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Tuesday's Top Analyst Upgrades and Downgrades: BHP, Disney, EA, Gilead, Immunomedics, KeyCorp, Peloton, Shopify, Sunnova, Take-Two and More
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Stocks surged higher by 7% to 8% on Monday and the buying frenzy was continuing on Tuesday with S&P 500 futures up nearly 3%. Even though the raging bull market turned into a roaring bear market over the course of a month, the market has recovered handily from the lows. Many investors are looking for new ideas and still trying to figure out how to be best positioned for the rest of 2020.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new ideas for long-term investors and short-term traders alike. Many upgrades, downgrades, reiterations and initiations take place regardless of the volatile daily market gyrations. Some analyst calls cover stocks to buy while others cover stocks to sell or avoid.
In recent weeks, many analysts have handily lowered their target prices to deal with a new recessionary environment, but there are still many traditional upgrades and reiterations, as if the economy wasn’t really been turned upside-down. Remember, no single analyst report should be used as a sole basis for any buying or selling decision.
Consensus analyst target prices are from Refinitiv. These are the top analyst calls tracked for Tuesday, April 7, 2020.
Activision Blizzard Inc. (NASDAQ: ATVI) was started with an Overweight rating and a $75 price target at Wells Fargo.
Agilysys Inc. (NASDAQ: AGYS) was named as the Bull of the Day at Zacks, which said that if you are looking for a stock that has not seen that much of a bounce in the early days of the recovery, look here. Shares most recently closed at $16.35, with a consensus price target of $28.00.
BHP Group (NYSE: BHP) was raised to Outperform from Neutral at Credit Suisse.
Constellation Brands Inc. (NYSE: STZ) was raised to Buy from Hold but the price target was lowered to $180 from $210 (versus a $142.26 prior close, after a 7.6% gain) at UBS. It had a $183.33 consensus price target ahead of the call.
Electronic Arts Inc. (NASDAQ: EA) was started with an Equal Weight rating and a $120 price target at Wells Fargo.
Gilead Sciences Inc. (NASDAQ: GILD) was reiterated as Overweight and its price target was raised to $86 from $78 (versus a $77.73 close) at Cantor Fitzgerald.
Immunomedics Inc. (NASDAQ: IMMU) closed up almost 100% at $18.78 on Monday after positive breast cancer study news. H.C. Wainwright reiterated its Buy rating and raised its price target up to $34 from $31.
KeyCorp (NYSE: KEY) was added to the Wedbush Best Ideas List due to the bank being better positioned than most of its peers to deal with low rates. The firm has an Outperform rating and $13 price target, and shares closed at $9.95 on Monday.
Manpower Group Inc. (NYSE: MAN) was named as the Zacks Bear of the Day stock. The firm said that this staffing name is down for obvious reasons, so is it time to dig a little deeper. Shares last closed at $58.75 and have a consensus price target of $70.55.
Mr. Cooper Group Inc. (COOP) was downgraded to Neutral from Outperform and its price target was lowered to $10 from $15 (versus a $5.86 close) at Wedbush.
Peloton Interactive Inc. (NASDAQ: PTON) was reiterated as Outperform with a $35 price target (versus a $28.37 close) at Wedbush, noting that a strong engagement is showing that social distancing is a win for the company.
Safehold Inc. (NYSE: SAFE) was started with a Hold rating and a $52 price target (versus a $49.01 close) at SunTrust Robinson Humphrey.
SAP S.E. (NYSE: SAP) was raised to Buy from Neutral at UBS.
Shopify Inc. (NYSE: SHOP) was downgraded to Market Perform from Outperform at Raymond James. The stock closed up over 9% at $392.65 on Monday, with a $492.75 consensus price target.
Sunnova Energy International Inc. (NYSE: NOVA) was started as Outperform with a $13 price target (versus a $9.45 close) at Raymond James.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) was started with an Overweight rating and a $150 price target at Wells Fargo.
Twilio Inc. (NYSE: TWLO) was downgraded to Neutral from Buy and its target price was slashed to $80 from $140 (versus an $86.66 close) at Rosenblatt. It had a consensus price target of $133.25 ahead of the call.
UDR Inc. (NYSE: UDR) was downgraded to Neutral from Buy at Citigroup.
Vornado Realty Trust (NYSE: VNO) was downgraded to Neutral from Buy at Citigroup.
Walt Disney Co. (NYSE: DIS) was maintained as Buy but its price target was cut to $120 from $160 (versus a $99.58 close, after a 6% gain) at CFRA. Disney’s consensus target price is $137.54.
Weingarten Realty Investors (NYSE: WRI) was downgraded to Neutral from Buy and its price target was cut to $14.50 from $36 (versus a $13.72 close) at Citigroup.
Zynga Inc. (NASDAQ: ZNGA) was started with an Equal Weight rating and an $8 price target at Wells Fargo.
Stifel called for a move to 2,750 on the S&P 500 back in mid-March when the market was getting crushed and here are some expected winners for an April rally.
Investors are likely to have a focus on dividends and book values for the major banks when they report earnings.
Monday’s top analyst upgrades and downgrades included Baker Hughes, Chewy, Chubb, eBay, Etsy, Gannett, GoDaddy, PayPal, Spotify, Southwest Airlines, Starbucks, Tesla, Zoom Communications and more.
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