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Tuesday's Top Analyst Upgrades and Downgrades: Adobe, Enterprise Products Partners, FuboTV, Nvidia, Target, Verizon, Walmart and More
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The futures were higher Tuesday, after a back-and-forth trading day on Monday to open the week. Both the S&P 500 and the Nasdaq closed positive, with only the Dow Jones industrials posting a slight loss after last week’s massive rally. Eyes on Wall Street have turned to slowing growth in China, after the country reported third-quarter gross domestic product that came in below expectations. Moderate Democrats continue to push back on the massive social spending bill and triumphed some as the $150 billion clean electricity program was removed from the reconciliation bill, according to published reports.
Top strategists across Wall Street remain focused on rising interest rates, quantitative easing tapering due to begin soon, big increases in energy costs, ongoing supply chain issues and stagflation worries. Toss in the debt ceiling and China worries, and the cauldron continues to simmer.
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, October 19, 2021.
Academy Sports and Outdoors Inc. (NYSE: ASO): Oppenheimer started coverage of the popular sporting goods retailer with an Outperform rating and a $50 price target. That compares with the higher $54.88 consensus target and Monday’s final print of $41.23.
Adobe Inc. (NASDAQ: ADBE): Goldman Sachs reiterated a Buy rating on the technology giant and has a $765 price target The consensus target is $703.92. The shares closed Monday at $622.83.
Albemarle Corp. (NYSE: ALB): RBC Capital Markets upgraded the stock to Outperform from Sector Perform and lifted the target price to $280 from $246. The consensus target is just $229.77. The stock closed Monday’s trading at $236.91, which was up almost 4% on the day.
Arbe Robotics Ltd. (NASDAQ: ARBE): Cowen began coverage with an Outperform rating and a $12 price target. The shares closed on Monday at $8.22.
Beam Therapeutics Inc. (NASDAQ: BEAM): SVB Leerink started coverage with an Outperform rating and a $117 price target. The posted consensus target is $128.57. The closed at $90.71 on Monday.
Bill.com Holdings Inc. (NASDAQ: BILL): Deutsche Bank started coverage with a Buy rating and a $360 price target. The consensus target is much lower at $287. The shares closed on Monday at $295.96.
Blink Charging Co. (NASDAQ: BLNK): Stifel started coverage with a Hold rating and a $29 price target. The consensus price objective is up at $36.40. The stock closed most recently at $28.79.
Callon Petroleum Co. (NYSE: CPE): RBC Capital Markets resumed coverage with a Sector Perform rating and a $66 price target. The consensus target is much lower at $50.77. The stock closed on Monday at $52.91.
ChargePoint Holding Inc. (NYSE: CHPT): Stifel started coverage with a Buy rating and a $29 price target. The consensus target is higher at $34.09. The stock closed at $19.91 on Monday.
Crown Castle International Corp. (NYSE: CCI): Credit Suisse raised its Neutral rating to Outperform and nudged the $192 target price to $195. The consensus target is $198.83. The final trade for Monday hit the tape at $167.81.
Enterprise Products Partners L.P. (NYSE: EPD): Wolfe Research’s downgrade of the energy giant was from Outperform to Peer Perform with a $24 price target. The consensus target is $28.40. Monday’s last trade came in at $24.57 a share.
Eversource Energy (NYSE: ES): Morgan Stanley raised its Underweight rating to Equal Weight with an $86 price target. The consensus target is higher at $90.39. The shares were last seen on Monday at $85.41.
Fubo TV Inc. (NYSE: FUBO): Berenberg resumed coverage with a Buy rating and a huge $50 price target. The consensus target is just $43.86. The stock closed Monday at $29.91, after a pop of almost 7% for the day. The shares were up an additional 3% in Tuesday’s premarket.
Holly Energy Partners L.P. (NYSE: HEP): Though Barclays downgraded the stock to Equal Weight from Overweight, it also nudged the target price to $20 from $19. The consensus price objective is slightly higher at $20.83, and shares closed at $20.04 per share.
International Game Technology PLC (NYSE: IGT): Berenberg started coverage with a Buy rating and a $35 price target. The consensus price objective is lower at $30.03. The stock closed on Monday at $29.07.
International Paper Co. (NYSE: IP): Exane BNP Paribas downgraded the stock to Neutral from Outperform and has a $60 price target. The consensus target is $63.56. The stock closed on Monday at $52.87.
Mandiant Inc. (NASDAQ: MNDT): Goldman Sachs resumed coverage with a Neutral rating and a $21 price target. No consensus target was available. The shares closed at $18.41.
Nvidia Corp. (NASDAQ: NVDA): Zacks has selected this as its Bull of the Day stock. The analyst says that this is the most exciting chipmaker in the market today, producing chips with unmatchable capabilities that have transformed this business into the superstar it is. The stock most recently closed at $222.22 and so far has a consensus price target of $230.45, just above the 52-week high seen at the end of August.
SunPower Corp. (NASDAQ: SPWR): Goldman Sachs raised its price target to $25 from $22 while keeping a Neutral rating in place. The posted consensus target is $24.97. The last trade for Monday was reported at $27.44.
Target Corp. (NYSE: TGT): Goldman Sachs removed the stock from its Conviction List of top stocks but kept a Buy rating on the big-box retailer with a $308 price target. The consensus target is $279.74. The stock closed on Monday at $253.65.
Verizon Communications Inc. (NYSE: VZ): Deutsche Bank resumed coverage on the telecommunications giant with a Hold rating and a $55 price target. The consensus target is up at $60.43. The stock closed trading on Monday at $51.91.
Walmart Inc. (NYSE: WMT): Goldman Sachs added the retailing giant to its Conviction List of top stock picks and has set a $196 price target. That compares the $168.82 consensus target and Monday’s closing trade of $141.68 per share.
The aerospace and defense sector has been out of the spotlight, but four outstanding stocks in the sector look cheap and pay solid dividends, offering investors very good total return potential.
Monday’s early top analyst upgrades and downgrades included Disney, Domino’s Pizza, Equifax, Micron Technology, NetApp, Occidental Petroleum, U.S. Steel, Virgin Galactic and Western Digital. Analyst calls seen later in the day were on Dow, PNC Financial, Steel Dynamics and more.
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