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Top Analyst Upgrades and Downgrades: Apple, Coach, J.C. Penney, Micron, Whole Foods, Vertex and More

It is Wednesday and stocks are trying to find their footing in mixed markets after a fresh sell-off. Investors and traders are getting used to hearing that the raging bull market has become more of a stock picker’s market. 24/7 Wall St. reviews dozens of analyst research reports each morning of the week. We are on the hunt for new research ideas for our readers. Some of the daily analyst calls cover stocks to buy, while some cover stocks to sell or stocks to avoid.

These are this Wednesday’s top Wall Street analyst upgrades, downgrades and initiations.

Apple Inc. (NASDAQ: AAPL) was reiterated as Neutral, given slightly lower estimates and saw its price target raised to $96 from $85.71 at Credit Suisse. The firm still believes that the company continues to build an enviable portfolio of iServices that creates a sustainable competitive advantage.

Bed Bath & Beyond Inc. (NASDAQ: BBBY) was reiterated as Buy with a $80 price target (versus a $60.64 close) by Argus, just ahead of the company’s earnings announcement due Wednesday after the close.

Coach Inc. (NYSE: COH) was downgraded to Underperform from an already cautious Neutral rating, and the price target was cut to $31 from $38 (versus a $34.09 close)at Bank of America Merrill Lynch.

ALSO READ: The 10 Stocks That Will Take the DJIA to 20,000

Diamondback Energy Inc. (NASDAQ: FANG) was reiterated as Buy but the price target was raised to $114 from $93 at Sterne Agee. The report is a sum of the parts analysis after the Viper Energy Partners IPO.

Dollar General Corp. (NYSE: DG) was started as Equal Weight at Morgan Stanley.

Dollar Tree Inc. (NASDAQ: DLTR) was started with an Equal Weight rating at Morgan Stanley.

Fresh Market Inc. (NASDAQ: TFM) was started with an Underweight rating at Morgan Stanley.

Harley-Davidson Inc. (NYSE: HOG) was downgraded to Hold from Buy at KeyBanc Capital Markets, and RBC Capital Markets started the motorcycle brand leader with a Sector Perform rating.

Hibbett Sports Inc. (NASDAQ: HIBB) was started with an Outperform rating at BMO Capital Markets.

ImmunoGen Inc. (NASDAQ: IMGN) was started with an Underweight rating and given a downside price target of $10 (versus a $13.12 close) by Morgan Stanley.

J.C. Penney Co. Inc. (NYSE: JCP) was maintained as Neutral at Sterne Agee after traffic and store checks, but with a sense is that its traffic is gradually improving, but with the takeaway of management setting its comparable store sales and margin targets arguably high and with execution risk elevated and P&L losses looming, and visibility into fair value is minimal — “stay sidelined” was their quote.

Kroger Co. (NYSE: KR) was started as Overweight and given a $60 price target (versus a $49.17 close) at Morgan Stanley.

Men’s Wearhouse Inc. (NYSE: MW) was raised to Outperform from Market Perform at Cowen.

Micron Technology Inc. (NASDAQ: MU) was reiterated as Buy and the target was raised to $38 from $31 at Argus. Just yesterday, after earnings gains, we pondered whether analysts are chasing it up too much (and maybe not).

Restoration Hardware Holdings Inc. (NYSE: RH) was raised to Buy from Neutral at Merrill Lynch.

ALSO READ: Merrill Lynch’s Top Stocks Picks for a Nasdaq Breakout!

Sprouts Farmers Market, Inc. (NASDAQ: SFM) was started as Overweight with a $38 price target (versus $31.29 close) at Morgan Stanley.

SUPERVALU Inc. (NYSE: SVU) was started with an Underweight rating at Morgan Stanley.

United Natural Foods Inc. (NASDAQ: UNFI) was started as Overweight with a price target of $80 (versus a $63.80 close) at Morgan Stanley.

Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) had a huge gain on positive drug data on Tuesday. Not everyone is on board. H.C. Wainwright downgraded it to Neutral from Buy with a price target of $85.00 (versus a $93.53 close). Needham & Co. reiterated its Buy rating and raised the price target to $115 from $95.

Whole Foods Market Inc. (NASDAQ: WFM) was started as Overweight with a $50 price target (versus a $38.95 close) at Morgan Stanley.

Walgreen Co. (NYSE: WAG) was raised to Buy from Hold at Jefferies with an $87 price target. Goldman Sachs maintained its Conviction Buy List rating but lowered its price target to $84 from $87. FBR maintained its Market Perform rating but raised its target to $73 from $68. Walgreen shares closed at $72.48.

Zulily Inc. (NASDAQ: ZU) was raised to Buy from Neutral and the price target was raised to $50 from $47 (versus a $36.54 close) at Goldman Sachs.

In case you missed Tuesday’s top analyst upgrades and downgrades, they included Best Buy, Bed Bath & Beyond, Costco, Ctrip.com, Dr Pepper, PetSmart, Target, Web.com and many more. Monday’s top analyst upgrades and downgrades included AMD, Dish Network, Facebook, Nordstrom, SunPower and many more as well.

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