Wednesday's Top Analyst Upgrades and Downgrades: BlackBerry, GXO, Huntington, Sonos, Tencent Music, ViacomCBS, Wendy's and More

Sonos Inc. (NASDAQ: SONO): Zacks says that big earnings and patent news have turned investors bullish, so it was named as its Bull of the Day stock. Its shares most recently closed at $38.54 and have a consensus price target of $45.29.

STORE Capital Corp (NASDAQ: STOR): Raymond James downgraded the shares to Perform from Market Perform. Over the past 52 weeks, the stock has traded between $24.70 and $37.13, and it has a $37.93 consensus price target. The final Tuesday trade came in at $35.69.

Tencent Music Entertainment Group (NYSE: TME): Goldman Sachs lowered the price target on the shares to $8.65 while keeping a Neutral rating. The consensus target is $13.63. On Tuesday, the company reported revenue that grew at its slowest pace since 2019, and shares tumbled over 12% to end at $7.82.

Veoneer Inc. (NYSE: VNE): Credit Suisse upgraded the stock to Neutral from Underweight and lifted the price target to $37 from $17. The consensus target price is $29.40. The stock closed at $36.64 on Tuesday.

ViacomCBS Inc. (NASDAQ: VIAC): Wells Fargo raised shares of the broadcasting and programming giant to Overweight from Equal Weight and boosted the target price to $50 from $45. The consensus target is $51.43. The last trade Tuesday hit the tape at $39.03. The stock was up over 3% in premarket trading.

Vroom Inc. (NASDAQ: VRM): Piper Sandler downgraded the shares to Neutral from Buy and cut the price target to $30 from $54. The consensus target is $50.73. The stock closed on Tuesday at $27.29, after pulling back over 6% for the day.

Wendy’s Co. (NYSE: WEN): Oppenheimer raised the popular fast-food restaurant chain to Outperform from Perform and has a $29 price target. That compares to the $26.98 consensus price objective and Tuesday’s last trade at $23.65 a share.

Investors worried about a big market correction may want to move to safe stocks that pay dividends. Goldman Sachs is very positive on five high-dividend-paying real estate investment trusts, which held up well in Tuesday’s sell-off.

See what stocks the spouse of Speaker Nancy Pelosi has been buying. Also see how Tilray is breathing life into pot stocks.

Tuesday’s early top analyst upgrades and downgrades included Allstate, ADP, Baker Hughes, Coupa Software, Hyatt Hotels, Lemonade, Robinhood Markets and Suncor Energy. Analyst calls seen later in the day were on Lululemon Athletica, Progressive, Rackspace Technology, Tesla and more.

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