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Thursday's Top Analysts Upgrades and Downgrades: Apple, eBay, General Dynamics, Goldman Sachs, Roku, Shopify, Spotify and More
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The futures all traded higher on Thursday after all the major indexes closed lower Wednesday, with only the Russell 2000 squeezing out a gain and the transport index posting another all-time high before retreating into negative territory. Federal Reserve Chair Jay Powell once again downplayed inflation worries, noting that inflation pressures could rise in the coming months, but that these “one-time increases in prices are likely to only have transitory effects on inflation.”
Despite inflationary pressures the Federal Reserve vowed to keep interest rates contained, which could be one reason for the continued moves higher in the equity markets, even after sell-offs. It also should be noted that money markets continue to see massive inflows, which is another big plus.
With major Wall Street firms still warning of the potential for impending 5% to 10% correction across the board, it makes sense for investors to continue building some cash reserves into the market strength while repositioning portfolios for the second quarter and the rest of 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, April 29, 2021.
Apple Inc. (NASDAQ: AAPL): Goldman Sachs upgraded the technology giant to Neutral from Sell and also raised the price target to $130 from $80. The consensus target is much higher at $152.19, and the shares ended trading Wednesday at $133.58. The stock was up almost 3% in premarket trading after the company crushed earnings expectations.
Avantor Inc. (NASDAQ: AVTR): Stifel raised the stock to Buy from Hold and has a $40 price target. The lower consensus target is $34.29, and Wednesday’s closing print was $33.07.
Avery Dennison Corp. (NYSE: AVY): The JPMorgan upgrade to Neutral from Underweight included a price target hike to $215 from $155. The consensus target is $196.60, and Wednesday’s final print was $211.41. That was up almost 4% after the company beat earnings estimates and raised 2021 guidance.
24/7 Wall St.Cree Inc. (NASDAQ: CREE): JPMorgan lowered its Neutral rating to Underweight and has a $108 price target. The consensus target is $118.54, and the stock ended Wednesday’s trading session at $112.73.
Discovery Inc. (NASDAQ: DISCA): Wells Fargo raised the stock of the cable giant to Overweight from Equal Weight and has a $59 price target. The consensus target is $47.45, and the stock ended trading at $37.49 on Wednesday.
eBay Inc. (NASDAQ: EBAY): Susquehanna downgraded the stock to Neutral from Positive and lowered the price target to $66 from $75. The consensus target is $70.80, and the stock closed Wednesday at $62.32. The shares were down almost 8% in the premarket, after posting disappointing earnings.
Energy Transfer L.P. (NYSE: ET): Mizuho started the pipeline giant at Buy with a $12 price target. The posted consensus target is $11.33, and the stock was last seen trading at $8.60.
Equity Residential (NYSE: EQR): Piper Sandler upgraded the real estate leader to Neutral from Underweight and also lifted the price target to $76 from $54. The consensus target is $68.79, and the shares closed trading on Wednesday at $73.63.
General Dynamics Corp. (NYSE: GD): Baird’s Neutral rating was raised to Outperform and the price target went to $243 from $180. The consensus price target is much lower at $182.33. Shares of the defense and aerospace giant closed on Wednesday at $185.26.
24/7 Wall St.Goldman Sachs Group Inc. (NYSE: GS): This was selected as Bull of the Day at Zacks. The analyst said that this is a captain of high finance and the banking sector’s knight in shining armor. Shares closed most recently at $348.11 and have a consensus price target of $386.61 a share.
Marsh & McLennon Companies Inc. (NYSE: MMC): Goldman Sachs raised both its rating (to Neutral from Sell) and its price target (to $136 from $111) on the insurance and consulting firm. The consensus price objective is $132.43. The stock closed Wednesday at $134.01.
Matson Inc. (NYSE: MATX): Stephens downgraded it to Neutral from Overweight and has a $70 price target. The consensus price objective is up at $83.33, and the shares closed on Wednesday at $66.57.
Nutanix Inc. (NASDAQ: NTNX): Piper Sandler’s upgrade to Overweight from Neutral comes with a $37 price target. The consensus price objective $38.54. The last trade on Wednesday hit the tape at $27.32.
Roku Inc. (NASDAQ: ROKU): Wedbush has raised the stock to Outperform from Neutral and has set a $475 price target. The consensus target is $471.44, and the stock closed Wednesday at $357.74. The shares were up over 3% in premarket trading.
Shopify Inc. (NYSE: SHOP): Susquehanna upgraded it to Positive from Neutral and has a massive $1,500 price target. The consensus target is $1,458.07 and the shares closed Wednesday at $1,288.20, which was up almost 12% after the company posted stellar earnings for the quarter.
Silicon Laboratories Inc. (NASDAQ: SLAB): JPMorgan downgraded the shares to Neutral from Overweight and also lowered the price target to $155 from $160. The consensus target is up at $169.82, and the final Wednesday trade was reported at $149.61.
Spotify Technologies S.A. (NYSE: SPOT): Pivotal Research Group raised shares of the music streaming giant to Buy from Hold. The firm’s $340 price target compares with the $322.68 consensus figure. The last trade for Wednesday came in at $256.84, which was down over 12% after the company posted inline earnings.
Wayfair Inc. (NYSE: W): Zacks named this as the Bear of the Day stock. The firm said that, though it may not be a short candidate, current stockholders might want to take profits here and run. Shares last closed at $311.04 and have a consensus price target of $336.33.
WesBanco Inc. (NASDAQ: WSBC): Piper Sandler downgraded the stock to Neutral from Overweight and has a $40 price target. The consensus target is $38.63. The stock closed Wednesday at $36.68.
XP Inc. (NYSE: XP): HSBC Securities started coverage with a Buy rating and a $46 price target. The consensus target is $49.62, and Wednesday’s final print was $39.51.
This week, four technology giants reported incredible results. For long-term aggressive growth investors, all four stocks still offer outstanding entry points.
In addition, see which two cannabis stocks are favored now by BofA Securities
Wednesday’s early top analyst upgrades and downgrades included Advanced Micro Devices, Canopy Growth, Cimarex Energy, Credit Suisse, Fastly, Lemonade, Mattel, Ralph Lauren and ViacomCBS. Analyst calls seen later in the day were on Alphabet, Aurora Cannabis, Crocs, Enphase Energy, NXPI Semiconductors and Spirit Airlines and more.
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