Top Analyst Upgrades and Downgrades: Abercrombie, Amgen, Electronic Arts, GM, Goldcorp, Shopify, 3D Systems, Under Armour and More

Investing

Published: November 1, 2017 8:55 am

Last Updated: March 20, 2020 11:24 am

Stocks were indicated to open higher on Wednesday as the first trading day of November kicks off. Investors need to keep in mind that the major equity indexes are all at or very close to all-time highs. While this raging bull market is now approaching nine years old, the trend that has prevailed for over five years is that investors keep finding new reasons to buy stocks after every market sell-off. Those same investors are also looking for new investing and trading ideas to generate gains and income ahead.

24/7 Wall St. reviews dozens of analyst research reports each day of the week to find new investing and trading ideas for our readers. Some analyst reports and research notes cover stocks to buy, and others cover stocks to sell or to avoid.

Consensus analyst price target data and valuation metrics are from the Thomson Reuters sell-side research service. Additional color and commentary has been added on most of these daily analyst calls.

These were the top analyst upgrades, downgrades and other research calls from Wednesday, November 1, 2017.

Abercrombie & Fitch Co. (NYSE: ANF) was downgraded to Underweight from Neutral at JPMorgan, noting concerns over operating profits after meeting with company executives. Abercrombie closed down 1.5% at $13.43 on Tuesday and was indicated down 7% at $12.50. The stock has a 52-week trading range of $8.81 to $17.35 and a consensus analyst price target of $11.42.

Amgen Inc. (NASDAQ: AMGN) was last seen at $175.22, down from a level of about $185.00 ahead of earnings last week. Amgen was downgraded to Hold from Buy at Argus. It has a 52-week range of $133.64 to $191.10 and a consensus target price of $190.14.

Electronic Arts Inc. (NASDAQ: EA) closed up 1.7% at $119.60 ahead of earnings, but its shares were down almost 2% at $117.35 afterward. EA was reiterated as Buy and the price target was raised to $138 from $135 at Jefferies. Wedbush Securities also reiterated its Outperform rating with a $136 price target. The 52-week range is $73.74 to $122.79, and the consensus price target is $127.40.

General Motors Co. (NYSE: GM) was downgraded to Neutral from Buy at Instinet with a $43 price target. GM has seen several other recent key downgrades after a massive run higher, and its shares were indicated to open down at $42.90. The 52-week range is $30.21 to $46.76. GM has a consensus price target of $46.52.

Goldcorp Inc. (NYSE: GG) was raised to Outperform from Sector Perform at RBC Capital Markets. Shares closed down 2.4% at $13.06 on Tuesday and were indicated up 1.5% at $13.25 on Wednesday. Goldcorp has a 52-week range of $11.91 to $17.87 and a consensus price target of $16.93.

Shopify Inc. (NYSE: SHOP) seemed unusually pounded after its earnings, falling 9% to $99.49 on almost five times normal volume. Wedbush maintained its Outperform rating and $120 price target, as the firm remains bullish after yet another quarter of a solid top-line beat with subsequent guidance raise. Shopify has a 52-week range of $37.74 to $123.94 and a consensus analyst target of $118.02.

3D Systems Corp. (NYSE: DDD) was up 4.7% at $12.38 ahead of earnings at Tuesday’s close, but its shares were down 22% at $9.63 on Wednesday in the post-earnings reaction after revenues bell short but earnings missed big. 3D Systems was given a two-notch downgrade to Underperform from Buy at Merrill Lynch. It had a prior 52-week range of $11.38 to $23.70 and has a consensus price target of $15.40.

Under Armour Inc. (NYSE: UAA) lost 23% of its value to close at $12.52 on Tuesday after yet another poor earnings report. Multiple analyst calls trimmed their targets and some downgrades were seen after the report. Now Wedbush has maintained a Neutral rating, but the firm cut its target price to $11 from $17. Canaccord Genuity cut it to Sell from Hold, and SunTrust Robinson Humphrey threw in the towel on its Buy rating with a downgrade to Hold.

ALSO READ: Merrill Lynch Says Blowout Earnings Tech Stocks Are Going Higher: 4 to Buy Now

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Other key analyst calls were seen as follows:

Alaska Air Group (NYSE: ALK) was downgraded to Neutral from Overweight at JPMorgan.

Banco Santander Brasil S.A. (NYSE: BSBR) was raised to Overweight from Neutral at JPMorgan.

BankUnited Inc. (NYSE: BKU) was downgraded to Underweight from Neutral at JPMorgan.

Barrick Gold Corp. (NYSE: ABX) was downgraded to Sector Perform from Outperform at RBC Capital Markets.

Check Point Software Technologies Ltd. (NASDAQ: CHKP) was up 1% at $117.71 ahead of earnings but was last seen down almost 9% at $107.25 Wednesday morning after the report. It was downgraded to Market Perform from Outperform at Cowen, and downgraded to Equal Weight from Overweight at Stephens. BTIG also cut its rating to Neutral from Buy.

DSW Inc. (NYSE: DSW) was downgraded to Neutral from Outperform and the target price was cut to $20 from $23 (versus a $19.15 close) at Wedbush, with the firm citing a warm start to the boot season.

Intelsat S.A. (NYSE: I) was downgraded to Sell from an already cautious Neutral rating at UBS.

JetBlue Airways Corp. (NASDAQ: JBLU) was downgraded to Neutral from Overweight at JPMorgan.

ALSO READ: Major Banks Keep Seeing Analysts Raise Price Targets After Earnings

KBR Inc. (NYSE: KBR) may have been featured as a potential infrastructure winner ahead, but KBR was just downgraded to Neutral from Buy at D.A. Davidson.

Microchip Technology Inc. (NASDAQ: MCHP) was downgraded to Equal Weight from Overweight at Morgan Stanley.

Proofpoint Inc. (NASDAQ: PFPT) was started with a Perform rating at Oppenheimer. Trading at $92.41, it has a 52-week range is $69.19 to $97.92, and its consensus analyst target is $105.30.

Spark Energy Inc. (NASDAQ: SPKE) was raised to Buy from Neutral but the price target was cut to $19 from $21 (versus a $14.00 close) at Janney.

Spirit Airlines Inc. (NASDAQ: SAVE) was downgraded to Underweight from Neutral at JPMorgan.

United Continental Holdings Inc. (NYSE: UAL) was downgraded to Underweight from Neutral at JPMorgan.

Tuesday’s top analyst calls included Axalta, Baidu, Cypress Semi, Merck, Microsoft, Switch and many more.

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