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Top Analyst Upgrades and Downgrades: Alcoa, AMD, Caterpillar, CSX, Intel, Nvidia, Raytheon, Suncor, Square, Walgreens and More
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Stocks were indicated higher on Wednesday as the markets are expecting a trade pact with the United States and China, unlocking the recent trade gaps and issues between the nations. The market’s major indexes are still up by double-digits year to date in 2019, and investors need to be considering how to position their investments and assets for the rest of the year and beyond.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new trading and investing ideas for our readers. Some of the daily analyst reports cover stocks to buy, while others cover stocks to sell or to avoid.
Additional commentary and trading data have been added on some of the daily analyst reports. The consensus analyst price targets and other valuation metrics are from the Refinitiv (Thomson Reuters) sell-side research service.
These are the top analyst upgrades, downgrades and initiations seen on Wednesday, April 3, 2019.
Advanced Micro Devices Inc. (NASDAQ: AMD) was started with a Buy rating at Nomura/Instinet, which noted that AMD’s high revenue growth and profit growth justify an elevated earnings multiple and the company may have upside to the estimates ahead. Shares closed up 1.5% at $26.75 and have a 52-week range of $9.04 to $34.14 and a consensus price target of $24.86.
Alcoa Corp. (NYSE: AA) was downgraded to Neutral from Buy at Merrill Lynch.
Benefitfocus Inc. (NASDAQ: BNFT) was started as Overweight with a $60 target price at Cantor Fitzgerald. Shares closed down 2.8% at $45.95, in a 52-week range of $22.88 to $60.66. The consensus price target is $56.56.
Caterpillar Inc. (NYSE: CAT) was downgraded to Hold from Buy with a $128 price target at Deutsche Bank. The firm noted that its biggest risk is if the backlog turns negative, which it sees as likely within the next quarter. Shares closed at $140.19, in a 52-week range of $112.06 to $161.60. The consensus price target is $143.95.
CommScope Holding Co. Inc. (NASDAQ: COMM) was raised to Strong Buy from Outperform and the target price was set at $32 (versus a $22.83 prior close) at Raymond James. This is just after a rival analyst call from Credit Suisse forecast 50% upside based on the CommScope/Arris merger opportunities. The stock has a 52-week range of $15.09 to $41.60 and a consensus price target of $26.88.
CSX Corp. (NYSE: CSX) was downgraded to Neutral from Positive at Susquehanna.
Dunkin’ Brands Group Inc. (NASDAQ: DNKN) was downgraded to Market Perform from Outperform at BMO Capital Markets.
Electronic Arts Inc. (NASDAQ: EA) was reiterated as Overweight and the price target was raised to $114 from $111 (versus a $100.84 close) at Piper Jaffray, with the firm talking up the success and popularity of Apex Legends, which was recently released.
Enterprise Products Partners L.P. (NYSE: EPD) was raised to Buy from Neutral and the target price was raised to $32 from $30 at Goldman Sachs. Shares closed up 0.4% at $29.47. The 52-week range is $23.33 to $30.05, and the consensus price target is $33.41.
Grubhub Inc. (NYSE: GRUB) was started with a Buy rating and assigned a $95 price target at BTIG, sending shares north by 2% to $72.00 in early trading indications on Wednesday.
24/7 Wall St.Incyte Corp. (NASDAQ: INCY) was downgraded to Sector Perform from Outperform at RBC Capital Markets.
Intel Corp. (NASDAQ: INTC) was started with a Buy rating and assigned a $65 price target at Nomura/Instinet, which noted that Intel is dominating in its higher growth markets and that it has the ability grow its earnings per share faster than it may grow revenues. Intel closed down 0.3% at $54.36 and has a 52-week range of $42.36 to $57.60. The consensus price target is $53.32.
Intelsat S.A. (NYSE: I) was raised to Overweight from Neutral with a $27 price target at JPMorgan.
Nvidia Corp. (NASDAQ: NVDA) was started as Neutral and assigned a $147 price target at Nomura/Instinet. Shares closed up 0.4% at $183.00, in a 52-week range of $124.46 to $292.76 and with a consensus price target of $186.38.
Raytheon Co. (NYSE: RTN) was downgraded to Neutral from Buy and the price target was lowered to $200 from $220 at UBS. Shares closed up 0.6% at $185.81. The consensus price target is $205.76, and the 52-week trading range is $144.27 to $229.75.
Spirit Aerosystems Holdings Inc. (NYSE: SPR) was downgraded to Market Perform from Outperform at Cowen, with the firm citing exposure to the 737 MAX orders.
Square Inc. (NYSE: SQ) was started as Market Perform and assigned an $80 price target at Bernstein. It closed down 0.9% at $75.60, and it has a 52-week range of $43.72 to $101.15 and a consensus price target of $82.94.
Suncor Energy Inc. (NYSE: SU) was downgraded to In Line from Outperform at Evercore ISI.
Urban Outfitters Inc. (NASDAQ: URBN) was raised to Buy from Neutral and the $30 price target was raised to $36 at D.A. Davidson.
Verastem Inc. (NASDAQ: VSTM) was started as Overweight and assigned a $5 price target (versus a $3.03 close) at Cantor Fitzgerald.
Walgreens Boots Alliance Inc. (NASDAQ: WBA) was downgraded to Hold from Buy and the price target was lowered to $60 from $77 at Loop Capital. That was on the heels of the 12.8% share price drop after earnings and guidance disappointed investors so much that it hit a 52-week low on Tuesday’s news reaction. The stock now has a 52-week range of $55.00 to $86.31, and the consensus price target was last seen at $74.09.
24/7 Wall St.Stifel is rather positive on three top semiconductor stocks.
Merrill Lynch has released its technical analysis on its Top 10 List stocks, and four of the stocks were shown to have the most positive fundamental and technical outlooks at this time.
Tuesday’s top analyst calls were in shares of Alcoa, Broadcom, Dow, Lyft, Netflix, Roku, Walt Disney, Wingstop, Xilinx and many more.
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