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Top Analyst Upgrades and Downgrades: Apple, Facebook, Tesla, Equinix, MagicJack and More
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Earnings season is almost over, and investors and analysts alike are positioning themselves for the rest of this year. Each morning, 24/7 Wall St. reviews dozens of Wall Street analyst research reports each morning for new ideas. Some turn out to be stocks to buy and some are stocks to sell. These are this Thursday’s top analyst upgrades, downgrades and initiations seen from Wall Street research firms.
Apple Inc. (NASDAQ: AAPL) was downgraded to Equal Weight from Overweight at Barclays, and shares were down about 0.8% around $533 in early trading Thursday.
Facebook Inc. (NASDAQ: FB) traded down more than $2 in early trading based on its acquisition of WhatsApp for an unheard of $16 billion. Facebook shares have so far been downgraded to Equal Weight from Overweight at Evercore Partners, and a firm named Pivotal Research has cut its rating to Hold from Buy. Sterne Agee maintained its Buy and $70 target and said the acquisition is strategically sound and will meaningfully strengthen Facebook’s strong mind share on mobile. Piper Jaffray’s Gene Munster said this is beyond a typical overpayment and will not add to revenues until late in 2015 at the soonest.
Tesla Motors Inc. (NASDAQ: TSLA) soared after earnings, but not everyone is rejoicing. The EV-maker was downgraded to Hold from Buy at Deutsche Bank.
Equinix Inc. (NASDAQ: EQIX) was downgraded to Neutral from Overweight at Piper Jaffray. Canaccord Genuity maintained a Buy rating and $240 price target.
MagicJack VocalTec Ltd. (NASDAQ: CALL) was downgraded to Perform from Outperform at Oppenheimer. What is important here is that the downgraded is after a post-pump move from Whitney Tilson sending out a report saying it has the possibility of being “the next Netflix” for exponential growth.
Other Key Analyst Calls
Agnico-Eagle Mines Ltd. (NYSE: AEM) was raised to Buy from Neutral at UBS.
Barrick Gold Corp. (NYSE: ABX) was raised to Outperform from Sector Perform at RBC Capital Markets.
Caterpillar Inc. (NYSE: CAT) was started with a Buy rating at Deutsche Bank.
Deere & Co. (NYSE: DE) was started with a Buy rating at Deutsche Bank.
Infoblox Inc. (NYSE: BLOX) was raised to Buy from Neutral with a $27 price target (versus a $19.19 close) at Goldman Sachs.
Nabors Industries Ltd. (NYSE: NBR) was raised to Overweight from Equal Weight at Morgan Stanley.
Garmin Ltd. (NASDAQ: GRMN) was downgraded to Market Perform from Outperform at Wells Fargo.
Hecla Mining Co. (NYSE: HL) was downgraded to Neutral from Buy at Roth Capital. This was one of our own picks in Nine Stocks That Could Double in 2014, and the Roth call and the earnings report changes nothing on that front.
LifeLock Inc. (NYSE: LOCK) was reiterated as Buy and the price target was raised to $26 at Sterne Agee. It was also reiterated Buy and the price target was raised to $27 at Canaccord Genuity.
Yelp Inc. (NYSE: YELP) was started as Neutral at Bank of America Merrill Lynch.
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