The futures traded higher again on Thursday as investors reconcile a massive run higher, which included a new high on the Nasdaq Wednesday, with a stock market that is very overbought. With some big selling on the way from end-of-the-year rebalancing, caution makes sense now, and while the vaccine rollout and the possibility for more stimulus are huge positives, investors should be reviewing portfolios and adjusting positioning for 2021.
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 Thursday, December 17, 2020.
AT&T Inc. (NYSE: T | T Price Prediction) was downgraded from Overweight to Equal Weight with a $34 price objective at Morgan Stanley. The Wall Street consensus target for the telecommunication conglomerate is $31.40. The last trade on Wednesday was reported at $30.29.
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Boeing Co. (NYSE: BA) was downgraded to Sell from Neutral at Redburn. The shares have traded in a 52-week range of $89 to $349.95 and have a $224.87 consensus price target. The final trade on Wednesday came in at $225.87.
Brinker International Inc. (NYSE: EAT) saw its target price increased from $55 to $60 at Telsey Advisory Group. The analysts noted given the strength of the core Chili’s brand and incremental contribution from the company’s It’s Just Wings ghost-kitchen brand, they believe Brinker is well-positioned to continue to dramatically outperform. The consensus price objective is $54.25, very near the most recent closing price of $54.35.
Comerica Inc. (NYSE: CMA) was raised to Overweight from Equal Weight at Stephens. The bank has traded in a 52-week range of $24.28 to $72.33, and it has a consensus price objective of $49.48. The last trade on Wednesday was reported at $53.01.
ConocoPhillips (NYSE: COP) was resumed in coverage at Evercore ISI with a $54 price objective. The consensus price objective is $47.71, and Wednesday’s final trade was reported at $42.32.
Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) was downgraded to Underweight from Equal Weight at Wells Fargo, which also dropped the price target on the shares to $132. The consensus price target is up at $154, and the stock closed Wednesday at $136.49.
Darden Restaurants Inc. (NYSE: DRI) was raised to Overweight from Equal Weight at Wells Fargo, which also increased the price target to $133. The consensus target is just $116, and Wednesday’s closing trade was $116.49. Shares were trending higher in Thursday’s premarket.
Datto Holding Corp (NYSE: MSP) was raised from Equal Weight to Overweight with a $35 price objective at Barclays. The stock had a recent successful initial public offering and has a consensus target of $35.64. The final trade Wednesday hit the tape at $26.90. Shares traded almost 3% higher in the premarket.
Gilead Sciences Inc. (NASDAQ: GILD) saw its target price lowered at Oppenheimer from $105 to $100, but the analysts did maintain an Outperform rating on the biotech leader. The consensus target price is $72.96. Shares closed at $58.94 on Wednesday.
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Illumina Inc. (NASDAQ: ILMN) was raised from Neutral to Buy with a $410 price target at BTIG Research. The consensus target is $300.47, and Wednesday’s closing price was $353.42.
Integra Life Science Holdings Corp. (NASDAQ: IART) saw its target price raised at Oppenheimer from $64 to $72, and the firm kept an Outperform rating on the shares. The consensus price target is $58. The last trade Wednesday came in at $69.81.
Lam Research Corp. (NASDAQ: LRCX) was downgraded to Hold from Buy at Deutsche Bank, where they actually raised the price target on the semiconductor capital equipment giant to $500. The consensus figure is posted at $449.43, and with the stock closing Wednesday at $493.31, this likely is a valuation call.
Owens & Minor Inc. (NYSE: OMI) was upgraded to Buy from Neutral at UBS. The analysts also boosted the price target to $37, well above the $27.71 consensus target. Wednesday’s close was at $26.66, after the shares dropped over 7% on the day.
Raytheon Technologies Corp. (NYSE: RTX) was raised from Hold to Buy with an $86 price target at DZ Bank. The consensus target for the defense and aerospace giant is just $78.61. Wednesday’s final print was $70.57.
RingCentral Inc. (NYSE: RNG) was raised to Overweight with a $420 target from Equal Weight at Morgan Stanley. The consensus price target is $350.58. The stock closed at $369.50 and was up over 4% in the premarket on a massive order the company received.
Sierra Oncology Inc. (NASDAQ: SRRA) saw its price target raised from $27 to $29 at Oppenheimer, which has an Outperform rating on the shares. The consensus price target is $27.25. The last print on Wednesday was reported at $15.04.
United Rentals Inc. (NYSE: URI) was downgraded to Neutral from Buy at Citigroup, which raised the price target to $255. That compares to a consensus price target of $239.13 and Wednesday’s close at $232.49.
Vistra Corp. (NYSE: VST) was downgraded to Neutral from Buy at BofA Securities, which kept a $19 price objective. The consensus target is up at $29.45. The final trade on Wednesday came in at $18.08.
Yum! Brands Inc. (NYSE: YUM) was raised to Overweight from Equal Weight at Wells Fargo, which also lifted the price target to $125. That compares with a $105.77 consensus target and Wednesday’s close at $107.42.
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Four energy stocks rated Buy at Goldman Sachs make good sense for growth and income investors looking for steady income and upside potential. They are solid ways for investors to play any upswing in oil and an improving 2021 economy.
Wednesday’s top analyst upgrades and downgrades included Chipotle Mexican Grill, Etsy, Exxon Mobil, General Electric, Jazz Pharmaceuticals, Microsoft, Nikola, Palo Alto Networks, Pfizer and Twitter.
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