Stocks were showing mixed index with the Dow down and the S&P 500 up each by less than 0.2% on Wednesday morning. The NASDAQ was indicated higher after hitting new all-time highs the prior day. The market is dealing with higher bond yields, an election less than a week away and stock indexes at or close to highs. Many investors and traders are looking for new ideas to be positioned ahead of 2025. This is where the top analyst upgrades, downgrades and initiations can be come into play.
Oggonomics searches the daily flow of analyst calls covering the upgrades and downgrades from Wall Street looking for new ideas in Wall Street research reports. These analyst calls can be a reliable source for finding some of those new ideas that might have otherwise been overlooked or missed.
Short-term traders get a glimpse of immediate price reactions to news and to the analyst calls. Long-term investors get a picture of new buy, sell and hold ratings with targets looking a year out.
Oggonomics always reminds investors and its readers that no single analyst report should ever be the sole basis to buy or sell a stock. That decision to buy or sell, or hold or short sell, is up to each investor and the decision should be made with a financial advisor.
These are the top analyst upgrades, downgrades and initiations from Wednesday, October 30, 2024.
Advanced Micro Devices, Inc. (NASDAQ: AMD) closed up 3.9% at $166.25 ahead of earnings on Tuesday, but the reaction to its earnings and guidance had shares down over 8% at $152.75 in early trading on Wednesday. BNP Paribas maintained its Outperform rating but cut its price target down to $190 from $200. Morgan Stanley maintained its Equal-Weight rating but lowered its price target down to $169 from $178. TD Cowen maintained its Buy rating but cut its target to $185 from $210.
Alphabet Inc. (NASDAQ: GOOGL) closed up 1.78% at $168.68 ahead of earnings and was last seen up over 6% at $180.00 in Wednesday’s early trading indications. Alphabet was the most covered stock on Wednesday morning and these were the calls seen so far on Wednesday:
- Seaport Global upgraded Alphabet to Buy from Neutral with a $200 price target.
- Wolfe Research reiterated its Outperform rating and raised its target to $220 from $200.
- BofA Securities reiterated its Buy rating and raised its price objective to $210 from $206.
- Citigroup reiterated its Buy rating and raised its price target to $216 from $212.
- JPMorgan reiterated its Overweight rating and raised its target to $212 from $208.
- Needham reiterated its Buy and $210 price target.
- Morgan Stanley reiterated its Overweight rating and raised its target to $205 from $190.
- Rosenblatt maintained a Neutral rating but raised its target to $193 from $181.
- Barclays reiterated its Overweight rating and raised its price target to $220 from $200.
- Wells Fargo maintained an Equal-Weight rating but still raised its price target to $187 from $182.
Barrick Gold Corporation (NYSE: GOLD) was downgraded to Neutral from Buy and its price target was trimmed down to $22 from $23 at UBS. Barrick Gold closed up 1.5% at $20.28 ahead of the call and was indicated down 0.1% at $20.25 on Wednesday morning.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) was downgraded to Market Perform from Outperform at William Blair. Morgan Stanley maintained its Overweight rating and $112 price target. RW Baird reiterated its Neutral rating.
The Boeing Co. (NYSE: BA) was downgraded to Market Perform from Outperform at Bernstein. Boeing closed up 1.5% at $152.98 on Tuesday as its massive financing (stock and convertible notes) was upsized, and shares were indicated up 0.35% at $153.55 ahead of Wednesday’s opening bell.
Chipotle Mexican Grill, Inc. (NYSE: CMG) closed down 0.18% at $60.49 ahead of earnings on Tuesday and the disappointing guidance had shares down 5.7% at $57.05 on Wednesday morning in early trading. Chipotle was reiterated as Outperform and its price target was raised to $70 from $62 at RW Baird. Morgan Stanley reiterated its Equal-Weight rating and $65 price target.
Crocs, Inc. (NASDAQ: CROX) closed down 19.17% at $111.58 on Tuesday’s post-earnings reaction. Crocs was maintained as Outperform but its price target was cut to $180 from $190 at RW Baird. Raymond James downgraded Crocs to Market Perform from Outperform, and Barclays maintained its Overweight rating. Monnes Crespi Hardt maintained its Buy rating but cut its target down to $140 from $170.
Incyte Corporation (NASDAQ: INCY) was raised to Buy from Neutral and its price objective was raised to $90 from $80 (versus $73.60 prior close) at BofA Securities. Argus reiterated its Buy rating and raised its price target to $80 from $75 in the independent research call.
Masco Corporation (NYSE: MAS) was downgraded to Sector Perform from Outperform at RBC Capital Markets, and RW Baird maintained an Outperform rating while trimming its target to $94 from $95.
NANO Nuclear Energy Inc. (NASDAQ: NNE) was started as Buy with a $50 price target at HC Wainwright. NANO Nuclear Energy closed down 4% at $20.90 on Tuesday but was indicated up 4.8% at $21.90 on Wednesday.
Newmont Corporation (NYSE: NEM) was downgraded to Neutral from Buy and its price target was cut to $54 from $67 at UBS. Newmont closed down 1.16% at $47.80 ahead of the call and was indicated to open up 0.3% at $47.96 on Wednesday morning. Newmont may have damaged the entire gold mining sector until costs come under control.
Qorvo, Inc. (NASDAQ: QRVO) was downgraded to Neutral from Outperform at Exane BNP Paribas. Raymond James also downgraded Qorvo to Market Perform from Outperform, and Benchmark downgraded Qorvo to Hold from Buy. TD Cowen maintained its Hold rating but slashed its target to $85 from $125. Qorvo’s closed up 0.2% at $100.48 on Tuesday but Wednesday morning’s post-earnings reaction was last seen down 19.8% at $80.55
Reddit, Inc. (NYSE: RDDT) closed up 2.6% at $81.74 and after beating earnings the post-earnings reaction as up a sharp 22.3% at $100.00 in early trading indications on Wednesday. Needham reiterated its Buy rating and raised its price target up to $120 from $85. Morgan Stanley maintained its Equal-Weight rating but said its model is under review (price target was $70). BofA Securities maintained a Neutral rating but raised its price objective up to $99 from $84.
SoFi Technologies, Inc. (NASDAQ: SOFI) closed down 6.4% at $10.47 after earnings on Tuesday. SoFi was reiterated as Buy and its target was raised to $13 from $10 at Needham. Morgan Stanley maintained its Underweight rating but did raise its price target to $7.50 from $6.00 in the call.
In case you missed Tuesday’s top analyst calls, they were in shares of AppLovin, Cemex, First Solar, HIVE, ON Semi, Taiwan Semi, Trade Desk and many more stocks.
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