U.S. stocks were recovering handily on Wednesday for a second-day recovery after Monday’s major sell-off. Many companies have been issuing weak guidance with earnings and there are still concerns about companies where valuations remain high. Oggonomics is always searching for new ideas for stocks to buy and sell in good markets and in bad markets. The daily Wall Street analyst upgrades and downgrades often bring new ideas for investors to consider in stocks and in sectors.
Investors with a long-term horizon have to look for opportunities in good times and when there are bargains and they need to know when to sell after big runs or to prevent further erosion. That is part of what makes a strategic investors.
Oggonomics always issues a reminder to its readers that no single analyst report should be used as a sole decision to buy or sell a stock. Some analysts can simply get too carried away with upside. And some analysts just get their analysis and projections wrong.
Talk of an emergency rate cut by the Fed still seems premature, but here is what might actually trigger a Fed emergency rate cut.
These are some of the top analyst upgrades and downgrades seen on Wednesday, August 7, 2024.
Airbnb, Inc. (NASDAQ: ABNB) was last seen down 14% at $112.00 after earnings disappointed and as the demand slows. Airbnb’s price target was cut to $130 from $180.00 at Susquehanna while the firm did maintain its Positive rating. Piper Sandler maintained its Neutral rating while cutting its target to $125 from $155. TD Cowen maintained its Buy rating but lowered its price target to $125 from $170on Airbnb.
Amgen Inc. (NASDAQ: AMGN) was downgraded to Equal Weight from Overweight but its price target was raised to $335 from $320 (versus $328.95 prior close) at Wells Fargo. Amgen was indicated down 4% at $315.00 in early trading on Wednesday.
BP PLC (NYSE: BP) was downgraded to Sector Perform from Outperform (and overseas price target cut to 550p from 650p, versus 430.70p prior close) at RBC Capital Markets.
Lululemon Athletica Inc. (NASDAQ: LULU) was maintained as Equal Weight at Barclays, but the firm lowered its price target to $263 from $338. LULU shares closed at $236.90 the prior day.
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Lumen Technologies, Inc. (NYSE: LUMN) was last seen up another 40% at $7.00 after its shares have surged all week. Lumen was raised to Neutral from Sell at Goldman Sachs, and it was raised to Neutral from Underweight at JPMorgan.
Natural Gas Services Group, Inc. (NYSE: NGS) was started with a Strong Buy rating and was issued a $27 price target at Raymond James. Natural Gas Services shares closed at $17.47 ahead of the call and its stock was up 7% at $18.80 on Wednesday morning.
Palantir Technologies Inc. (NYSE: PLTR) was last seen up another 3% on a day-two recovery. Palantir was maintained as Neutral but the price target was raised to $16 from $14 at Goldman Sachs.
Reddit, Inc. (NYSE: RDDT) was reiterated as Overweight and its target price was raised to $70 from $65 at Piper Sandler. Reddit was last seen trading down 4% at $52.00.
Rivian Automotive, Inc. (NASDAQ: RIVN) was maintained with a Buy rating at Needham & Co., but the firm cut its price target down to $18 from $20 in the call.
Super Micro Computer, Inc. (NASDAQ: SMCI) was last seen down over 11% at $545.00 on strong volume after earnings disappointed and no one seems to care about its stock split. Rosenblatt maintained its Buy rating and its aggressive $1300 price target. BofA downgraded Super Micro to Neutral from Buy and slashed its price objective down to $700 from $1090. JPMorgan maintained its Overweight rating with a $950 price target.
Stellantis NV (NYSE: STLA) was downgraded to Hold from Buy at Jefferies.
Sunrun Inc. (NASDAQ: RUN) was reiterated as Outperform and its price target was raised to $22 from $19 at Oppenheimer. Piper Sandler reiterated its Overweight rating and raised its target to $23 from $20 in the call. Sunrun was last seen up 10% at $18.15 on Wednesday after earnings surprised to the upside.
Uber Technologies, Inc. (NYSE: UBER) was reiterated as Buy and its price target was raised to $82 from $81 at DA Davidson. Citigroup reiterated its Buy rating and raised Uber’s price target to $98 from $96. JMP Securities reiterated its Outperform rating and raised its target to $80 from $75. Uber was last seen up over 4% at $67.75 after earnings and sales growth.
Wynn Resorts, Limited (NASDAQ: WYNN) was reiterated as Outperform and its price target was kept at $126 at Macquarie. Barclays maintained its Overweight rating on Wynn but cut its price target down to $108 from $128. Wynn was last seen down 0.25% at $76.10 on Wednesday.
In case you missed Tuesday’s top analyst calls they were in shares of Amazon, Apple, CrowdStrike, Meta, Micron, NVIDIA and many more companies.
