After a weak start to September, U.S. stocks were trying to stage a rally on Monday with Boeing leading the Dow’s 200+ point gain. September is generally considered the weakest month of the year on a historical basis, but the Fed is just 10 days away before its expected rate cutting cycle begins. Long-term investors and short-term traders alike are looking for new ideas ahead of the expected Federal Reserve interest rate cuts this month. Oggonomics is continually on the hunt for some of those new ideas inside the daily flow of Wall Street research reports.
Each morning’s new analyst upgrades and downgrades can be one of the potential sources for finding new ideas that might have otherwise been overlooked or missed. Long-term investors get a picture of new buy, sell and hold ratings. Short-term traders get a glimpse of short-term reactions to news and to the analyst calls.
Oggonomics would like to remind its readers and all investors that no single analyst report should ever be used as the sole reason to buy or sell a stock. The ultimate decision to buy, sell or hold needs to be made by each investor along with their financial advisor.
These are some of the top analyst upgrades and downgrades seen on Monday, September 9, 2024.
Camden Property Trust (NYSE: CPT) was downgraded to Sector Perform from Outperform at RBC Capital Markets.
Colgate-Palmolive Company (NYSE: CL) was downgraded to Hold from Buy at Deutsche Bank, but the firm raised its price target up to $109 from $107 (versus $107.86 prior close) in the call.
Constellation Energy Inc. (NYSE: CEG) was reiterated as Buy but the price target was cut to $200 from $240 at Argus, with the firm saying the recent weakness offers a buying opportunity for long-term views. Constellation previously closed at $173.11 ahead of the call.
CrowdStrike Holdings Inc. (NASDAQ: CRWD) was maintained as Overweight with a $325 price target at Morgan Stanley, but the firm says it is strategically cautious into its September 18 analyst day as annual recurring revenue forecasts remain high.
Dollar General Corp. (NYSE: DG) was maintained as Buy at Argus, but the firm lowered its price target to $125 from $170 while maintaining that the former CEO returning will help in a difficult operating environment.
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e.l.f. Beauty, Inc. (NYSE: ELF) was maintained as Buy but the price objective was cut to $190 from $230 at BofA Securities. Elf had closed down 9.6% at $122.60 on Friday ahead of this call.
Extra Space Storage Inc. (NYSE: EXR) was reiterated as Overweight and its price target was raised to $178 from $172 at KeyBanc Capital Markets. Extra Space Storage shares closed at $173.58 ahead of the call.
Enliven Therapeutics, Inc. (NASDAQ: ELVN) was started as Buy with a $37 price target at H.C. Wainwright. Enliven had closed at $21.44 ahead of the call.
Fulcrum Therapeutics Inc. (NASDAQ: FULC) was raised to Neutral from Underperform and its price objective was raised to $10 from $5 at BofA Securities.
Intuitive Surgical, Inc. (NASDAQ: ISRG) was reiterated as Buy and its price objective was raised to $550 from $500 (versus $471.82 prior close) at BofA Securities.
Invitation Homes Inc. (NYSE: INVH) was downgraded to Sector Perform from Outperform and its price target was cut to $36 from $37 (versus $35.95 prior close) at RBC Capital Markets.
Jasper Therapeutics, Inc. (NASDAQ: JSPR) was started as Market Outperform with a $70 price target (versus $18.63 prior close) at JMP Securities. Jasper Therapeutics was trading up 7% at $19.95 on Monday morning after the call.
JetBlue Airways Corporation (NASDAQ: JBLU) was raised to Neutral from Underperform and its price objective was raised to $6 from $3 at BofA Securities. JetBlue closed at $5.30 ahead of the call and shares were indicated up almost 2% at $5.39 on Monday.
MarineMax, Inc. (NYSE: HZO) was raised to Buy from Neutral and its price target was raised $44 from $40 (versus $29.04 prior close) at Citigroup.
Nucor Corporation (NYSE: NUE) was raised to Overweight from Neutral and its price target was raised to $174 from $170 (versus $138.79 prior close) at JPMorgan.
National Storage Affiliates Trust (NYSE: NSA) was downgraded to Sector Weight from Overweight at KeyBanc Capital Markets. Its prior $45 price target as removed and its shares closed at $46.47 ahead of the call.
Roblox Corporation (NYSE: RBLX) was reiterated as Buy and its price target was raised to $51 from $47 at BTIG. TD Cowen maintained its Sell rating with a $29 price target. Roblox closed at $43.64 ahead of the calls.
Summit Therapeutics Inc. (NASDAQ: SMMT) was reiterated as Buy and its price target as raised to $30 from $16 (versus $12.27 prior close) at H.C. Wainwright. Summit Therapeutics was up 30% at $15.95 on Monday morning after study data showed that its lung cancer drug was more beneficial than Keytruda.
Texas Capital Bancshares Inc. (NASDAQ: TCBI) was given a double upgrade at BofA, to Buy from Underperform and its price target was raised to $77 from $55 in the call with the firm pointing out transformative transactions to help reach 2025 financial targets.
United States Steel Corporation (NYSE: X) was raised to Overweight from Neutral and its price target was raised to $42 from $40 at JPMorgan. The firm sees the recent weakness from its post-deal blockage news offers an attractive buying opportunity on standalone valuation basis for long-term views.
