Stocks were indicated to open marginally lower on the second trading day of the quarter. With a July 4 holiday this week and with key economic data still coming, there is a gap in the earnings releases ahead of earnings season. Oggonomics is continually looking for new ideas and research for long-term investors and short-term traders alike.
Wall Street’s daily flow of analyst upgrades, downgrades and initiations can be a strong source for some of those new ideas. Many of the daily analyst calls are “strategic bull” calls by nature. Other analyst calls may seem more permanent as analysts can maintain the same rating for years in many cases. Many analysts have a slew of stocks to buy in their daily calls. Other analyst calls also offer ideas for stocks to sell or stocks to avoid.
Investors should always keep in mind that no analyst call should act as the sole reason to buy or sell a stock. These daily analyst calls and the impact from the calls also help to enforce one of the Oggonomics mantras that the so-called Efficient Market Hypothesis is not all that efficient in its assumptions.
Here are the top analyst upgrades, downgrades and initiations for Tuesday, July 2, 2024.
Atlassian Corporation (NASDAQ: TEAM) was raised to Overweight from Neutral and its price target was raised to $225 from $200 (versus $178.25 prior close) at Piper Sandler. Atlassian closed up 0.77% at $178.25 ahead of the call and its shares were indicated up 2.3% at $182.40 on Tuesday morning.
Cadence Design Systems, Inc. (NASDAQ: CDNS) was reiterated as Outperform and its price target was raised to $341 from $322 at Robert W. Baird. Cadence Design closed up 1% at $310.92 ahead of the call and shares down about 0.5% at $309.40 after the call on Tuesday morning.
Commvault Systems, Inc. (NASDAQ: CVLT) was reiterated as Overweight and its price target was raised to $140 from $122 (versus $121.68 prior close) at Keybanc Capital Markets.
Costco Wholesale Corporation (NASDAQ: COST) was reiterated as Buy and its price target was raised to $900 from $850 (versus $845.67 prior close) at Stifel.
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CrowdStrike Holdings, Inc. (NASDAQ: CRWD) was in the top 10 best stocks of the first half of 2024 and its shares rose 2.3% to $392.15 on Monday. CrowdStrike was reiterated as Overweight and its target was raised to $440 from $380 at Keybanc Capital Markets. CrowdStrike was also downgraded in a price target valuation cut to Neutral from Overweight and its target remained $400 at Piper Sandler.
DR Horton (NYSE: DHI) was downgraded to Neutral from Buy and its target price was cut to $156 from $181 (versus $137.02 prior close) at Citigroup.
First Solar, Inc. (NASDAQ: FSLR) was maintained with an Outperform rating but its price target was cut to $307 from $344 at Robert W. Baird. First Solar was down 1.2% at $222.71 on Monday and shares were indicated down 0.3% at $222.00 on Tuesday.
Incyte Corporation (NASDAQ: INCY) was downgraded to Underperform from Market Perform and its target was cut to $48 from $52 (versus $60.87 prior close) at BMO Capital Markets. Incyte was indicated down about 3% at $59.00 on Tuesday morning.
Lennar Corporation (NYSE: LEN) was downgraded to Neutral from Buy and its target price was cut to $164 from $174 (versus $145.93 prior close) at Citigroup.
Life360, Inc. (NASDAQ: LIF) was started as Buy with a $37 price target (versus $31.73 prior close) at Stifel.
MiMedx Group, In. (NASDAQ: MDXG) was started as Overweight with a price target of $11 (versus $6.70 prior close) at Cantor Fitzgerald.
PayPal Holdings, Inc. (NASDAQ: PYPL) was raised to Positive from Neutral and its price target was kept at $71 at Susquehanna. PayPal closed at $57.81 on Monday and shares were indicated up 1.4% at $58.60 on Tuesday morning.
Spotify Technology S.A. (NYSE: SPOT) was reiterated as Buy and its price objective was raised to $380 from $370 (versus $313.84 prior close) at BofA Securities.
Universal Display Corporation (NASDAQ: OLED) was reiterated as Buy and its price target was raised to $242 from $198 at Needham & Co. Universal Display closed at $208.61 ahead of the call.
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Walmart Inc. (NYSE: WMT) was reiterated as Hold but its price target as raised to $71 from $69 (versus $67.48 prior close) at Stifel.
Waystar Holding Corp. (NASDAQ: WAY) was started as Outperform with a $25 price target at Evercore ISI Group. Goldman Sachs started it as Buy with a $32 target price. Deutsche Bank started Waystar as Buy with a $27 target.
WideOpenWest, Inc. (NYSE: WOW) was downgraded to Underperform from Market Perform at Raymond James. The shares closed down about 3% at $5.25 on Monday and were indicated down over 4% at $5.00 on Tuesday.
If you missed Monday’s top analyst upgrades and downgrades, they were in shares of AT&T, DraftKings, Gannett, NVIDIA, T-Mobile, Walmart and many more stocks.
