Stocks traded higher Monday morning despite rising numbers of COVID-19 cases in states that have reopened for business. Now that the market turned into fastest bear market and recession that we have seen, and then recovered the lion’s share of its losses, investors should be considering how they want their assets positioned ahead of the election 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 avoid.
What has happened in this past drive of the gains is that many analyst calls have included upgrades and price target hikes, but 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.
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These are the top analyst calls we have seen on Monday, June 22, 2020.
Accenture PLC (NYSE: ACN | ACN Price Prediction) was downgraded to Equal Weight from Overweight at Wells Fargo.
American Express Co. (NYSE: AXP) was downgraded to Sell from Neutral at UBS. The stock closed down 1.2% at $100.94 on Friday, with a $99.39 premarket level on Monday, and its consensus target price was $104.39.
Biogen Inc. (NASDAQ: BIIB) was downgraded to Equal Weight from Overweight and its price target was cut to $280 from $370 at Barclays. Shares closed up 4.1% at $271.00 on Friday, and the consensus price target was $308.64.
Campbell Soup Co. (NYSE: CPB) was raised to Buy from Hold at Jefferies, and its target price is $59. It closed at $49.14 on Friday, with a $51.88 consensus target price.
Capital One Financial Corp. (NYSE: COF) was raised to Buy from Neutral and its target price was raised to $105 from $54 (versus a $68.07 prior close) at UBS.
Conagra Brands Inc. (NYSE: CAG) was raised to Buy from Hold and the price target was $41 (versus a $33.55 close) at Jefferies.
Discover Financial Services (NYSE: DFS) was raised to Buy from Neutral and its price target was raised to $72 from $36 (versus a $53.73 close) at UBS.
DraftKings Inc. (NASDAQ: DKNG) was started as Buy with a $55 price target at Jefferies. It closed up 2.8% at $42.00 on Friday after its secondary offering, and its consensus price target is $43.88.
Five Prime Therapeutics Inc. (NASDAQ: FPRX) was raised to Outperform from Neutral and its price target was raised to $9 from $5 (versus a $4.39 close) at Wedbush Securities.
Foot Locker Inc. (NYSE: FL) was downgraded to Neutral from Buy at B. Riley FBR, with the firm noting that it is engaging in more promotional/discounting efforts than its rivals.
Gap Inc. (NYSE: GPS) was raised to Overweight from Equal Weight and the price target was raised to $19 from $8 at Wells Fargo. Shares closed down 2.3% at $10.66 on Friday but were indicated up 6% at $11.30 on Monday.
Hilton Worldwide Holdings Inc. (NYSE: HLT) was raised to Overweight from Equal Weight and its price target was set at $90 (versus a $76.17 close) at Barclays. The consensus target price was $79.80.
International Flavors & Fragrances Inc. (NYSE: IFF) was downgraded to Underperform from Neutral at BNP Paribas.
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KLA Corp. (NASDAQ: KLAC) was downgraded to Hold from Buy and its price target was cut to $30 from $32 at Stifel.
Kraft Heinz Co. (NASDAQ: KHC) may have been given a favorable chart review on Friday, but Goldman Sachs downgraded the food maker to Sell from Neutral and cut its target to $30 from $32. The shares had managed to close up at $33.48 on Friday, compared with a multiyear low of $19.99.
Marathon Oil Corp. (NYSE: MRO) was downgraded to Sell from Neutral with a $6 price target (versus a $6.36 close) at Goldman Sachs.
Marriott International Inc. (NYSE: MAR) was raised to Overweight from Equal Weight and its price target was set at $105 (versus an $89.68 close) at Barclays. The consensus target price was $95.90.
McCormick & Co. Inc. (NYSE: MKC) was raised to Hold from Underperform with a $167 price target at Jefferies. Shares closed down almost 1% at $172.20 on Friday, with a $145.30 consensus price target.
Murphy Oil Corp. (NYSE: MUR) was downgraded to Neutral from Buy but its price target was raised to $14.50 from $13.50 at Goldman Sachs.
Newell Brands Inc. (NASDAQ: NWL) was named as the Zacks Bear of the Day stock. The firm said that the stock has tumbled over 70% in the past three years and its near-term outlook might not help. Shares last closed at $15.87, with a consensus price target of $14.00.
Nikola Corp. (NASDAQ: NKLA) was started as Neutral with a $45 price target (versus a $65.90 close) at JPMorgan.
PagerDuty Inc. (NYSE: PD) was named as the Bull of the Day at Zacks, which said that it went public last April and has seen its stock price soar over 140% since mid-March. Shares most recently closed at $30.58 but have a consensus price target of just $29.00.
Photronics Inc. (NASDAQ: PLAB) was downgraded to Hold from Buy and its price target was cut to $13 from $15 at Stifel.
Southern Copper Corp. (NYSE: SCCO) was downgraded to Underweight from Neutral but its price target was raised to $33 from $27 (versus a $37.80 close) at JPMorgan.
Southwest Airlines Co. (NYSE: LUV) was maintained with a Strong Buy rating but its price target was trimmed to $45 from $47 (versus a $34.55 close) at Raymond James.
Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) was reiterated as Outperform and its price target was raised to $10 from $9 (versus a $9.06 close) at Raymond James.
Trade Desk Inc. (NASDAQ: TTD) was reiterated as Buy and the price target was raised to $475 from $370 (versus a $394.78 prior close) at Needham.
Walmart Inc. (NYSE: WMT) was raised to Buy from Neutral and its price target was raised to $135 from $130 (versus a $119.85 close) at UBS.
YPF S.A. (NYSE: YPF) was downgraded to Underweight from Neutral at JPMorgan.
Zscaler Inc. (NASDAQ: ZS) was reiterated as Strong Buy and its price target was raised to $130 from $110 (versus a $108.57 close) at Needham.
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24/7 Wall St. has released its top charts for the week of June 22 to June 26, covering gold, oil, recoveries, S&P 500, QQQ, Apple and more.
One Wall Street strategist has five stocks expected to show significant upside.
Goldman Sachs has five stocks under $10 for massive upside.
Friday’s top analyst upgrades and downgrades included Darden Restaurants, DuPont, EOG Resources, Lululemon Athletica, Micron Technology, Occidental Petroleum, Slack, Spotify, Ulta Beauty, Walt Disney and more.
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