U.S. stocks were higher on Tuesday on lower wholesale inflation data keeping the potential for a September Fed rate cut alive. Most companies have now reported their earnings but investors are still digesting lighter guidance and high valuations in many sectors. Oggonomics is always searching for new ideas for stocks to buy and sell in good markets and in bad markets. The daily flow of Wall Street analyst upgrades and downgrades can be a source for many new ideas all in one spot.
Investors with a long-term horizon have to keep investing in good markets and bad markets if they are going to stick with a long-term plan. These daily analyst calls can be a source to help investors in their ultimate buy, sell and hold decisions. Oggonomics always issues the reminder that no single analyst report should be used as a sole decision to buy or sell a stock. That decision ultimately needs to be made by each investor and their financial advisor.
These are some of the top analyst upgrades and downgrades seen on Tuesday, August 13, 2024.
Academy Sports and Outdoors, Inc. (NASDAQ: ASO) was downgraded to Hold from Buy and its price target was cut to $54 from $58 at TD Cowen. Academy shares were still indicated up 0.3% at $49.80 on Tuesday.
Baidu, Inc. (NASDAQ: BIDU) was reiterated as Outperform at Bernstein, but the firm did lower its target price down to $130 from $135 in the call. Baidu was indicated up 0.25% at $85.40 on Tuesday.
Ballard Power Systems Inc. (NASDAQ: BLDP) was last seen up 1% at $1.87 but that was after a 5% post-earnings drop the prior day. Ballard Power Systems was maintained as Hold but its target price was cut to $2.00 from $3.25 at Jefferies. Ballard was reiterated as Underperform and its price target was cut to $1.70 from $2.25 at BMO Capital Markets. Wells Fargo reiterated its Underweight rating and lowered its price target to $2.00 from $3.00 in the call. Ballard Power Systems was maintained as Neutral but its target was cut to $2.00 from $3.00 at Susquehanna.
Deere & Co. (NYSE: DE) was reiterated as Neutral and its price target was trimmed down to $360 from $375 at JPMorgan.
Dell Technologies Inc. (NYSE: DELL) was raised to Equal Weight from Underweight at Barclays, but the firm maintained its $97 price target. Dell was last seen up over 5% at $100.70 on reports that the company is slashing more than 10,000 sales-related jobs as the group moves more toward AI products and services.
Digital Realty Trust, Inc. (NYSE: DLR) was reiterated as Buy and its price target was raised to $168 from $160 (versus $148.75 prior close) at Truist Securities.
DraftKings Inc. (NASDAQ: DKNG) was reiterated as Overweight at Morgan Stanley, but the firm trimmed its prior $51 target price down to $47.00 in its call.
Equinix, Inc. (NASDAQ: EQIX) was reiterated with a Buy rating and its price target was raised to $910 from $880 at Deutsche Bank. Equinix closed at $819.09 ahead of the call.
Getty Images Holdings, Inc. (NYSE: GETY) was maintained as a Buy at Citigroup, but the firm lowered its target price to $5 from $6 in the call. Getty was last seen up almost 1% at $3.06 on Tuesday.
KeyCorp (NYSE: KEY) saw its shares surge Monday after BNS took a 15% stake to bolster the capital levels, but KeyCorp shares were down 2% at $15.62 on Tuesday’s early trading indications. Citigroup reiterated its Buy rating and raised its target to $19.00 from $18.00. KeyCorp was maintained as Neutral and its price target was raised to $17.00 from $16.00 at Wedbush Securities.
Micron Technology, Inc. (NASDAQ: MU) was maintained as Buy with the same $175 price target at Citigroup, but the analyst trimmed estimates lower after noting an inventory build-up in its PC and wireless chains during a DRAM price upturn through next year. Micron was up 1.6% at $96.15 on Tuesday.
Petroleo Brasileiro S.A. – Petrobras (NYSE: PBR) was maintained with a Buy rating at Goldman Sachs, but its price target was cut down to $16.70 from $19.30 in the call. Petrobras ADSs were last seen down 5-cents at $14.63. Petrobras remains a “strategic avoid” at Oggonomics based on its capital structure and operating order in Brazil.
Starbucks Corporation (NASDAQ: SBUX) was last seen up 21% at $93.50 as the activists are winning as it ousted its CEO for Chipotle’s CEO Brian Niccol to lead the coffee giant. Robert W. Baird has raised Starbucks to Outperform from Neutral and raised its target price to $110 from $81 in the call.
Target Corporation (NYSE: TGT) was maintained as Hold but its price target was cut to $147 from $170 at Stifel. Target was last seen down 0.3% at $134.58.
Walmart Inc. (NYSE: WMT) was reiterated as Hold and its price target was raised to $73 from $71 at Stifel. Walmart was last seen down 1.8% at $67,45 on Tuesday.
Xylem Inc. (NYSE: XYL) was started with a Buy rating and was assigned a $165 price target at UBS. Xylem was indicated up 1% at $128.75 on Tuesday.
