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Tuesday's Top Wall Street Analyst Upgrades and Downgrades: Amazon, DoorDash, Enbridge, Foot Locker, Kenvue, RTX, Tesla and More
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The futures traded lower, after a solid Monday across Wall Street that saw all the major indexes post gains to start off the trading week. The Nasdaq led the way higher, up over 1% on the day. After a losing week, the buyers held serve on Monday, even though the consumer price index data for August comes out Wednesday morning, and many feel that soaring energy prices could push it above the expectations.
Treasury yields were mostly higher to start the week, as bond traders are also sizing up the inflation data, which as mentioned could be stronger than anticipated. Despite the potential for higher than expected CPI, many feel the Federal Reserve will pass on raising rates next week and make the final increase of this cycle in November. The 10-year note closed at 4.29%, while the two-year paper was last seen on Monday at 4.99%. The inversion suggests recession, perhaps early next year.
Brent and West Texas Intermediate crude both closed flat, a small pause after a strong run for the benchmarks, which were up 2.3% last week. Traders are still mulling the ongoing production cuts, which OPEC and the Saudis extended to the end of the year, plus some recent big inventory draws. Brent closed at $90.59, while WTI finished the session at $87.26. Both are at their highest levels in almost a year. Natural gas also closed higher at $2.62.
Gold had a solid start to the week, up 0.43%, as analysts cited dollar weakness, continued demand from central banks and short covering for the move higher. The December contract closed on Monday at $1,947.10. Bitcoin had another brutal day, closing down 2.89% at $25,085.90 after a Fed official warned he is “deeply concerned” over the $120 billion stablecoin market.
24/7 Wall St. reviews dozens of analyst research reports each weekday with a goal of finding fresh 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, September 12, 2023.
Align Technology Inc. (NASDAQ: ALGN): Stifel reiterated a Buy rating on the shares and has a $430 target price. The consensus target is $397.92, and the stock closed on Monday at $335.18.
Amazon.com Inc. (NASDAQ: AMZN): Citing strong growth across its business segments, Zacks named this stock as its Bull of the Day. Shares last closed at $143.10, and the consensus price target of $169.91 would be a 52-week high.
Bluebird Corp. (NASDAQ: BLBD): Barclays started coverage on the stock with an Overweight rating and a $25 price target. The consensus target is higher at $28.10. Monday’s final trade was at $21.98.
Brown-Forman Corp. (NYSE: BF-B): Bernstein raised its Market Perform rating to Outperform and its $73 target price to $76.40. The consensus price target is $69.82. The stock closed on Monday at $65.
Brunswick Corp. (NYSE: BC): When J.P. Morgan downgraded the shares to Neutral from Overweight, its $109 price target dropped to $79. The consensus target is $100.07, and Monday’s close was at $75.50.
DoorDash Inc. (NYSE: DASH): Then Jefferies upgrade to Hold from Underperform included a price target hike to $90 from $70. The consensus target is $92.91. Shares closed on Monday at $83.27, up close to 2% for the day.
Dutch Bros Inc. (NYSE: BROS): Stifel lowered its $36 price target to $32 and stuck with a Hold rating. The consensus target is $36.10. The stock closed on Monday at $26.92.
Ecovyst Inc. (NYSE: ECVT): Citigroup initiated coverage with a Buy rating and a $12 price target. The consensus target is $14.25. Monday’s final trade was for $10.09 a share.
Enbridge Inc. (NYSE: ENB): BMO Capital Markets resumed coverage with a Market Perform rating, but the firm trimmed its $54 price target to $52. The consensus target is $42.58. Monday’s close was at $33.72.
Foot Locker Inc. (NYSE: FL): Its Bear of the Day is fighting to find its place in the dynamic retail landscape, says Zacks. Shares have traded as high as $47.22 in the past year but closed most recently at $17.71.
H.B. Fuller Co. (NYSE: FUL): Citigroup started covering the stock with a Neutral rating and a $78 target price. The consensus target is up at $87.50. The stock closed on Monday at $68.92.
Kenvue Inc. (NYSE: KVUE): Deutsche Bank’s upgrade was from Hold to Buy with a $27 target price. The consensus target is $27.78, and the stock closed on Monday at $22.06.
L3 Harris Technologies Inc. (NYSE: LHX): Citigroup resumed coverage with a Buy rating and a $193 target price. The consensus target is $232.65. Monday’s close was at $168.90.
Nu Holdings Ltd. (NYSE: NU): J.P. Morgan upgraded the stock to Overweight from Neutral and has a $9 target price. The consensus target is $8.68. Shares closed 8% higher on Monday at $7.39 after the upgrade.
O’Reilly Automotive Inc. (NASDAQ: ORLY): Oppenheimer reiterated its Outperform rating. Its $1,000 target price is less than the consensus target of $1,019.26. Monday’s final trade was for $942.50 a share.
Raymond James Financial Inc. (NYSE: RJF): BofA Securities initiated coverage with a Buy rating and a $122 target price. That compares with a $120.75 consensus target and Monday’s close at $106.90.
Red Rock Resorts Inc. (NASDAQ: RRR): Susquehanna started coverage with a Positive rating and a $52 target price. The consensus target is $51.90, and Monday’s close was at $43.64.
RTX Corp. (NYSE: RTX): Melius cut its Overweight rating to Neutral with a $92 target price. The consensus target is $100.70. Monday’s $76.91 close was down almost 8% on the day after report that the company’s profits would take a hit.
SharkNinja Inc. (NYSE: SN): Jefferies initiated coverage with a Buy rating and a $67 target price. No consensus target was available. The stock closed up 15% on Monday at $40.30 due to the new Buy rating.
Tenable Holdings Inc. (NASDAQ: TENB): J.P. Morgan upgraded the stock to Overweight from Neutral. It also bumped its $51 target price to $56, above the consensus target of $54.53. Monday’s close was at $45.58.
Tesla Inc. (NASDAQ: TSLA): Morgan Stanley’s upgrade to Overweight from Equal Weight came with a big price target hike to $400 from $250. The consensus target is $239.82. Monday’s $273.58 close was up 10% for the day after the upgrade.
Valvoline Inc. (NYSE: VVV): Goldman Sachs resumed coverage with a Neutral rating and a $37 target price. The consensus target is $41.88, and shares closed at $33.31 on Monday.
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Private equity firms and institutions have been buying up seven top health care stocks for their strong total return potential and a degree of safety in what soon could be some very rough investing seas.
Monday’s top analyst upgrades and downgrades included Adobe, Apple, Arch Capital, ChargePoint, CSX, Digital Ocean, First Solar, Gilead Sciences, Lucid, Shopify and Snowflake.
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