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Top Analyst Upgrades and Downgrades: Avaya, Biogen, Broadcom, Chevron, Domino's, eBay, MGIC, RealReal, Sprout Social, T-Mobile, Zoom, Zynga and More
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Stocks have risen and risen in recent weeks, but on the heels of the National Bureau of Economic Research formally declaring it a recession (as if you didn’t know it), shares were indicated down close to 1% on profit-taking on Tuesday morning. The sell-off should almost feel welcome, based on how many days the markets were rising on not much news. That said, the stock market has been trying to discount every bit of bad news from bad economic numbers, civil unrest to weak earnings, all deemed temporary as the economy continues to reopen for business.
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 avoid.
Now that stocks have recovered so much, it seems that the analyst calls with ever lower price targets have ended. In many cases, analysts are raising their outlooks and targets even if they have cautious macro-views or earnings caution. Some calls praise growth over value, and others are focused on base economy stocks that already have begun recovering.
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 we have seen on Tuesday, June 9, 2020.
Avaya Holdings Corp. (NYSE: AVYA) was reiterated as Overweight and its price target was raised to $17 from $14 at Morgan Stanley. Shares closed up 5% at $14.77, and the consensus target price was $16.21.
Activision Blizzard Inc. (NASDAQ: ATVI) was reiterated as Overweight and the price target was raised to $80 from $76 (versus a $70.73 prior close) at Morgan Stanley.
Biogen Inc. (NASDAQ: BIIB) was downgraded to Market Perform from Outperform and its price target was lowered to $297 from $360 at Bernstein. Shares closed down about 1.8% at $301.26 on Monday, with a $322.46 consensus price target.
Broadcom Inc. (NASDAQ: AVGO) was reiterated as Buy and its price target was raised to $350 from $250 (versus a $317.52 close) at Argus. It closed up 0.1% at $317.52 on Monday, with a $339.48 consensus price target.
CDW Corp. (NASDAQ: CDW) was downgraded to Underweight from Neutral at JPMorgan.
Chevron Corp. (NYSE: CVX) was downgraded to Neutral from Buy at BofA Securities. Chevron closed up 2.4% at $103.24 on Monday, with a $97.24 consensus target price. Its 52-week trading range is $51.60 to $127.00.
Coupa Software Inc. (NASDAQ: COUP) was up 1.8% at $220.78 on Monday but was indicated down 4% at $211.82 ahead of Tuesday’s opening bell. Morgan Stanley reiterated it as Overweight and raised its target to $249 from $229, and Raymond James reiterated its Outperform rating and raised its target to $235 from $150. Needham reiterated it as Buy and raised its target price to $255 from $135.
Credicorp Ltd. (NYSE: BAP) was downgraded to Neutral from Overweight at JPMorgan.
DexCom Inc. (NASDAQ: DXCM) was reiterated as Outperform and its target price was raised to $395 from $360 (versus a $368.62 close) at Raymond James.
Dominion Energy Inc. (NYSE: D) was started with a Buy rating at Seaport Global.
Domino’s Pizza Inc. (NYSE: DPZ) was reiterated as Outperform and the price target was raised to $445 from $425 (versus a $375.82 close) at Wedbush Securities.
eBay Inc. (NASDAQ: EBAY) was raised to Equal Weight from Underweight with a $50 target at Wells Fargo. Shares closed at $48.72 and had a $46.81 consensus price target.
Electronic Arts Inc. (NASDAQ: EA) was maintained as Equal Weight but its target was raised to $130 from $105 (versus a $119.51 close) at Morgan Stanley.
24/7 Wall St.Energy Transfer L.P. (NYSE: ET) was raised to Outperform from Market Perform with a $13 target price (versus a $9.34 close) at BMO Capital Markets.
Equifax Inc. (NYSE: EFX) was maintained as Equal Weight but its target was raised to $153 from $145 at Morgan Stanley, and SunTrust Robinson Humphrey downgraded it to Hold from Buy with a $165 price target.
Freeport-McMoRan Inc. (NYSE: FCX) was reiterated as Overweight and its price target was raised to $11.50 from $8.60 at Morgan Stanley. The stock closed up 3.6% at $11.25, and it had a $12.31 consensus target price.
Hewlett Packard Enterprise Co. (NYSE: HPE) was named as the Zacks Bear of the Day stock. The firm said that this stock has outperformed the broader tech space since the market’s low in March but it may be time for a pullback. Shares last closed at $11.59, with a consensus price target of $10.97.
MGIC Investment Corp. (NYSE: MTG) was downgraded to Market Perform from Outperform at Keefe Bruyette & Woods.
Neurocrine Biosciences Inc. (NASDAQ: NBIX) was started as Outperform with a $147 price target (versus a $118.51 prior close) at Wedbush.
OneSpaWorld Holdings Ltd. (NASDAQ: OSW) was raised to Buy from Hold at Jefferies and the firm raised its target to $12 from $5.50. Shares closed up 5.5% at $7.88 on Monday, with a $9.50 consensus price target.
Quest Diagnostics Inc. (NYSE: DGX) was raised to Equal Weight from Underweight at Wells Fargo.
Radian Group Inc. (NYSE: RDN) was downgraded to Market Perform from Outperform by Keefe Bruyette & Woods.
RealReal Inc. (NASDAQ: REAL) was started as Buy with an $18 target price at BTIG. Shares closed up almost 4% at $15.00 ahead of the call, with a $15.50 consensus price target.
REV Group Inc. (NYSE: REVG) was downgraded to Underperform from Neutral but its price target was raised to $6 from $5 at Credit Suisse. Morgan Stanley maintained it as Underweight.
SVB Financial Group (NASDAQ: SIVB) was started as Outperform with a $329 target price (versus a $236.04 close) at Oppenheimer.
Sprout Social Inc. (NASDAQ: SPT) was started as Buy with a $40 price target (versus a $31.05 close) at BTIG.
T-Mobile US Inc. (NASDAQ: TMUS) was downgraded to Neutral from Buy at Guggenheim.
United Rentals Inc. (NYSE: URI) was started as Outperform with a $185 price target at Robert W. Baird. It closed down 1.9% at $158.28 on Monday, with a $144.62 consensus price target.
Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) was downgraded to Neutral from Buy at Citigroup.
Vonage Holdings Corp. (NASDAQ: VG) was downgraded to Hold from Buy with an $11 price target (versus a $10.54 close) at Jefferies.
Zoom Video Communications Inc. (NASDAQ: ZM) was named as the Bull of the Day at Zacks, which said that this firm was one of the first star coronavirus lockdown stocks. Morgan Stanley reiterated it as Equal Weight but raised its price target was to $190 from $170. Shares most recently closed at $209.83 and have a consensus price target of $216.11.
Zynga Inc. (NASDAQ: ZNGA) was raised to Overweight from Equal Weight with a $12 price target at Barclays.
24/7 Wall St.Monday’s top analyst upgrades and downgrades included American Express, Boeing, Coca-Cola, Dunkin’ Brands, L Brands, Lululemon Athletica, Moderna, NXP Semiconductors, Seagate Technology, ViacomCBS, Zillow and more.
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