Stocks were indicated higher but not by enough that the direction of the day looked predetermined. Election day is finally here and investors are bracing for results and also wondering how they should be prepared for 2025. This is where Wall Street research can come into play.
Oggonomics searches the daily flow of analyst research reports covering the upgrades, downgrades and initiations from Wall Street looking for new ideas. These analyst calls tend to look a year out into the future and often have new ideas that might have otherwise been overlooked or missed.
Some analyst calls are just reactionary to earnings and other news, but some analyst calls are preemptive and can move stocks. 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. And there are of course no assurances that any of the price predictions and the scenarios that back the calls up will actually come to fruition.
These are the top analyst upgrades, downgrades and initiations from Tuesday, November 5, 2024.
Alarm.com Holdings, Inc. (NASDAQ: ALRM) was started with a Buy rating and was assigned a $65 price target (versus $53.91 prior close) at Jefferies.
Alkermes plc (NASDAQ: ALKS) was raised to Buy from Hold and its price target was raised to $36 from $25 (versus $26.59 prior close) at Stifel.
Cognex Corporation (NASDAQ: CGNX) was downgraded to Hold from Buy and its price target was lowered down to $43 from $46 (versus $40.85 prior close) at Truist Securities.
Dollar Tree, Inc. (NASDAQ: DLTR) closed up 0.3% at $66.81 on Monday ahead of the CEO resignation and it was last seen trading up 5% at $70.10 on Tuesday’s reaction. Telsey Advisory downgraded Dollar Tree to Market Perform from Outperform and slashed its target price down to $75 from $95.
Eaton Corporation plc (NYSE: ETN) was started as Outperform with a $382 target price at Bernstein. Eaton closed at $331.13 ahead of the call.
eBay Inc. (NASDAQ: EBAY) was raised to Outperform from Market Perform with a $70 price target (versus $60.23 prior close) at Bernstein.
Freshpet, Inc. (NASDAQ: FRPT) was reiterated as Outperform and its price target as raised to $170 from $157 at RW Baird. Benchmark reiterated its Buy rating and raised its target to $185 from $150.
IDACORP, Inc. (NYSE: IDA) was raised to Buy from Neutral with a $117 price objective (versus $106.94 prior close) at BofA Securities.
Lattice Semiconductor Corporation (NASDAQ: LSCC) was last seen trading down 14% at $44.50 after meeting earnings expectations. Lattice Semi was maintained as Outperform but its target as slashed to $44 from $70 at RW Baird. Susquehanna maintained its Positive rating but cuts its target to $55 from $65. KeyBanc Capital Markets maintained its Overweight rating but cut its target price down to $54 from $60.
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Marqeta, Inc. (NASDAQ: MQ) closed up 1.7% at $5.95 on Monday but shares were down a sharp 38% at $3.66 after earnings and slashing guidance. Marqeta saw multiple downgrades. Wells Fargo downgraded Marqeta to Equal-Weight from Overweight and cut is target to $5 from $7. Deutsche Bank cut to Hold from Buy and target cut to $4 from $9; KeyBanc Capital Markets cut to Sector Weight from Overweight and William Blair downgraded it to Market Perform from Outperform. Susquehanna maintained a Positive rating but lowered its target to $$7 from $9.
Palantir Technologies, Inc. (NYSE: PLTR) closed down 1.2% at $41.41 ahead of earnings and Tuesday’s early trading indications had shares up over 14% at $47.50. Wedbush Securities reiterated its Outperform rating and $45 price target.
Protagonist Therapeutics, Inc. (NASDAQ: PTGX) was started with an Outperform rating and was assigned a $58 price target (versus $46.76 prior close) at Wedbush Securities.
Rezolute, Inc. (NASDAQ: RZLT) was started as Outperform with a $12 price target (versus $5.44 prior close) at Wedbush Securities. It was indicated up 7.9% at $5.87 on Tuesday in early trading.
If you missed Monday’s top analyst calls, they were in shares of Amazon, Chevron, KinderCare, MicroStrategy, Roblox, Tencent and many more stocks.
