Investing

Top Analyst Upgrades and Downgrades: AMD, Alcoa, Apple, Broadwind, Cogent, Intel, Micron, Netflix, Nvidia, Qualcomm, Square, Zscaler and More

Jon C. Ogg

Published: June 16, 2020 8:50 am

Last Updated: June 16, 2020 9:05 am

The stock market managed to recover its early Monday sell-off on news that the Federal Reserve was going to buy direct corporate bonds, and the momentum in the overseas markets and talk of a $1 trillion infrastructure package has hopes higher for Tuesday. The S&P 500 was indicated up 1.8% and the Dow Jones industrials were indicated up about 2%. This is all happening as the economic reports are getting off the floor and also as there is a rapid rise in the number of COVID-19 cases as economies continue to reopen.

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 Tuesday, June 16, 2020.

Advanced Micro Devices Inc. (NASDAQ: AMD) was maintained as Equal Weight but its price target was raised to $56 from $42 (versus a $54.68 prior close) at Morgan Stanley. AMD’s consensus target price was $53.89.

Air Products & Chemicals Inc. (NYSE: APD) was downgraded to Hold from Buy at HSBC.

Alcoa Corp. (NYSE: AA) was maintained as Neutral but its price target was raised to $12 from $8 (versus an $11.41 close) at Citigroup. Deutsche Bank downgraded it to Hold from Buy. Alcoa had a $9.97 consensus target price, and its 52-week trading range was $5.16 to $24.63.

Apple Inc. (NASDAQ: AAPL) was reiterated as Buy and its price target was raised to $400 from $310 at Citigroup. Wedbush Securities reiterated its Outperform rating with a $375 price target (and the same bullish upside potential to $425), with the firm noting that the iPhone 12 is now believed to be made ready in late September and ready to hit the shelves globally in early October, despite talks of delays over the prior months.

Bed Bath & Beyond Inc. (NASDAQ: BBBY) was reiterated as Outperform but the price target was raised to $12 from $8 (versus an $8.37 prior close) at Wedbush. It had a $7.12 consensus target price.

Broadwind Inc. (NASDAQ: BWEN) was started with a Buy rating and a $6 target price (versus a $2.80 close) at H.C. Wainwright. The market cap was only $46 million, and the 52-week trading range is $1.12 to $3.31.

Callaway Golf Co. (NYSE: ELY) was reiterated as Outperform but its price target was raised to $17.50 from $14.50 at Raymond James.

Cincinnati Financial Corp. (NASDAQ: CINF) was raised to Hold from Sell with a $63 target price (versus a $61.94 close) at Deutsche Bank.

Cogent Communications Holdings, Inc. (NASDAQ: CCOI) was raised to Buy from Neutral and its price target was raised to $85 from $80 (versus a $75.92 close) at Citigroup.

Crane Co. (NYSE: CR) was raised to Buy from Hold with a $66 price target (versus a $55.06 close) at Canaccord Genuity.

Dentsply Sirona Inc. (NASDAQ: XRAY) was started as Overweight and a $51 price target at Piper Sandler. Shares closed up 1.2% at $43.89 on Monday, with a $49.91 consensus price target.

Intel Corp. (NASDAQ: INTC) was downgraded to Equal Weight from Overweight with a $60 target price at Morgan Stanley. Intel closed up 1.3% at $60.10 on Monday and was indicated up almost 1% at $60.65 on Tuesday, with a prior consensus target price of $63.40.

Kinross Gold Corp. (NYSE: KGC) was raised to Outperform from Sector Perform and its price target was raised to $7.50 from $7.00 (versus a $6.50 prior close) at RBC Capital markets.

Lam Research Corp. (NASDAQ: LRCX) was raised to Overweight from Equal Weight with a $334 price target at Morgan Stanley.

Micron Technology Inc. (NASDAQ: MU) was maintained as Equal Weight but its price target was raised to $63 from $52 (versus a $49.24 close) at Morgan Stanley. The consensus target price was $61.87 ahead of the call.

Molina Healthcare Inc. (NYSE: MOH) was raised to Outperform from Market Perform with a $210 price target at Cowen.

Momenta Pharmaceuticals Inc. (NASDAQ: MNTA) rose almost 15% to $35.65 on Monday. H.C. Wainwright reiterated its Buy rating and raised its price target to $46 from $40.

Netflix Inc. (NASDAQ: NFLX) was reiterated as Buy with a $475 price target (versus a $425.50 close) at SunTrust Robinson Humphrey, but the firm noted that second-quarter membership growth looks to be tracking ahead of expectations.

NeoPhotonics Corp. (NASDAQ: NEOP) was downgraded to Neutral from Buy at B. Riley FBR.

Nvidia Corp. (NASDAQ: NVDA) was downgraded to Equal Weight from Overweight with a $380 price target (versus a $366.95 close) at Morgan Stanley.

Qualcomm Inc. (NASDAQ: QCOM) was raised to Overweight from Equal Weight with a $102 target price (versus an $86.39 close) at Morgan Stanley. It had a $91.12 prior consensus target price.

PetIQ Inc. (NASDAQ: PETQ) was reiterated as Outperform and its target price was raised to $35 from $32 (versus a $31.12 close) at Raymond James.

Southern Copper Corp. (NYSE: SCCO) was downgraded to Neutral from Buy and its price target was cut to $41 from $47 (versus a $37.22 close) at Goldman Sachs.

Square Inc. (NYSE: SQ) was maintained as Neutral but its price target was raised to $95 from $66 at Citigroup. Shares were up 4.9% at $91.00 on Monday, and the consensus target price was $70.61.

Zscaler Inc. (NASDAQ: ZS) was downgraded to Hold from Buy at Berenberg.

Monday’s top analyst upgrades and downgrades included Delta Air Lines, Apache, Baidu, Intel, Kimco, Lennar, Lululemon Athletica, SelectQuote, Shopify, Starbucks, United Airlines and more.