The shares have traded between $253.17 and $384.52 over the past 52 weeks and have a $371.08 consensus price objective.

Spotify Technologies S.A. (NYSE: SPOT): UBS raised the streaming music giant to Neutral from Sell. It also raised the price target to $240 from $225. Over the past year, the shares have traded between $211.10 and $387.44. The consensus price objective is $323.18.

Viking Therapeutics Inc. (NASDAQ: VKTX): BTIG Research resumed coverage with a Buy rating and a $20 price target. The 52-week trading range is $4.95 to $10.09, and the consensus price objective is $18.92.

Wingstop Inc. (NASDAQ: WING): Morgan Stanley reiterated its Equal Weight rating on the popular restaurant, while raising the price target to $174 from $161. RBC Capital Markets stayed with a Sector Perform rating and lifted its price target to $168 from $159, while Truist Securities stuck with a Buy rating and boosted the price target to $187 from $185. The shares have traded between $112.47 and $172.87 over the past year and have a $170.47 consensus price target.

Xilinx Inc. (NASDAQ: XLNX) Wells Fargo reiterated its Equal Weight rating but raised the price target to $140 from $110. Deutsche Bank reiterated it at Hold and boosted the price target to $155 from $135, while Truist Securities also stayed with a Hold rating but lifted the price target to $143 from $135. The shares have traded in a 52-week range of $96.71 to $154.93, and they have a $133.93 consensus price objective.


The technology sector continues to provide much of the growth in the U.S. markets and around the world. Five tech companies that Wall Street loves pay big and dependable dividends, and their stocks have solid growth prospects for the rest of 2021 and beyond.