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Top Analyst Upgrades and Downgrades: Annaly, Gap, Google, Johnson Controls, Symantec, Williams, Yelp and Many More
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Stocks were lower yet again on Wednesday due to China’s devaluation, just like Tuesday. So far the selling pressure has been high over the past two weeks, but the trend that had been in place for over three and a half years was that investors would buy every dip. Will this time finally be different?
24/7 Wall St. reviews dozens of analyst reports each morning to find new trading and investing ideas for its readers. Some of these analyst reports cover stocks to buy, while others cover stocks to sell or avoid. These are this Wednesday’s top analyst upgrades, downgrades and initiations.
Annaly Capital Management Inc. (NYSE: NLY) was raised to Buy from Neutral at Nomura. This is after last week’s news of a $1 billion share buyback plan. The stock has a consensus analyst target price of $10.42, versus a $10.16 current price, and its 52-week trading range is $9.17 to $11.95.
Gap Inc. (NYSE: GPS) was maintained as Neutral at Nomura and Baird. FBR Capital Markets maintained its Market Perform rating but lowered its price target to $36 from $40.
Google Inc. (NASDAQ: GOOGL) was reiterated as Buy at Argus. The firm likes the Alphabet plan, just like other analysts have. Argus has a target price of $850 on the stock. Google shares closed up 4% at $690.30 on Tuesday, and it has a consensus price target north of $755 and a 52-week range of $490.91 to $713.33.
Johnson Controls Inc. (NYSE: JCI) was raised to Buy from Neutral at Goldman Sachs. Shares closed at $45.62, the consensus analyst price target is $55.40 and the 52-week range is $38.60 to $54.52.
Symantec Corp. (NASDAQ: SYMC) was maintained as Sector Perform at RBC Capital Markets, but the price target was cut to $22 from $24 in the call. A late-afternoon call was also made by Citi on Tuesday, and the firm downgraded Symantec to Neutral from Buy after the Veritas sale was announced.
Williams Companies Inc. (NYSE: WMB) was reiterated as Buy at Argus with a $63 price target (versus a $49.98 close). The call is based on its strategic alternatives and buyout candidate status, despite having rejected the ETE buyout offer. Williams has a consensus price target of about $59.50 and a 52-week range of $40.07 to $61.38.
Yelp Inc. (NYSE: YELP) was reiterated as Outperform with a $44 price target (versus a $25.35 close) at Credit Suisse. The firm sees Yelp as a property that is undermonetized, and the firm likes Yelp’s long-term investment thesis after management meetings. Yelp has a consensus target price of $34.52 and a 52-week range of $23.66 to $86.88.
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Other key analyst upgrades, downgrades and initiations this Wednesday were seen in the following:
Arcos Dorados Holdings Inc. (NYSE: ARCO) was downgraded to Underperform from Neutral with a price target of $4.75 (versus a $4.39 close) at Bank of America Merrill Lynch.
CBRE Group Inc. (NYSE: CBG) was maintained as Buy at Goldman Sachs, but the firm removed it from the prized Conviction Buy list.
Eco-Stim Energy Solutions Inc. (NASDAQ: ESES) was started as Buy and was given a price target of $9.00 (versus a $3.43 close) at Evercore ISI.
Enable Midstream Partners L.P. (NYSE: ENBL) was downgraded to Neutral from Outperform at Credit Suisse.
General Employment Enterprises Inc. (NYSEMKT: JOB) was started as Buy with a $1.30 price target (versus a $0.73 close) at Maxim Group.
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Jones Lang LaSalle Inc. (NYSE: JLL) was downgraded to Neutral from Buy at Goldman Sachs.
L Brands Inc. (NYSE: LB) was downgraded to Market Perform from Outperform with a price target cut to $76 from $103 (versus a $82.49 close) at BMO Capital Markets.
Legacy Reserves L.P. (NASDAQ: LGCY) was downgraded to Underperform from Perform at Oppenheimer.
Meritage Homes Corp. (NYSE: MTH) was downgraded to Sell from Neutral at UBS.
Newell Rubbermaid Inc. (NYSE: NWL) was started as Buy with a $50 price target (versus a $43.18 close) at UBS.
Tenneco Inc. (NYSE: TEN) was raised to Neutral from Sell and the $60 price target was maintained (versus a $50.11 close) at Goldman Sachs.
Thompson Creek Metals Co. (NYSE: TC) was downgraded to Underperform from Neutral at Merrill Lynch.
Unilever PLC (NYSE: UL) was downgraded to Sell from Neutral at Goldman Sachs.
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If you missed out on Tuesday’s top analyst upgrades and downgrades, they included Adobe, Biogen, Google, PDC Energy, Rackspace, XL Group, Baxalta, Orbital ATK, Wendy’s and over a dozen more.
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