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Top Analyst Upgrades and Downgrades: Major Airlines, Apache, Baidu, Intel, Kimco, Lennar, Lululemon, SelectQuote, Shopify, Starbucks and More
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The stock market managed to recover on Friday after an awful Thursday, but the gains were taken back on Monday, with the Dow Jones industrials down 500 points and the S&P 500 down 53 points. The market is dealing with a rapid rise in the second wave of COVID-19 cases, even as economies continue to reopen and as the economic picture has been improving.
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.
What has happened in the most recent drive of the gains is that many analyst calls have included upgrades and price target hikes, but in often stocks are managing to move even beyond what the ratings and expectations might have indicated.
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 Monday, June 15, 2020.
Advance Auto Parts Inc. (NYSE: AAP) was downgraded to Underweight from Neutral at Atlantic Equities.
American Airlines Group Inc. (NASDAQ: AAL) was reiterated as Sell at Citigroup, although the firm did lift its price target to $14 from $9. Shares closed up 16.4% at $16.74 on Friday and were indicated down almost 6% at $15.75 on Monday.
Apache Corp. (NYSE: APA) was raised to Buy from Neutral and its price target was raised to $18 from $13 at Citigroup. The stock closed up 7.6% at $13.77 on Friday and was indicated down 4.5% at $13.15 on Monday.
Baidu Inc. (NASDAQ: BIDU) was named as the Zacks Bear of the Day stock. The firm said that despite the cloudy outlook and a potential U.S. delisting, shares are up about 15% since earnings. The stock last closed at $116.27, with a consensus price target of $142.04.
Cedar Fair L.P. (NYSE: FUN) was raised to Buy from Neutral with a $42 price target (versus a $33.62 prior close) at B. Riley FBR.
Delta Air Lines Inc. (NYSE: DAL) was reiterated as Buy and its target price was raised to $38 from $30 at Citigroup. It closed up almost 12% at $30.43 on Friday but was indicated down 6% at $28.55 on Monday.
D.R. Horton Inc. (NYSE: DHI) was reiterated as Buy and its price target was raised to $69 from $56 (versus a $54.00 close) at Citigroup.
Fastly Inc. (NYSE: FSLY) was named as the Bull of the Day at Zacks, which said that shares of this “little Akamai” doubled in the last month because of Amazon and TikTok. Shares most recently closed at $46.82 and have a consensus price target of $38.88.
FormFactor Inc. (NASDAQ: FORM) was raised to Buy from Hold and its price target was raised to $33 from $24 at Stifel, with the firm noting that it will benefit from a recurring revenue model even with a choppy demand environment.
Intel Corp. (NASDAQ: INTC) was raised to Overweight from Neutral with an $82 price target at KeyBanc Capital Markets. The firm that Intel is in a strong position to win from the next generation of computing and the Internet of Things.
KalVista Pharmaceuticals Inc. (NASDAQ: KALV) was started with a Buy rating and a $30 price target (versus a $10.41 close) at H.C. Wainwright. It has a 52-week range of $5.61 to $23.23, and it had a mere $185 million market cap as of Friday’s close.
Kimco Realty Corp. (NYSE: KIM) was downgraded to Underperform from In-Line at Evercore ISI.
Lennar Corp. (NYSE: LEN) was reiterated as Buy and its price target was raised to $76 from $53 (versus a $59.25 close) at Citigroup. Shares closed up 3.5% on Friday but were indicated down 1.5% at $58.35 on Monday.
Lululemon Athletica Inc. (NASDAQ: LULU) was reiterated as Buy and its price target was raised to $340 from $230 at Citigroup. Lululemon closed down 3.8% at $296.36 after profit-taking from last week’s earnings, and its shares were indicated down another 2% at $290.00 on Monday. They hit a high of $324.76 last week.
Mondelez International Inc. (NASDAQ: MDLZ) was raised to Buy from Hold at Berenberg, which noted that the food sector has extreme discounts to its valuations with this company having strong organic growth opportunities ahead.
SelectQuote Inc. (NYSE: SLQT) was started with an Outperform rating at Credit Suisse, which noted that it has rapid growth among the Medicare Advantage program. Piper Sandler started it as Overweight and RBC Capital Markets started it as Outperform. Morgan Stanley started it as Equal Weight, while Jefferies started it with a Hold rating.
Shopify Inc. (NYSE: SHOP) was raised to Overweight from Neutral and its price target was raised to $843 from $733 at Piper Sandler, based on it doubling or even tripling its e-commerce penetration rates.
Six Flags Entertainment Corp. (NYSE: SIX) was raised to Buy from Neutral with a $31 price target (versus a $22.74 close) at B. Riley FBR.
Spirit Airlines Inc. (NYSE: SAVE) was reiterated as Buy and its target price was raised to $22 from $14 at Citigroup. Shares closed up 17% at $18.82 on Friday but were indicated down 8% at $17.25 on Monday.
STAAR Surgical Co. (NASDAQ: STAA) was started with a Buy rating and a $55 price target (versus a $42.73 close) at Jefferies.
Starbucks Corp. (NASDAQ: SBUX) was started as Overweight at Atlantic Equities, with the firm noting that the company would recover from the pandemic with market share gains and with a better cost structure. Citi maintained its Buy rating but cut its target to $87 from $89.
Synaptics Inc. (NASDAQ: SYNA) was started with a Neutral rating at Rosenblatt.
United Airline Holdings Inc. (NYSE: UAL) was reiterated as Buy and its target price was raised to $47 from $38 at Citigroup. The stock closed up 19% at $39.66 on Friday but was indicated down 9% at $36.10 on Monday.
Werner Enterprises Inc. (NASDAQ: WERN) was raised to Buy from Neutral and its price target was raised to $49 from $42 (versus a $39.87 close) at UBS.
24/7 Wall St.Friday’s top analyst upgrades and downgrades included Adobe, Analog Devices, Caterpillar, ConocoPhillips, General Motors, Southwest Airlines, Take-Two Interactive Software, Tesla and more.
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