Stocks were indicated marginally higher on Monday after a late-day rally on Friday sent stocks strongly higher. The Dow Jones Industrial Average is back within about 200 points of the 40,000 milestone.
Oggonomics is continually hunting for new ideas and research for long-term investors and short-term traders alike. Wall Street’s daily flow of analyst upgrades, downgrades and initiations can be a strong source for some of those new ideas.
Many analyst calls are “strategic bull” calls by their nature. Other analyst calls may seem more permanent as analysts can maintain the same rating for years in many cases. While analysts usually feature stocks to buy they also sometimes offer ideas for stocks to sell or stocks to avoid.
Investors should always consider that no analyst call should likely act as a sole reason to buy or sell a stock. These daily analyst calls and the impact from the calls should also help prove one of the Oggonomics mantras that the Efficient Market Hypothesis is not all that accurate in its assumptions.
Here are the top analyst upgrades, downgrades and initiations for Monday, June 3, 2024.
Agilent Technologies, Inc. (NYSE: A) was downgraded to Hold from Buy and its price target was lowered down to $135 from $152 at Jefferies. Agilent was down 0.77% at $130.41 ahead of the call.
Autodesk, Inc. (NASDAQ: ADSK) was maintained as Neutral and its price target was cut to $239 from $260 at Piper Sandler. It was also maintained as Neutral and its price target was cut to $260 from $300 at BofA Securities. Autodesk previously closed at $201.70 but news that its accounting probe has ended had the stock last seen up almost 8% at $217.50.
Best Buy Co., Inc. (NYSE: BBY) was raised to Buy from Sell and its price target was raised to $100 from $67 at Citigroup. Best Buy closed up 4% at $84.82 ahead of the call and was indicated up more than 2% at $87.00 after the call.
The Boeing Company (NYSE: BA) was maintained with an Outperform rating but its price target was lowered down to $240 from $300.00 at Robert W. Baird. Boeing closed up 2.8% at $177.61 ahead of the call with a $223 consensus analyst target price.
Chipotle Mexican Grill, Inc. (NYSE: CMG) was maintained as Neutral but its price target was raised up to $3,000 from $2,750 at JPMorgan. Chipotle closed at $3,129.52 ahead of the call with a $3,244 consensus analyst price target.
FirstEnergy Corp. (NYSE: FE) was reiterated as Neutral at Mizuho, but the firm raised its target to $41 from $38 in the call. FirstEnergy shares closed up 3.2% at $40.26 ahead of the call.
Hims & Hers Health, Inc. (NYSE: HIMS) was reiterated as Buy and its price objective was raised to $22 from $17 (versus $19.42 prior close) at BofA Securities.
Kimberly-Clark Corp. (NYSE: KMB) was raised to Outperform from Sector Perform and its price target was raised to $165 from $126 (versus $133.30 prior close) at RBC Capital Markets.
MGIC Investment Corporation (NYSE: MTG) was raised to Outperform from Market Perform and its price target was raised to $25 from $24 at Keefe Bruyette & Woods.
NVIDIA Corporation (NASDAQ: NVDA) was last seen up over 3% at $1,134 on newer AI-chips, and BofA Securities reiterated its Buy rating and Top Pick status with a $1500 price objective.
ALSO READ: 6 Stocks Now Projected to Outperform NVIDIA
Radian Group Inc. (NYSE: RDN) was raised to Outperform from Market Perform and its price target was raised to $36 from $35 at Keefe Bruyette & Woods.
SentinelOne, Inc. (NYSE: S) was maintained as Buy but its target was lowered down to $25 from $31 at Needham & Co. SentinelOne closed down 13.3% at $16.83 ahead of the call.
Walmart Inc. (NYSE: WMT) was reiterated as Outperform and its price target was raised to $72 from $70 at Evercore ISI Group.
