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Top Analyst Upgrades and Downgrades: Boeing, Citrix, Denbury, Facebook, Qualcomm and More
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The earnings report are coming out fast and furious, and analysts and investors alike are repositioning their expectations for 2014. Each morning of the week, 24/7 Wall St. reviews dozens of Wall Street analyst research reports to find ideas for stocks to buy and stocks to sell. We are simply on the hunt for new ideas. These are this Thursday’s top analyst upgrades, downgrades and initiations seen from Wall Street research firms.
Boeing Co. (NYSE: BA) was reiterated as Buy with a $160 price target at Canaccord Genuity. The firm believes the cash pull forward is lowering the outlook, but it believes the upside story remains intact. Sterne Agee had much of the same sentiment that 2013 orders may have pulled 2014 orders forward, and it reiterated its Buy rating and $164 price target. Credit Suisse reiterated its Outperform rating and $162 price target.
Citrix Systems Inc. (NASDAQ: CTXS) is down close to 9% after beating earnings but guiding the first quarter lower. We have seen many downgrades: Citigroup cut it to Neutral from Buy, Needham cut to Hold from Buy, Pacific Crest cut it to Sector Perform from Outperform and Baird cut it to Neutral from Outperform. This is likely a new 52-week low.
Denbury Resources Inc. (NYSE: DNR) was downgraded to Sell from an already cautious Neutral rating, with a $17 price target (versus a$16.04 close), at Goldman Sachs. The firm feels that Denbury will underperform peers with a weak outlook and lack of catalysts.
Facebook Inc. (NASDAQ: FB) is hitting new highs on gains of more than 15% after earnings proved it can make money on mobile ads. Sterne Agee reiterated a Buy rating and raised its target price to $70 from $60. Canaccord Genuity reiterated its Buy rating and raised its $62 price target to $70. Credit Suisse maintained its Neutral rating, but raised the target price to $65 from $59 in the call. Bank of America Merrill Lynch reiterated its Buy rating and $64 price target.
Qualcomm Inc. (NASDAQ: QCOM) is up another 2% or so after earnings. Canaccord Genuity reiterated its Buy rating and raised the target price to $86 from $85. Credit Suisse maintained its Outperform rating and $85 price target. The consensus price target was closer to $78, and shares closed at $71.12.
Tractor Supply Co. (NASDAQ: TSCO) is down close to 10% after earnings. Wells Fargo maintained its positive outlook, but we have seen two downgrades: Deutsche Bank cut the rating to Hold from Buy, and Raymond James also cut the rating to Market Perform from Outperform. Merrill Lynch maintained its Buy rating.
Other Analyst Calls Worth Noting
Autodesk Inc. (NASDAQ: ADSK) was raised to Overweight from Neutral at J.P. Morgan.
Baker Hughes Inc. (NYSE: BHI) was raised to Buy from Hold with a $68 price target at Argus.
EMC Corp. (NYSE: EMC) was downgraded to Neutral from Buy at Mizuho Securities, a day after the stock fell almost 3% on its earnings report.
Harmony Gold Mining Co. (NYSE: HMY) was downgraded to Neutral From Overweight by J.P. Morgan in overseas coverage.
JetBlue Airways Corp. (NASDAQ: JBLU) beat earnings and was raised to Buy from Hold at Deutsche Bank.
New York Community Bancorp (NASDAQ: NYCB) was downgraded to Market Perform from Outperform at Keefe Bruyette & Woods.
Spectra Energy Corp. (NYSE: SE) upgraded to Outperform from Market Perform at BMO Capital Markets.
WellPoint Inc. (NYSE: WLP) was raised to Buy from Neutral at UBS.
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