Stocks were ticking up in early Monday trading and investors are bracing for inflation and retail sales data due later in the week. The S&P 500 is now handily above the 5,200 level and the Dow Jones Industrial Average is now less than 1% from the 40,000 milestone.
Oggonomics is always looking for ideas and research that can benefit short-term traders and long-term investors alike. The daily analyst upgrades, downgrades and initiations are often filled with some of the top movers and outlooks ahead. Many analyst calls are “strategic bull” calls by their nature as the “stocks to buy” may even occur when the stock market or a company’s sector are weak.
Other analyst calls covering their picks of stocks to buy may have very long-term outlooks. The latter “bullish” calls may seem more “permanent” to readers than they do “strategic.” Other analyst calls can also be quite negative as they feature various stocks to sell, which can be strategic or also a long-term negative view.
Investors should always consider that no analyst call should act as a sole reason to buy or sell a stock. These daily analyst calls, and the impact from their calls, should also help prove one of the Oggonomics mantras that the Efficient Market Hypothesis is not accurate in its assumptions.
These are Wall Street’s top analyst upgrades and analyst downgrades for Monday, May 13, 2024.
Advanced Micro Devices, Inc. (NASDAQ: AMD) was assumed with a Buy rating and a $190 price target at Jefferies. The prior price target had been $200. AMD’s stock had closed down 0.3% at $151.92 last Friday and it was indicated up about 0.1% at $152.15 on Monday morning.
American Airlines Group Inc. (NASDAQ: AAL) was started with a Buy rating and was assigned a $17.90 price target (versus $14.40 prior close) at HSBC.
Cisco Systems, Inc. (NASDAQ: CSCO) was raised to Neutral from Underperform with a $50 price target at Exane BNP Paribas. Cisco Systems closed up 0.5% at $48.06 last Friday with a $53.73 consensus analyst price target.
Delta Air Lines, Inc. (NYSE: DAL) was started with a Buy rating and was assigned a $72.80 price target (versus $52.60 prior close) at HSBC.
Ibotta, Inc. (NYSE: IBTA) was started with a Neutral rating and was assigned a $103 price target at Goldman Sachs. Ibotta was started as Market Outperform with a $130 price target at JMP Securities. Ibotta closed at $102.21 on Friday.
Mastercard Inc. (NYSE: MA) was started with an Overweight rating and was assigned a $531 price target at Piper Sandler. Mastercard closed at $456.98 last Friday with a consensus analyst price target of $510.43.
NVIDIA Corporation (NASDAQ: NVDA) was assumed with a Buy rating and a $1200 price target at Jefferies. The prior price target had been $780. NVIDIA closed up 1.2% at $898.78 last Friday and it was indicated up 0.7% at $905 on Monday morning.
Novo Nordisk A/S (NYSE: NVO) was reiterated with a Buy rating at BofA Securities and its overseas price target was raised along with Wegovy prescription estimates.
Red Rock Resorts, Inc. (NASDAQ: RRR) was raised to Neutral from Underperform and its price objective was lowered to $55 from $57 at BofA Securities. Red Rock shares closed down 1.5% at $50.22 last Friday.
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PENN Entertainment, Inc. (NASDAQ: PENN) was downgraded to Neutral from Buy and its price objective was slashed to $17.50 from $28.00 at BofA Securities. PENN closed down 1% at $16.08 last Friday with a $24.12 consensus analyst target price.
Redfin Corporation (NASDAQ: RDFN) was maintained as Neutral but its price target was raised to $8.00 from $7.00 (versus $7.14 prior close) at Susquehanna.
SolarEdge Technologies, Inc. (NASDAQ: SEDG) was down 6% to $49.47 last Friday after earnings. SolarEdge was downgraded to Neutral from Positive and the price target was slashed to $56 from $92.00 at Susquehanna.
Southwest Airlines Co. (NYSE: LUV) was started with a Hold rating and was assigned a $27.80 price target (versus $27.36 prior close) at HSBC.
Texas Instruments Inc. (NASDAQ: TXN) was downgraded to Hold from Buy and its price target was cut to $175 from $200 at Jefferies. T.I. closed at $187.05 last Friday and its stock was indicated down less than 1% on Monday after the call.
United Airlines Holdings, Inc. (NYSE: UAL) was started with a Buy rating and was assigned a $69.20 price target (versus $52.72 prior close) at HSBC.
Visa Inc. (NYSE: V) was started with an Overweight rating and was assigned a $322 price target at Piper Sandler. Visa closed at $280.74 last Friday with a consensus analyst price target of $307.53.
If you missed last Friday’s top analyst upgrades and downgrades, they were in shares of Akamai, Baidu, 3M, Plug Power, Roblox and others.
