September is supposed to be a weak month for stocks historically, but the market continues to stay firm as the rate cutting cycle from the Federal Reserve is just about to begin. Long-term investors and short-term traders alike are looking for new ideas ahead of that rate cut to be best positioned. Oggonomics searches each morning for some of those new ideas inside the daily flow of Wall Street research reports.
Analyst upgrades and downgrades can be a reliable source 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 with targets a year out. Short-term traders get a glimpse of immediate price reactions to news and to the analyst calls.
Oggonomics always reminds 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 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 Tuesday, September 17, 2024.
Airbnb, Inc. (NASDAQ: ABNB) was maintained as Outperform but its price target was cut to $155 from $174 (versus $117.55 close) at Bernstein.
BioMarin Pharmaceuticals, Inc. (NASDAQ: BMRN) was maintained as Outperform but its price target was cut to $90 from $116 (versus $69.86 close) at Bernstein. BofA Securities maintained a Buy rating but lowered its price objective to $115 from $130.
Carvana Co. (NYSE: CVNA) was started with a Buy rating and was assigned a $185 price objective (vs. $152.90 close) at BofA Securities.
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Cheesecake Factory Inc. (NASDAQ: CAKE) was reiterated as Buy with a $44 price target (vs. $37.58 close) at Argus, with the independent research firm calling the recent weakness a buying opportunity.
Dell Technologies Inc. (NYSE: DELL) was started with an Outperform rating and was assigned a $135 price target (vs. $115.40 close) at Mizuho.
GE Vernova, Inc. (NYSE: GEV) was raised to Buy from Neutral with a $185 price target (vs. $229.93 close) at BofA Securities.
Hewlett Packard Enterprise Company (NYSE: HPE) was raised to Buy from Neutral with a $24 price target (vs. $17.23 close) at BofA Securities.
Immunocore Holdings plc (NASDAQ: IMCR) was maintained as Buy but its target was cut to $78 from $81 (vs. $33.00 close) at Needham & Co.
Lattice Semiconductor Corporation (NASDAQ: LSCC) was raised to Buy from Hold with a $55 price target (vs. $50.31 close) at Stifel.
Lightspeed Commerce Inc. (NASDAQ: LSPD) was started as Buy with a $20 price target (vs. $13.00 price) at Benchmark.
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Microsoft Corporation (NASDAQ: MSFT) shares were up over 1% on news that it raised its dividend and committed another $60 billion to share buybacks. Morgan Stanley reiterated its overweight rating and kept a $506 price target with a favorable risk/reward, growth and total return profile.
MongoDB Inc. (NASDAQ: MDB) was reiterated as Overweight with a $340 price target (vs. $290.05 prior close) at Morgan Stanley, noting upside and higher growth out to 2026.
Super Micro Computer, Inc. (NASDAQ: SMCI) was started with a Neutral rating and was given a $450 price target (vs. $449.10 close) at Mizuho.
Tecnoglass Inc. (NYSE: TGLS) was reiterated as Outperform and its price target was raised to $76 from $68 (vs. $66.78 close) at R.W. Baird.
U.S. Bancorp (NYSE: USB) was reiterated as Buy with a $51 target price (vs. $44.69 close) at Argus, with the independent research firm noting positives after its first investor day since 2019.
Monday’s top analyst upgrades and downgrades were in shares of Ally, ARM, BHP, GE Vernova, Kinder Morgan, Yelp, Zillow and many more stocks.
