Stocks were indicated to open lower with meme stock selling ahead of economic data due later in the week. 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 need to always keep in mind that no single analyst call should be the 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 Tuesday, June 4, 2024.
Autodesk, Inc. (NASDAQ: ADSK) closed up 4.5% at $210.82 on news of its financial review ending, but shares were indicated down 4% at $202.00 on Tuesday. Autodesk was maintained as Neutral and its target was cut to $230 from $270 at Mizuho.
Bank of America Corporation (NYSE: BAC) was maintained as Underweight but its price target was raised to $37 from $35 at Piper Sandler. BofA closed down 0.3% at $39.88 ahead of the call and was indicated down 0.8% at $39.57 on Tuesday.
BP PLC (NYSE: BP) saw its credit rating outlook cut to Stable from Positive at S&P Global after its cashflow surplus being used to facilitate share buybacks will interfere with meaningful debt reduction and lower operating ratios versus peers.
Caribou Biosciences, Inc. (NASDAQ: CRBU) closed won 25% at $2.14 on Monday and was indicated another 2% lower on Tuesday on follow-on trading from Phase I data. Caribou Biosciences was maintained as a Buy at H.C. Wainwright, but its price target was slashed to $9 from $24 in that call.
Flutter Entertainment PLC (NASDAQ: FLUT) was started as Outperform with a $240 price target at Oppenheimer.
GitLab Inc. (NASDAQ: GTLB) was maintained as Buy but the target was cut to $62 from $70 at Mizuho. KeyBanc Capital markets maintained its Overweight rating and cut its target to $62 from $70.
HealthEquity, Inc. (NYSE: HQY) was last seen up over 5% at $85.85 after earnings. HealthEquity was reiterated as Market Outperform and its target price was raised to $105 from $101 at JMP Securities. Robert W. Baird reiterated its Outperform rating and raised its price target to $104 from $98 in the call.
Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) was downgraded to Sell from Buy and its price target was slashed to $1 from $11 at Goldman Sachs. Maxeon Solar closed down 1.6% at $1.85 ahead of the call and was down another 4% at $1.77 after the call on Tuesday.
NVIDIA Corporation (NASDAQ: NVDA) was reiterated as Buy and its price target was raised to $1,275 from $1,180 at Mizuho.
PTC Inc. (NASDAQ: PTC) was downgraded to Neutral from Buy and its price target was lowered down to $190 from $200 at Mizuho.
QUALCOMM Inc. (NASDAQ: QCOM) was reiterated as Buy and its price target was raised to $235 from $200 at TD Cowen. Qualcomm closed up 0.9% at $205.91 ahead of the call but was indicated down 0.5% at $204.93 after the call.
Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM) was reiterated as Underperform and the price objective was lowered to $47 from $48 (versus $46.42 prior close) at BofA Securities.
Stanley Black & Decker (NYSE: SWK) was downgraded to Equal Weight from Overweight and its price target was cut to $86 from $100 at Barclays.
Sunoco LP (NYSE: SUN) was raised to Buy from Neutral but the price target was trimmed to $59 from $60 at Mizuho. Sunoco closed down 0.25% at $50.87 ahead of the call.
ZEEKR Intelligent Technology Holding Limited (NYSE: ZK) was started as Buy with a $35 price objective (versus $25.62 prior close) at BofA Securities.
If you missed Monday’s top Analyst Upgrades & Downgrades they were in Autodesk, Best Buy, Boeing, MGIC, NVIDIA, Walmart and many more stocks.
