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Thursday Afternoon Analysts Upgrades and Downgrades: AMD, Carvana, Plug Power and More
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Markets again turned lower on Thursday, with the Nasdaq leading the charge , down over 30 basis points. The S&P 500 and Dow Jones industrials were each lower as well, 0.1% and 0.3%, respectively. This all came on the heels of the personal consumption expenditures (PCE) price index.
According to the report from the Bureau of Economic Analysis, real disposable personal income decreased 0.1% in May and real PCE decreased 0.4%. The PCE price index increased 0.6%, and excluding food and energy, the PCE index increased 0.3%.
Note that the PCE price index increased 6.3% from one year ago, reflecting increases in both goods and services. Energy prices increased 35.8%, while food prices increased 11.0%. Excluding food and energy, the PCE price index for May increased 4.7% from one year ago.
24/7 Wall St. is reviewing additional analyst calls seen on Thursday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Amazon, DraftKings, Goldman Sachs, Twitter and more.
Advanced Micro Devices Inc. (NASDAQ: AMD): Northland Capital upgraded the stock to Outperform from Market Perform and cut the $97 price target to $95. The 52-week trading range is $75.48 to $164.46, and shares traded above $77 apiece on Thursday.
AppLovin Corp. (NASDAQ: APP): KeyBanc Capital Markets started coverage with an Overweight rating and a $55 price target. The shares traded near $33 on Thursday. The 52-week trading range is $27.04 to $116.09.
CarGurus Inc. (NASDAQ: CARG): JMP Securities resumed coverage with a Market Perform rating. The 52-week trading range is $20.15 to $50.03, and shares traded above $21 apiece on Thursday.
Carvana Co. (NYSE: CVNA): JMP Securities resumed coverage with a Market Perform rating and a $35 price target. The 52-week trading range is $19.80 to $376.83, and shares were trading near $23 on Thursday.
Crown Castle International Corp. (NYSE: CCI): The Jefferies upgrade to Buy from Hold included a price target hike to $200 from $191. The 52-week range is $153.70 to $209.87. Shares traded near $169 apiece on Thursday.
Duke Energy Corp. (NYSE: DUK): UBS cut its Buy rating to Neutral and lowered the $122 price target to $112. The stock traded near $107 on Thursday. The 52-week trading range is $95.48 to $116.33.
Plug Power Inc. (NASDAQ: PLUG): KeyBanc Capital Markets resumed coverage with an Overweight rating and a $30 price target. The stock traded near $17 on Thursday, in a 52-week range of $12.70 to $46.50.
SVB Financial Group (NASDAQ: SIVB): Wedbush downgraded the stock to Neutral from Outperform. The 52-week trading range is $375.00 to $763.22. The stock traded near $394 on Thursday.
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