Stocks were mixed on Monday, with the Dow and S&P 500 indicated marginally higher and the tech-heavy NASDAQ indicated marginally lower as valuations on key tech stocks have been garnering more negative press. Oggonomics is on a perpetual hunt to find 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 nature. Other analyst calls may seem more permanent as analysts can maintain the same rating for years in many cases. Many analysts feature stocks to buy daily but some calls also offer ideas for stocks to sell or stocks to avoid.
Investors should always keep in mind that no analyst call should act as the sole reason to buy or sell a stock. These daily analyst calls and the impact from the calls also help to enforce one of the Oggonomics mantras that the so-called Efficient Market Hypothesis is not all that efficient in its assumptions.
Here are the top analyst upgrades, downgrades and initiations for Tuesday, June 25, 2024.
Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) surged 34% to $222.90 on Monday after positive heart drug set that will help fund the launch more platforms from the company. Alnylam was maintained as Equal Weight but its target was raised to $250 from $164 at Morgan Stanley. On Monday after the surge, Needham & Co. reiterated its Buy rating and raised its target to $275 from $200.
AudioEye, Inc. (NASDAQ: AEYE) was reiterated as Buy and the target price was raised to $23 from $17 H.C. Wainwright & Co. AudioEye closed down about 5% at $17.71 ahead of this call.
Ball Corporation (NYSE: BALL) was Raised to Buy from Hold and its price target was raised to $76 from $67 at Truist Securities. Ball closed up 1.5% at $61.58 ahead of this call.
Capri Holdings Limited (NYSE: CPRI) was Raised to Overweight from Equal Weight but its target price was lowered down to $43 from $57 at Wells Fargo. Capri Holdings closed at $31.51 ahead of the call with a 52-week range of $30.79 to $54.52.
Clearside Biomedical, Inc. (NASDAQ: CLSD) was started with an Outperform rating and was assigned a $5.00 price target (versus $1.08 prior close) at Oppenheimer.
Cloudflare, Inc. (NYSE: NET) was raised to Neutral from Sell and its price target was raised to $82 from $76 (versus $78.60 prior close) at UBS.
Comcast Corporation (NASDAQ: CMCSA) was started with a Buy rating and was assigned a $44 price target (versus $38.48 prior close) at Goldman Sachs.
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Core Scientific, Inc. (NASDAQ: CORZ) was reiterated as Buy and its price target was raised to $11 from $5 (versus $8.73 prior close) at H.C. Wainwright & Co.
Credo Technology Group Holding Ltd. (NASDAQ: CRDO) was raised to Buy from Hold and its target price was raised to $35 from $24 at TD Cowen.
Diversified Energy Company PLC (NYSE: DEC) was started as Buy with a $18 price target (versus $13.60 prior close) at Truist Securities.
DoubleVerify Holdings, Inc. (NYSE: DV) was downgraded to Equal Weight from Overweight and its price target was slashed to $21 from $40 (versus $19.05 prior close) at Morgan Stanley. DoubleVerify has a 52-week range of $17.50 to $43.00.
eBay Inc. (NASDAQ: EBAY) was reiterated as Equal Weight at Wells Fargo but the firm raised its target price to $57 from $47 in the call. eBay closed down 0.2% at $54.01 ahead of the call with a 52-week range of $37.17 to $55.15.
Eversource Energy (NYSE: ES) was raised to Neutral from Underperform but the price objective remains $61 (versus $58.00 prior close) at BofA Securities.
Fox Corporation (NASDAQ: FOX) was started with a Buy rating and was assigned a $42 price target (versus $32.07 prior close) at Goldman Sachs.
The Gap, Inc. (NYSE: GPS) was raised to Buy from Hold and the price target was raised to $30 from $28 (versus $24.80 prior close) at TD Cowen. Gap shares were indicated up 4% at $25.90 and it has a 52-week range of $8.51 to $30.59.
Keros Therapeutics, Inc. (NASDAQ: KROS) was started with an Outperform rating and was assigned a $102 price target (versus $46.48 prior close) at Oppenheimer. Keros has a 52-week range of $27.02 to $73.00.
Ladder Capital Corp. (NYSE: LADR) was started with an Outperform rating and was assigned a $13 price target at Wolfe Research. Ladder Capital closed at $11.27 ahead of the call with a 52-week range of $9.08 to $12.00.
NVIDIA Corp. (NASDAQ: NVDA) was first defended by Jefferies on Monday afternoon with the firm reiterating its Buy rating and raising its price target to $$150 from $135. After recently peaking at $140.76 just a week earlier, its shares closed at $118.11 on Monday after a 6.7% drop.
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Paramount Global (NASDAQ: PARA) was started with a Sell rating and was assigned a $9.50 price target (versus $10.29 prior close) at Goldman Sachs.
Rivian Automotive, Inc. (NASDAQ: RIVN) was started with a Buy rating and was assigned a $18 price target at Guggenheim, with the firm seeing a credible path to breakeven gross margins in 2024 and then positive EBITDA in 2026. Rivian’s stock closed up 6.7% at $11.01 on Monday ahead of the call and the shares were indicated up another 1.8% at $11.22 after the call on Tuesday morning. Rivian’s 52-week range is $8.26 to $28.06.
SM Energy Company (NYSE: SM) was started with a Hold rating at Truist Securities.
Walt Disney Company (NYSE: DIS) was started with a Buy rating and was assigned a $125 price target (versus $101.98 prior close) at Goldman Sachs.
Warner Bros. Discovery (NASDAQ: WBD) was started with a Neutral rating at Goldman Sachs.
Zeta Global Holdings (NYSE: ZETA) was started with an Outperform rating and was assigned a $20 price target at RBC Capital Markets. The online advertising solutions provider closed up 2.2% at $15.96 on Monday ahead of the call and was indicated up 1.4% at $16.19 after the call on Tuesday morning.
In case you missed Monday’s top analyst calls, they were in shares of Block, CarMax, Cinemark, Micron, Monster, Coca-Cola, Sarepta, Sirius XM and many more stocks.
