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Tuesday's Top Analyst Upgrades and Downgrades: Abbott Labs, Adobe, Coinbase, Dollar General, Medtronic, Palo Alto, Target and More
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The futures traded higher on Tuesday as investors enjoyed a nice start of the week rally on Monday, when all the major indexes and the transportation index ended higher. Interest rates fell again, as there was buying across the curve as some officials from the Federal Reserve have hinted recently that the May jobs report, which comes out the first Friday in June, could be softer than expected like the prior report was.
Despite those concerns across Wall Street for tapering of the quantitative easing program and clear building inflationary pressures, the Federal Reserve is vowing to keep interest rates contained, which could one reason for the continued moves higher in the equity markets, even after sell-offs. Also note 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 balance of 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 Tuesday, May 25, 2021.
Abbott Laboratories (NYSE: ABT): Barclays started coverage on the pharmaceutical giant with an Overweight rating and a $150 price target. That consensus target is $136.48, and the stock was last seen on Monday trading at $117.29.
Adobe Inc. (NASDAQ: ADBE): Mizuho started coverage of the technology leader with a Buy rating and a massive $600 price target. The posted consensus target is $569.25, and the shares closed on Monday at $497.83.
Boston Beer Co. Inc. (NYSE: SAM): Bernstein started the brewer with an Outperform rating and a $1,340 price target. The consensus target is up at $1,407.14. Monday’s last trade came in at $1,052.36.
24/7 Wall St.Canopy Growth Corp. (NASDAQ: CGC): MKM Partners upgraded the marijuana company’s stock to Buy from Neutral. The shares have traded in a 52-week range of $13.83 to $56.50. No consensus target was available. The stock ended trading on Monday at $22.68.
Coinbase Global Inc. (NASDAQ: COIN): JPMorgan started coverage of the cryptocurrency brokerage with an Overweight rating and a $371 price target. That compares with a higher $402.02 consensus target and Monday’s closing print of $225.30.
Constellation Brands Inc. (NYSE: STZ): Bernstein started the spirits leader with an Outperform rating and a $305 price target. The consensus target is just $258.25. The last Monday trade hit the tape at $236.48.
CyberArk Software Ltd. (NASDAQ: CYBR): Stifel stated coverage of the cybersecurity leader with a Buy rating and a $160 price target. The consensus price objective is up at $174.44, and the stock closed at $126.29 a share on Monday.
Delek US Holdings Inc. (NYSE: DK): Piper Sandler’s upgrade to Overweight from Neutral included a price target increase to $30. The consensus price objective is $25.86. The shares closed Monday at $20.94.
Dollar General Corp. (NYSE: DG): Telsey Advisory raised its price target on the discount retailer to $225 from $215 and kept an Outperform rating on the stock. The consensus target is $234.57, and the stock closed Monday at $197.15, which was down almost 4% on the day.
24/7 Wall St.Domino’s Pizza Inc. (NYSE: DPZ): Goldman Sachs downgraded its Buy rating to Neutral and has a $450 price target. That compares with the lower $437.79 consensus and Monday’s closing print of $420.90.
OGE Energy Corp. (NYSE: OGE): Barclays upgraded the stock to Equal Weight from Underweight and raised the price target to $37. The consensus target is $36.11, and the final trade for Monday came in at $33.91 per share.
Medtronic PLC (NYSE: MDT): Barclays started coverage of the medical device company with an Equal Weight rating and a $145 price target. The consensus target is $135.11. The shares closed Monday at $128.10.
Palo Alto Networks Inc. (NASDAQ: PANW): Stifel resumed coverage of the cybersecurity giant with a Buy rating and a $455 price target. The consensus target is $444.87, and Monday’s closing trade was reported at $364.52.
Portland General Electric Co. (NYSE: POR): Barclays downgraded the shares to Underweight from Equal Weight and has a $48 price target. The consensus target is $50.55, and the shares ended trading on Monday at $49.19.
Shake Shack Inc. (NASDAQ: SHAK): Wedbush upgraded the popular fast-food restaurant to Outperform from Neutral and also raised the price target to $118. The Goldman Sachs upgrade to Buy from Neutral comes with a $109 price target. The consensus price objective is lower than both at $103.21, and Monday’s final trade came in at $84.59. The stock was up almost 5% in Tuesday’s premarket.
Target Corp. (NYSE: TGT): Zacks named this as its Bull of the Day. The analyst that this is the retailer built for the largest consuming generation, millennials, with unmatched omnichannel solutions. The stock most recently closed at $225.41 and has a consensus price target of $243.72.
Viking Therapeutics Inc. (NASDAQ: VKTX): Raymond James downgraded it to Outperform from Strong Buy and lowered the price target to $12. The consensus target is up at $20.31, and the shares closed on Monday at $5.87 apiece.
Xenia Hotels & Resorts Inc. (NYSE: XHR): BMO Capital Markets raised the stock to Outperform from Neutral. The firm also raised its target price for the shares to $23, The consensus target is $20.63, and the stock closed on Monday at $18.50.
XP Inc. (NYSE: XP): Credit Suisse’s upgrade to Neutral from Underperform included the price target raised to $43. The consensus target is higher at $50.50, and the stock closed on Monday at $39.86 a share.
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Monday’s early top analyst upgrades and downgrades included Beyond Meat, Campbell Soup, Dick’s Sporting Goods, Dollar General, Foot Locker, HP, Mosaic, Proofpoint and Tesla. Analyst calls seen later in the day were on CenterPoint Energy, Coinbase, IMAX, Virgin Galactic and more.
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