Stocks were looking for direction on Monday with the Dow slightly in the red and the NASDAQ and S&P 500 barely positive. With a new regime set to lead and make changes many investors and traders alike are trying to figure out how to position their portfolios for 2025. This is also at a time when stocks are basically at all-time highs and with longer-term bond yields still higher than expected. This is where Wall Street research can come into play with Wall Street’s top market pundits having some insights to share.
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 Monday, November 18, 2024.
American Water Works, Inc. (NYSE: AWK) was reiterated with a Buy rating and $155 price target (versus $134.23 prior close) at Argus, with recent weakness noted as a buying opportunity.
Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX) was raised from Neutral to Outperform had its price target raised to $11 from $3 (versus $4.76 close) at Baird.
Ares Management Corporation (NYSE: ARES) was named Bear of the Day at Zacks, citing downward estimate revisions despite history of beating expectations.
Autodesk, Inc. (NASDAQ: ADSK) was reiterated with an Outperform rating and its price target was raised to $330 from $305 at RW Baird.
Avery Dennison Corporation (NYSE: AVY) was reiterated with a Buy rating at Argus, with recent weakness noted as a buying opportunity.
Biogen, Inc. (NASDAQ: BIIB) had its $270 price target maintained but was downgraded to Hold from Buy at Needham.
Cloudflare, Inc. (NYSE: NET) was reiterated with a Buy rating and $108 price target at Argus, citing improved profitability and generative AI offerings.
Coinbase Global, Inc. (NASDAQ: COIN) was reiterated with a Buy rating its price target raised to $375 from $290 (versus $305.85 close) at Needham.
Comerica Inc. (NYSE: CMA) was reiterated as Outperform and its price target was raised to $80 from $75 (versus $68.92 close) at Baird.
Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) was raised to Buy from Hold with a $52 price target (versus $48.81 close) at Argus.
enGene Holdings Inc. (NASDAQ: ENGN) was started as Market Outperform with an $18 price target (versus $7.63 prior close) at JMP Securities.
Erasca, Inc. (NASDAQ: ERAS) was started as Buy with a $6 price target (versus $2.67 prior close) at Jefferies.
Fortive Corporation (NYSE: FTV) was downgraded to Hold from Buy at Argus, with the $74.82 share price approaching the $75 target and still being fully valued according to that report.
Ingram Micro Holding Corporation (NYSE: INGM) was started with a Buy rating and $30 price objective at BofA Securities. Ingram Micro was started as Buy with a $28 price target at Jefferies, and was started as Buy with a $30 price target at Redburn Atlantic. Deutsche Bank issued a new Buy rating and $26 target, with NBP Paribas issuing a Neutral rating and $25 price target. Evercore ISI issued a In-Line rating and $27 price target.
Lucid Group, Inc. (NASDAQ: LCID) was reiterated with an Underweight rating and $3 price target (versus $2.01 close) at Morgan Stanley.
Newmont Corporation (NYSE: NEM) was reiterated with a Buy rating at Argus, with recent weakness noted as a buying opportunity.
Penguin Solutions, Inc. (NASDAQ: PENG) was started as Market Outperform with a $23 price target (versus $16.42 close) at JMP Securities.
Pinnacle West Capital Corporation (NYSE: PNW) was downgraded to Equal-Weight from Overweight at Barclays.
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Plug Power Inc. (NASDAQ: PLUG) had its price target cut to $5 from $18 but was maintained at Buy at HC Wainwright. Plug Power closed at $1.87 on Friday.
Robinhood Markets, Inc. (NASDAQ: HOOD) was raised to Buy from Hold with a $40 price target (versus $32.32 close) at Needham.
Roku, inc. (NASDAQ: ROKU) was raised to Outperform from Neutral and its price target was raised to $90 from $70 (versus $68.87 close) at RW Baird.
Tactile Systems Technology, Inc. (NASDAQ: TCMD) was named Bull of the Day at Zacks, citing consistent earnings beats and value in its at-home medical devices.
TechnipFMC plc (NYSE: FTI) was started as Outperform with a $37 price target (versus $28.18 prior close) at RBC Capital Markets.
Xylem Inc. (NYSE: XYL) was reiterated with a Buy rating and $145 price target (versus $121.78 prior close) at Argus, with recent weakness noted as a buying opportunity.
