U.S. stocks were trading higher on Wednesday as markets continue to expect the first rate cut to occur in September. Most companies have now reported their earnings but investors are still digesting lighter guidance and high valuations in many sectors. Oggonomics is always on the hunt for new investing and trading ideas for stocks to buy and sell. The daily research flow from Wall Street’s 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 during good markets and bad markets if they are going achieve their long-term plans. 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 to buy or sell (or hold!) ultimately needs to be made by each investor and their financial advisor.
These are some of the top analyst upgrades and downgrades seen on Wednesday, August 21, 2024.
Altus Power, Inc. (NYSE: AMPS) was downgraded to Equal-Weight from Overweight and the price target was curt to $4.00 from $8.00 at Morgan Stanley. Altus Power Cut previously closed at $2.94 and has a 52-week range of $2.82 to $7.28.
American Express Company (NYSE: AXP) was downgraded to Neutral from Buy with a $263 price objective at BofA Securities. AmEx previously closed at $253.08 and was indicated down 2% at $248.00 after the downgrade.
BioMarin Pharmaceuticals, Inc. (NASDAQ: BMN) was reiterated as Buy and its price target was raised to $115 from $112 at Stifel ahead of the company’s upcoming investor day at the start of September. BioMarin shares closed at $93.84 ahead of the call and the stock was indicated to open flat on Wednesday.
Corning Inc. (NYSE: GLW) was raised to Outperform from Neutral and the trice target was raised to $47 from $44 at Mizuho. Corning was indicated up 2.3% at $41.65.
EOS Energy Enterprises, Inc. (NASDAQ: EOSE) was started a Buy and was assigned a $6.00 price target. EOS Energy previously closed at $1.89 and has a 52-week range of $$0.61 to $4.81. EOS was indicated up about 5% at $1.98 on Wednesday.
The Gap, Inc. (NYSE: GPS) was reiterated as Buy and with a $32 price target at Citigroup, with the call being noted as a having 30-day positive catalyst watch with the firm expecting a big earnings beat and higher guidance.
Lowe’s Companies, Inc. (NYSE: LOW) was flat despite earnings concerns. Evercore ISI Group reiterated its In-Line rating and raised its price target to $250 from $225 in the call. Lowe’s was also reiterated as Buy and its price objective was trimmed to $275 from $280 at BofA Securities. UBS reiterated its Buy rating and raised its target to $290 from $270.
MercadoLibre, Inc. (NASDAQ: MELI) was reiterated as Buy and its price target was raised to $2,250 from $2,025 at BTIF. MercadoLibre closed at $2,005.66 ahead of the call.
MicroStrategy Incorporated (NASDAQ: MSTR) was started with an Overweight rating and was assigned a $194 price target at Cantor Fitzgerald. MicroStrategy had closed at $133.69 ahead of the call and this represents a bullish bitcoin and crypto call. MicroStrategy has a 52-week range of $30.71 to $200.00.
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P10, Inc. (NYSE: PX) was downgraded to Neutral from Buy at UBS, but the price target as raised slightly to $10.50 from $10 in the call. P10 previously closed at $10.10 and was indicated down 1.3% at $9.95 after the post-earnings call.
Palo Alto Networks, Inc. (NASDAQ: PANW) was given a slew of price target upgrades the prior day after earnings. Wednesday showed BofA Securities maintaining a Neutral rating but raising the price objective to $400 from $370 and with a target higher than some of the other Buy and Outperform ratings. Palo Alto was at $343.36 ahead of earnings and had closed at $368.01 on Tuesday after the earnings report. Palo Alto was indicated down about 1% at $368.00 on Wednesday.
PayPal Holdings, Inc. (NASDAQ: PYPL) was reiterated as Buy and its price target was raised to $75 from $65 (versus $71.89 prior close) at Jefferies.
Sonoco Products Company (NYSE: SON) was downgraded to Underweight from Equal Weight and its price target was trimmed to $52 from $54 (versus $50.57 prior close) at Wells Fargo. Sonoco has a 52-week range of $48.22 to $61.73.
Starbucks Corporation (NASDAQ: SBUX) had surged on news of its Chipotle CEO hiring last week, but the stock has pulled back moderately as investors and analysts have had time to assess the potential changes and what may not change as well. DZ Bank downgraded Starbucks to Sell from Hold after the surge with a $85 price target to reflect a fully valued gain. Starbucks has a 52-week range of $71.55 to $107.66. Other analysts have chimed in and here was the Oggonomics approach to evaluating the stock.
Texas Instruments Inc. (NASDAQ: TXN) was raised to Buy from Neutral and its target price was raised to $235 from $200 (versus $202.54 prior close) at Citigroup. Texas Instruments has a 52-week range of $139.48 to $210,84.
Vipshop Holdings Limited (NYSE: VIPS) was downgraded to Hold from Outperform and its price target was cut to $12 from $15.80 at CLSA. Vipshop was indicated up 2% at $11.7900 after the call and it has a 52-week range of $11.50 to $20.19.
