Top Analyst Upgrades and Downgrades: Costco, CVS, Etsy, GM, Kohl's, Macy's, Peloton, Shopify, Twilio, Wynn and More

Investing

Published: May 7, 2020 9:03 am

Last Updated: May 7, 2020 9:18 am

Stocks were indicated to open up another 1.4% higher on Thursday after the Dow Jones industrials and S&P 500 pulled back on Wednesday. Investors are still trying to decide whether the stock market has rebounded too much from the March lows or whether the trillions of stimulus dollars and a gradual reopening of the economy will set the stage for a massive economic recovery after the summer.

Investors now should be looking at new ideas to decide how to be best positioned ahead of summer and 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.

Some analyst reports cover stocks to buy, and some cover stocks to sell or to avoid. Analysts are still making many upgrades, downgrades, reiterations and initiations ahead of and after key earnings reports. While many analysts are still cutting price targets and earnings estimates for the coming quarters and for the year, many are still maintaining their prior official ratings.

As a reminder, 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 we have seen on Thursday, May 7, 2020.

Axogen Inc. (NASDAQ: AXGN) was downgraded to Hold from Buy at Canaccord Genuity.

BJ’s Wholesale Club Holdings Inc. (NYSE: BJ) was named as the Bull of the Day at Zacks, which said that a smaller warehouse chain may have better prospects than its more well-known rivals. Shares most recently closed at $26.97, with a consensus price target of $30.13.

CDW Corp. (NASDAQ: CDW) was reiterated as Underweight at Morgan Stanley, but the firm did raise its price target to $91 from $80. Shares closed down 2.9% at $106.77 ahead of the call.

Costco Wholesale Corp. (NASDAQ: COST) was maintained as Hold but its price target was trimmed to $290 from $292 (versus a $308.89 prior close) at Deutsche Bank.

CVS Health Corp. (NYSE: CVS) was reiterated as Overweight and its price target was raised to $77 from $71 (versus a $60.41 close) at Morgan Stanley.

Dillard’s Inc. (NYSE: DDS) was reiterated as Sell and its price target was slashed to $18 from $36 at Deutsche Bank.

Etsy Inc. (NASDAQ: ETSY) closed up 7.5% at $78.24 on Wednesday but was trading down 3% at $75.75 early Thursday after missing earnings expectations and withdrawing 2020 guidance. Needham reiterated its Buy rating and raised its price target to $88 from $45. Morgan Stanley maintained its Underweight rating but raised its price target to $43 from $31.

Exact Sciences Corp. (NASDAQ: EXAS) was maintained as Outperform and its price target was lowered to $90 from $100 at SVB Leerink. Shares closed at $77.90 and had a $100.40 prior consensus price target.