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Top Analyst Upgrades and Downgrades: Amazon, Aurora Cannabis, Comcast, Dick's, Disney, Morgan Stanley, Nike, Nio, Plug Power, Snap and More
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Stocks traded lower early Wednesday on what some technicians will say is a much needed breather after such strong gains. The stock market that originally turned into fastest bear market and recession in our lifetimes has somehow managed to recover most of its losses. The Nasdaq still is managing to hang above 10,000, as the tech leaders are where all of the interest has been in this new economy. 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.
These are the top analyst calls we have seen on Wednesday, June 24, 2020.
Amazon.com Inc. (NASDAQ: AMZN) was reiterated as Outperform and its price target was raised to $3,050 from $2,750 (versus a $2,764.41 prior close) at Wedbush Securities.
Aurora Cannabis Inc. (NYSE: ACB) announced a restructuring that included layoffs and plant closures on Tuesday. Stifel raised its rating to Hold from Sell on Wednesday, noting that it believes the company has weathered the storm and that the actions should allow it to get through its debt and liquidity ahead. Shares closed down 1% at $13.58 on Tuesday and were up almost 2% at $13.85 Wednesday morning.
Cheesecake Factory Inc. (NASDAQ: CAKE) was downgraded to Underweight from Neutral at JPMorgan
Comcast Corp. (NASDAQ: CMCSA) was reiterated as Overweight and its price target was raised to $47 from $45 at Morgan Stanley.
Dick’s Sporting Goods Inc. (NYSE: DKS) was raised to Outperform from Market Perform and its price target was set at $50 at Cowen.
Kilroy Realty Corp. (NYSE: KRC) was downgraded to Neutral from Buy at BofA Securities.
Logitech International S.A. (NASDAQ: LOGI) was downgraded to Neutral from Outperform with a $65 target price (versus a $62.74 close) at Wedbush, with the firm noting that the work/stay-at-home accessories company has reached a full valuation.
Morgan Stanley (NYSE: MS) was raised to Buy from Neutral with a $58 price target at D.A. Davidson.
Nike Inc. (NYSE: NKE) was reiterated as Overweight and its price target was raised to $119 from $92 at Morgan Stanley.
Nintendo is not traded on a primary U.S. exchange but still has many U.S. shareholders. Wedbush downgraded its rating to Neutral from Outperform due to valuation, as well as a relatively unclear catalyst path that would drive upside ahead.
Nio Ltd. (NYSE: NIO) was downgraded to Neutral from Buy but its price target was raised to $7.00 from $6.40 at Goldman Sachs. Shares closed down 2.7% at $7.23 on Tuesday and were indicated down almost 4% at $6.96 Wednesday morning. Its consensus price target was only $5.09 ahead of this call.
Plug Power Inc. (NASDAQ: PLUG) was reiterated as Buy and its price target was raised to $14 from $6 (versus a $6.43 close) at H.C. Wainwright. It previously had a $6.33 consensus target price, and its shares were indicated up about 10% at $7.10 on Wednesday. Plug Power recently was featured as one of six alternative energy stocks that could have significant upside ahead.
Royal Caribbean Cruises Ltd. (NYSE: RCL) was maintained as Outperform with a $63 price target (versus a $54.36 close) at Wedbush. Barclays downgraded it to Equal Weight from Overweight and cut its target to $50 from $55.
SailPoint Technologies Holdings Inc. (NYSE: SAIL) was reiterated as Buy and its price target was raised to $30 from $25 (versus a $25.91 close) at SunTrust Robinson Humphrey.
ServiceNow Inc. (NYSE: NOW) was reiterated as Buy and its price target was raised to $450 from $385 (versus a $400.94 close) at SunTrust.
Snap Inc. (NYSE: SNAP) was reiterated as Neutral but its price target was raised to $16 from $12.25 (versus a $23.67 close) at Wedbush.
Texas Roadhouse Inc. (NASDAQ: TXRH) was raised to Neutral from Underweight at JPMorgan.
Tractor Supply Co. (NASDAQ: TSCO) was named as the Bull of the Day at Zacks, which said that after big second-quarter guidance, this stock won’t stop plowing higher. Shares most recently closed at $129.26, with a consensus price target of $122.39.
TripAdvisor Inc. (NASDAQ: TRIP) was reiterated as Neutral with a $20 target price (versus a $20.11 close) at Wedbush, and despite the run-up after an update, its view is the steep declines in its business outweigh some sequential improvements.
VF Corp. (NYSE: VFC) was named as the Zacks Bear of the Day stock. The firm said that this stock just cannot rally, which is a red flag in a V-shaped recovery. Shares last closed at $62.69 and have a consensus price target of $62.00.
VSE Corp. (NASDAQ: VSEC) was started with a Buy rating and a $38 price target (versus a $27.39 close) at SunTrust. The firm called it an underfollowed emerging aftermarket pure play.
Walt Disney Co. (NYSE: DIS) was reiterated as Overweight and its price target was raised to $135 from $125 at Morgan Stanley. Disney shares closed up 0.6% at $116.59 on Tuesday and had a $121.71 consensus price target.
24/7 Wall St.Goldman Sachs has raised its price targets handily on four top stocks it has Buy ratings on.
Tuesday’s top analyst upgrades and downgrades included AbbVie, Ambarella, Apple, DocuSign, Home Depot, Lowe’s, Micron Technology, Nike, PG&E, ViacomCBS, YETI, Yext and more.
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