U.S. stocks were trying to stage a recovery on Tuesday after Monday’s disaster was sparked by a major 12$ sell-off in Japan. There is still some caution by U.S. investors as the gains have narrowed on Tuesday as many companies have weak guidance and as valuations remain high. Oggonomics is always searching for new ideas of stocks to buy and sell in good markets and in bad markets. The daily analyst upgrades and downgrades from Wall Street research often bring new ideas for investors to consider in stocks, sectors and the markets.
Investors with a long-term horizon have to look for opportunities in good times and when there are bargains due to a sell-off. They need to consider what they should buying now and what they should be selling. And sometimes investors just need to know when to maintain their positions as is.
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. And some analysts just get their analysis and projections wrong.
These are some of the most substantial analyst calls seen on Tuesday, August 6, 2024.
American Electric Power Company, Inc. (NYSE: EP) was downgraded to Underperform from Neutral at BofA Securities, but the downgrade on valuation did see the price objective tick up to $97 from $96 in the call. AEP closed at $98.06 ahead of the call.
Apollo Global Management (NYSE: APO) was raised to Buy from Neutral with a price objective of $123 at BofA Securities. Apollo closed at $99.16 ahead of the call and was up at $102.00 after the call.
Biogen inc. (NASDAQ: BIIB) was maintained as Outperform but its target was cut to $251 from $277 (versus $198.39 prior close) at Mizuho.
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Chevron Corp. (NYSE: CVX) was maintained as Overweight at Barclays, but the firm lowered its price target down to $185 from $203 as oil prices remain weak. Chevron closed at $144.66 ahead of the call and the shares were flat on Tuesday.
CrowdStrike Holdings, inc. (NASDAQ: CRWD) continues to try to find its post-outage footing with analysts defending or marking the target lower. Piper Sandler has decided to upgrade CrowdStrike to Overweight from Neutral, but the firm cut its target to $290 from $310 in the call. CrowdStrike closed at $222.05 ahead of the call and was looking flat on Tuesday.
Lumen Technologies, Inc. (NYSE: LUMN) was surging another 60% to $4.15 early on Tuesday as the company has reported strong orders from datacenters and A.I.-driven connectivity for its fiber and optics. Citigroup raised Lumen to Neutral from Sell and raised its target to $3.15 from $1.25.
Meta Platforms, Inc. (NASDAQ: META) was reiterated as Buy and its price target was raised to $575 from $550 at Loop Capital after a stronger earnings reaction than many tech peers. Meta Platforms closed at $475.73 on Monday’s sell-off and it was indicated up 1% at $481.00 on Tuesday.
Micron Technology, Inc. (NASDAQ: MU) was maintained as Overweight at KeyBanc, but the firm lowered its price target to $145 from $165 after management’s guidance looks more flat versus the prior expectations signaling modest sequential growth and with a weaker pricing environment.
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NVIDIA Corporation (NASDAQ: NVDA) was reiterated as Outperform with a $150 target price at Oppenheimer after Monday’s strong selling. NVIDIA closed at $100.45 ahead of this call, and several analysts defended its shares the day before as well, and the stock was indicated up at $104 in early trading on Tuesday.
Palantir Technologies Inc. (NYSE: PLTR) was last seen up 11% at $26.75 after beating earnings and issuing solid guidance. DA Davidson maintained its Neutral rating but raised its target to $28 from $24. Citi maintained its Neutral rating and its $28 price target.
Royal Caribbean Cruises Ltd. (NYSE: RCL) was added to JPMorgan’s Analyst Focus List as a top growth pick. JPMorgan’s official rating remains Overweight with a $210 price target.
Six Flags Entertainment (NYSE: FUN) was started as Underweight and was assigned a $50 price target at JPMorgan.
If you missed Monday’s Top Analyst Upgrades and Downgrades, they were in shares of Boeing, DraftKings, Exxon Mobil, Moderna, NVIDIA and many more stocks.
