U.S. stocks were indicated higher on Tuesday in a follow-on recovery rally that was seen on Monday. While September is historically the weakest month of the year for stocks, both long-term investors and short-term traders are looking for new ideas ahead of the coming interest rate cuts expected in a week. Oggonomics is continually on the hunt for some of those new ideas inside the daily flow of Wall Street research reports.
Analyst reports can be one of the sources for finding new ideas that might have otherwise been overlooked or missed. Long-term investors get a picture of new buy, sell and hold ratings. Traders get a glimpse of how the short-term moves are looking on a live basis.
Oggonomics would remind its readers and all investors that no single analyst report should ever be used as the sole reason to buy or sell a stock. That decision to buy, sell or hold ultimately needs to be made by each investor along with their financial advisor.
These are some of the top analyst upgrades and downgrades seen on Tuesday, September 10, 2024.
Apple Inc. (NASDAQ: AAPL) was basically flat at $220.91 (+0.04%) on Monday’s close after its iPhone and multi-product refresh included A.I. offerings and was down 0.7% on Tuesday after losing a $14 billion Irish tax case. Morgan Stanley reiterated its Overweight rating and its $273 price target on Apple. Oppenheimer reiterated its Outperform rating and $250 price target. Needham & Co. reiterated its Outperform rating and $260 price target. A firm called Melius Research reiterated its Buy rating and $265 price target.
Costco Wholesale Corporation (NASDAQ: COST) was downgraded to Neutral from Buy but the price target was raised to $890 from $860 by a firm named Redburn Atlantic. Costco closed up 2.2% at $896.49 on Monday and was indicated down about 0.2% in early trading on Tuesday.
Dell Technologies Inc. (NYSE: DELL) was stared as Neutral with a $120 price target (versus $105.89 prior close) at Susquehanna.
e.l.f. Beauty, Inc. (NYSE: ELF) closed down 7% at $113.98 on Monday after another large drop on Friday. It was indicated up about 1% at $115.20 on Tuesday after B. Riley started coverage with a Buy rating and issued a $175 price target.
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The Estee Lauder Companies, inc. (NYSE: EL) was started with a Neutral rating and was assigned a $95 price target at B. Riley.
GE Aerospace (NYSE: GE) was started with an Outperform rating and was assigned a $201 price target at Bernstein. GE Aerospace closed up 2.5% at $165.35 on Monday and was indicated up 0.5% in early trading indications on Tuesday.
The Honest Company, inc. (NASDAQ: HNST) was started with a Buy rating and was assigned a $6.50 price target (versus $3.91 prior close) at B. Riley.
Johnson Controls International plc (NYSE: JCI) was raised to Buy from Neutral and its price objective was raised to $80 from $76 (versus $68.60 prior close) at BofA Securities.
Meta Platforms Inc. (NASDAQ: META) was started with a Buy rating and was assigned a $600 price target at DA Davidson.
Oracle Corporation (NYSE: ORCL) closed down 1.3% at $139.89 ahead of earnings and Tuesday’s reaction was up almost 8% at $151.00 in early trading. BofA Securities reiterated its Neutral rating and raised its price objective to $175 from $155. JMP Securities raised Oracle to Market Outperform from Market Perform with a $175 price target. TD Cowen reiterated its Buy rating and raised its target to $180 from $165. BMO Capital Markets reiterated its Market Perform rating and raised its price target to $173 from $160. KeyBanc Capital Markets reiterated its Overweight rating and raised its target to $175 from $165. Morgan Stanley reiterated its Equal Weight rating and raised its target to $145 from $125. Piper Sandler reiterated its Overweight rating on Oracle and raised its target to $175 from $150.
Palantir Technologies Inc. (NYSE: PLTR) was reiterated as Buy but its price objective was raised to $50 from $30 at BofA Securities. Palantir closed up 14% at $34.60 on Monday’s reaction of being added to the S&P 500 and Tuesday’s early trading showed a gain of about 0.3% at $34.70 in early trading.
Tesla, Inc. (NASDAQ: TSLA) was started with a Buy rating and was assigned a $295 price target (versus $216.27 prior close) at Deutsche Bank. The bullish report calls Tesla a technology platform attempting to reshape multiple industries beyond just EVs.
Ulta Beauty (NASDAQ: ULTA) was started with a Sell rating and was assigned a $300 price target at B. Riley.
If you missed Monday’s Top Analyst Upgrades & Downgrades they were in Constellation, CrowdStrike, Elf, Intuitive Surgical, JetBlue, Nucor, Roblox, US Steel and many more stocks.
