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Top Analyst Upgrades and Downgrades: Barrick Gold, DraftKings, Hyatt, Nasdaq, Nikola, Occidental, Penn National, Shopify, Valero, Workday and More
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Stocks were set to make another day of profit-taking on Thursday, but a late-day recovery sent stocks up on the day. Friday’s early trading had the Dow Jones industrials and the S&P 500 both down about 0.2%, but the indexes had recovered from lower levels earlier in the morning. Investors have been trying to factor in what the markets and economy will look like post-election and post-coronavirus in 2021. Now is the time for investors to be planning how they should be invested for the coming year.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Friday, November 20, 2020.
Barrick Gold Corp. (NYSE: GOLD) was named as the Bull of the Day at Zacks, which said it has never been better for the gold miners. Shares most recently closed at $24.19 and have a consensus price target of $34.40.
DraftKings Inc. (NASDAQ: DKNG) was started with an Overweight rating and a $58 price target at Piper Sandler.
Hyatt Hotels Corp. (NYSE: H) was named as the Zacks Bear of the Day stock. The firm said hotels are looking to 2021 for brighter days. Shares last closed at $70.10 and have a consensus price target of $56.12.
Intuit Inc. (NASDAQ: INTU) was up 1.9% at $361.44 ahead of earnings, and the stock was flat on Friday morning, with a prior $361.94 consensus target price. Piper Sandler reiterated its Overweight rating and raised its target to $412 from $378, and RBC Capital Markets reiterated its Outperform rating and raised its target from $405 to $415.
Liquidia Technologies Inc. (NASDAQ: LQDA) was downgraded to Neutral from Outperform at Wedbush Securities.
Nasdaq Inc. (NASDAQ: NDAQ) was raised to Outperform from Market Perform with a $143 price target at Loop Capital. The shares closed up 1.6% at $124.76 ahead of the call, with a $143.56 consensus target price.
Nikola Corp. (NASDAQ: NKLA) was started with a Buy rating and a $35 price target at Loop Capital. The stock closed up about 3.2% at $26.23 on Thursday and has a $29.40 consensus target price.
Occidental Petroleum Corp. (NYSE: OXY) was raised to Positive from Neutral with an $18 price target (versus a $13.36 close) at Susquehanna. It had a $12.32 consensus target price ahead of the call.
Penn National Gaming Inc. (NASDAQ: PENN) was started as Overweight with an $84 target price at Piper Sandler.
Phillips 66 (NYSE: PSX) was reiterated as Outperform and its price target was raised to $75 from $60 (versus a $61.45 close) at Raymond James. It had a $68.72 consensus price target.
24/7 Wall St.Shake Shack Inc. (NYSE: SHAK) was downgraded to Neutral from Outperform at Wedbush. The closing price of $78.40 is above its $77 price target. The shares also had a $69.31 consensus target price.
Shopify Inc. (NYSE: SHOP) was reiterated as Outperform with a $1,300 price target at Wedbush. Shares closed up 3.8% at $966.77 on Thursday, with a $1,123.55 consensus price target.
SM Energy Co. (NYSE: SM) was raised to Buy from Hold with a $5 target price (versus a $3.43 close) at Stifel Nicolaus. The stock was indicated up 3.5% at $3.55 on Friday and has a $4.02 consensus target price.
Spirit Aerosystems Holdings Inc. (NYSE: SPR) was raised to Buy from Hold with a $40 target price at Canaccord Genuity. It had a $27.16 consensus target price.
T-Mobile US Inc. (NASDAQ: TMUS) was reiterated as Outperform and its price target was raised to $140 from $121 at Raymond James. The stock closed up 1% at $129.19 ahead of the call, and it has a $147.65 consensus price target.
Trane Technologies PLC (NYSE: TT) was downgraded to Neutral from Buy with a $154 price target at Goldman Sachs. Shares closed up 1.6% at $146.79 and have a $140.94 consensus target price.
Uber Technologies Inc. (NYSE: UBER) was reiterated as Buy and its price target was raised to $60 from $50 at Needham.
United Rentals Inc. (NYSE: URI) was raised to Buy from Neutral with a $275 price objective at BofA Securities.
Valero Energy Corp. (NYSE: VLO) was reiterated as Outperform and its price target was raised to $69 from $55 (versus a $51.21 close) at Raymond James. It had a $58.56 consensus price target.
Vulcan Materials Co. (NYSE: VMC) was downgraded to Neutral from Buy with a $155 price target at Goldman Sachs. The stock closed down 0.5% at $140.11 ahead of the call, and it has a $153.84 consensus target price.
Williams-Sonoma Inc. (NYSE: WSM) was reiterated as Outperform and its price target was raised to $130 from $115 at Wedbush.
Workday Inc. (NASDAQ: WDAY) closed up 3.2% at $230.80 a share ahead of earnings, and while it initially traded up, it was down 3.6% at $222.40 on Friday morning’s post-earnings reaction. Piper Sandler reiterated its Overweight rating and raised its price target to $285 from $275.
WPX Energy Inc. (NYSE: WPX) was downgraded to Hold from Buy at Stifel.
24/7 Wall St.Truist Securities has a positive note out on the homebuilders. The firm has upgraded D.R. Horton Inc. (NYSE: DHI), PulteGroup Inc. (NYSE: PHM) and Toll Brothers Inc. (NYSE: TOL) with 30% to 40% upside to its 12-month targets. The firm believes that the millennial-driven housing boom has significant momentum and opportunity as the generation enters into the prime years for buying a home.
Raymond James has five mortgage REITs with Buy ratings that are among its top picks now. The sector has been hit hard over the past year, and with most distributions having been trimmed. The firm’s view is that there is now some solid value for income investors looking for dependable distributions.
Thursday’s top analyst upgrades and downgrades included Boeing, Citigroup, Cree, FuelCell Energy, Lowe’s Companies, NextEra Energy, Nio, Nvidia, Shopify, Sonos, Square, Target, Uber and Yelp.
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