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Top Analyst Upgrades and Downgrades: Ambarella, eBay, Rite Aid, TiVo, Yahoo, Valero, Virtu and More
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Stocks were looking for a slightly positive opening on Wednesday, an effort to unseat recent market weakness. The one trend that is now nearly four years old is that investors have lined up after each and every sell-off to buy their favorite stocks. 24/7 Wall St. reviews dozens of analyst research reports each morning to find new ideas for traders and investors. Some of these analyst calls cover stocks to buy, while some cover stocks to sell or avoid.
These are this Wednesday’s top analyst upgrades, downgrades and initiations.
Ambarella Inc. (NASDAQ: AMBA) was maintained as Outperform and the price target was raised to $96.00 from $78.00 (versus a $87.20 close) at Pacific Crest. This call is based on two issues: solid GoPro orders and also the possibility that Qualcomm might be interested in buying the company. Shares were up over 4% at $87.20 on Tuesday, and the consensus price target is near $73.50.
eBay Inc. (NASDAQ: EBAY) was started as Buy with a price target of $68 (versus a $58.73 close) at Topeka Capital Markets.
Rite Aid Inc. (NYSE: RAD) was started with a Buy rating and a $10 price target (versus a $8.63 close) at Mizuho. Rite Aid shares have traded in a 52-week range of $4.42 to $9.07 and have a consensus analyst price target that has now grown to $10.00 as well.
TiVo Inc. (NASDAQ: TIVO) was indicated higher after beating earnings and making an international acquisition. Janney Capital Markets raised its 2016 earnings estimates slightly, but it maintained its Neutral rating and $16 fair value target. TiVo closed at $10.36, has a 52-week range of $10.27 to $14.29 and has a consensus price target of $15.59.
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Other key analyst upgrades, downgrades and initiations were seen in the following companies this Wednesday:
AbbVie Inc. (NYSE: ABBV) was started as Overweight with a $75 price target (versus a $66.10 close) at JPMorgan.
Aldeyra Therapeutics Inc. (NASDAQ: ALDX) was started as Buy with a fair value estimate of $13.00 (versus a $6.87 close) at Janney Capital Markets.
Amedisys Inc. (NASDAQ: AMED) was raised to Buy from Neutral with a price target of $36 (up from $31 and versus a $29.13 close) at SunTrust Robinson Humphrey.
Black Stone Minerals L.P. (NYSE: BSM) was reinstated as Neutral with a $20 price target (versus a $17.78 close) at Credit Suisse.
Coca-Cola Enterprises Inc. (NYSE: CCE) was raised to Buy from Hold at HSBC.
Computer Sciences Corp. (NYSE: CSC) was raised to Outperform from Market Perform at Wells Fargo.
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Frontier Communications Corp. (NASDAQ: FTR) was raised to Overweight from Underweight with a price target of $6.00 (versus a $4.92 close) at Morgan Stanley.
General Finance Corp. (NYSE: GFN) was started as Outperform with a price target of $8.00 (versus a $5.90 close) at Oppenheimer.
HollyFrontier Corp. (NYSE: HFC) was raised to Outperform from Perform at Oppenheimer.
Hortonworks Inc. (NASDAQ: HDP) was started as Outperform with a price target of $30.00 (versus a $25.92 close) at Oppenheimer.
Jarden Corp. (NYSE: JAH) was started as Buy with a $64 price target (versus a $53.16 close) at UBS.
Magna International Inc. (NYSE: MGA) was raised to Buy from Hold with a $75 price target (versus a $57.02 close) at Deutsche Bank.
Marathon Petroleum Corp. (NYSE: MPC) was raised to Outperform from Perform at Oppenheimer.
Phillips 66 (NYSE: PSX) was raised to Outperform from Perform at Oppenheimer.
PNM Resources Inc. (NYSE: PNM) was raised to Buy from Hold and the price target was raised to $30.50 from $29.00 (versus a $26.49 close) at Jefferies.
Reynolds American Inc. (NYSE: RAI) was raised to Outperform from Neutral and with a price target of $86.00 (versus a $75.43 close) at Cowen.
Tesoro Corp. (NYSE: TSO) was raised to Outperform from Perform at Oppenheimer.
T-Mobile US Inc. (NYSE: TMUS) was downgraded to Neutral from Outperform with a $38.00 price target (versus a $38.55 close) at Macquarie.
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Valero Energy Corp. (NYSE: VLO) was started as Outperform at Oppenheimer.
Vipshop Holdings Ltd. (NYSE: VIPS) was started as Buy at Stifel Nicolaus.
Virtu Financial Inc. (NASDAQ: VIRT) was started as Neutral at Citigroup.
Yahoo! Inc. (NASDAQ: YHOO) was downgraded to Hold from Buy and the price target was cut to $48.00 from $55.00 (versus a $42.85 close) at Evercore ISI. The call is based on a reevaluation of the Alibaba spin-off tax strategy.
In case you missed out on Tuesday’s top analyst upgrades and downgrades, they included Dollar General, eBay, Fresh Market, Marvell Technology, Party City, SAP and a dozen or so more companies.
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