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Big Earnings on the Way: Analysts Upgrade or Downgrade ConocoPhillips, Southwestern Energy and More

Markets bounced back from Monday’s losses, with each of the major U.S. indexes posting a gain of over 1% so far on the day. This comes as earnings reporting season is picking up speed and optimism is building for a few industries.

Johnson & Johnson and Truist saw decent gains after reporting earnings beats on Tuesday morning, while IBM was crushed with a 6% loss despite posting a solid bottom line beat. This goes to show that even beating consensus estimates is not necessarily enough for any particular industry, and there may be headwinds that exist beyond the income statement.

Be on the lookout for other major names that are reporting this week. Netflix is perhaps the biggest name coming up after the markets close Tuesday. However, big names like Tesla and Twitter are on the docket later this week.

24/7 Wall St. is reviewing additional analyst calls seen on Tuesday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Alphabet, Chipotle, Exxon, Teladoc, Tesla and more.

Apollo Global Management Inc. (NYSE: APO): Morgan Stanley downgraded the stock to Equal Weight from Overweight and cut the $81 price target to $60. The stock traded near $52 on Tuesday, in a 52-week range of $45.97 to $81.07.

Cinemark Holdings Inc. (NYSE: CNK): Morgan Stanley’s upgrade was from Equal Weight to Overweight with a $22 price target. The stock traded near $18 on Tuesday. The 52-week trading range is $13.37 to $23.15.

ConocoPhillips (NYSE: COP): The BofA Securities upgrade to Buy from Neutral came with a price target trim to $134 from $135. The 52-week trading range is $51.41 to $124.08, and shares traded near $86 apiece on Tuesday.

Denbury Inc. (NYSE: DEN): BofA Securities lowered its Neutral rating to Underperform and cut the $107 price target to $71. The 52-week trading range is $56.59 to $91.30, and shares traded above $59 apiece on Tuesday.

EOG Resources Inc. (NYSE: EOG): BofA Securities upgraded it to Buy from Neutral. However, the firm cut the price target to $119 from $146. The 52-week trading range is $62.81 to $147.99, and shares were trading near $101 on Tuesday.

Fastly Inc. (NYSE: FSLY): RBC Capital Markets downgraded the shares to Underperform from Sector Perform and cut the $17.50 price target to $9. The 52-week range is $9.50 to $58.62. Shares traded near $11 apiece on Tuesday.

Southwestern Energy Co. (NYSE: SWN): The BofA Securities upgrade to Buy from Neutral included a price target hike to $13 from $11. The shares traded near $6 on Tuesday. The 52-week trading range is $3.81 to $9.87 a share.

Sunrun Inc. (NASDAQ: RUN): Piper Sandler cut its Overweight rating to Neutral and lowered the price target to $29 from $35. The 52-week trading range is 16.80 to $60.60. The stock traded near $24 on Tuesday.

Takeda Pharmaceutical Co. Ltd. (NYSE: TAK): Cowen upgraded the stock to Outperform from Market Perform, and it raised the $21 price target to $24. The stock traded near $14 on Tuesday, in a 52-week range of $13.05 to $17.31.


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