Stocks were reversing the week’s trajectory on Friday with gains after the end of the U.S. port strike was announced. Tensions on the geopolitical front remain hot while the U.S. Federal Reserve has started its rate-cutting campaign and while China is stimulating its economy. Despite all of the issues and headwinds, the S&P 500 was still only down 1.2% from its highs as of the prior day’s close.
Investors and traders alike have to be considering and hunting for new ideas to be positioned for the coming months and into 2025. Oggonomics searches the daily flow of analyst calls covering the upgrades and downgrades from Wall Street looking for new ideas in Wall Street research reports. These analyst calls can be a reliable source for finding some of those new ideas that might have otherwise been overlooked or missed.
Long-term investors get a picture of new buy, sell and hold ratings with targets looking a year out. Short-term traders get a glimpse of immediate price reactions to news and to the analyst calls.
Oggonomics is reminding investors and reminding 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.
These are some of the top analyst upgrades and downgrades seen on Friday, October 4, 2024.
Canadian National Railway Company (NYSE: CNI) was downgraded to Neutral from Buy at BofA Securities.
Chubb Limited (NYSE: CB) was downgraded to Underperform from Neutral but its price objective was raised to $275 from $264 (versus $288.54 prior close) at BofA Securities.
Constellation Brands Inc. (NYSE: STZ) was reiterated as Buy with a $295 price target at Argus, noting that a higher earnings multiple is warranted after reiterating 2025 guidance.
CVS Health Corporation (NYSE: CVS) was raised to Buy from Hold and its price target was raised to $85 from $59 (versus $62.92 prior close) at TD Cowen.
Digital Realty Trust, Inc. (NYSE: DLR) was raised to Hold from Reduce and its target price was raised to $160 from $124 (versus $157.30 prior close) at HSBC.
Domino’s Pizza, Inc. (NYSE: DPZ) was reiterated with a Buy rating and its price target was raised to $582 from $577 (versus $420.89 prior close) at BofA Securities.
Equinix, Inc. (NASDAQ: EQIX) was raised to Buy from Hold and its target price was raised to $1,000 from $865 (versus $876.22 prior close) at HSBC.
GE Vernova Inc. (NYSE: GEV) was downgraded to Hold from Buy at HSBC in a valuation call, but its target price was still raised to $255 from $240. GEV shares closed up 0.95% at $254.68 ahead of the call.
The Hartford Financial Services Group, Inc. (NYSE: HIG) was downgraded to Neutral from Buy but its price objective was raised to $121 from $113 (versus $116.66 prior close) at BofA Securities.
Morgan Stanley (NYSE: MS) was raised to Buy from Hold with a $118 price target at HSBC. Morgan Stanley shares closed at $104.57 ahead of the call, with a 52-week range of $69.42 to $109.11.
M&T Bank Corporation (NYSE: MTB) was raised to Outperform from Peer Perform with a $210 price target (versus $172.34 prior close) at Wolfe Research.
Li Auto Inc. (NASDAQ: LI) was downgraded to Neutral from Outperform but its price target was raised to $33 from $25 at Macquarie. Li Auto closed down 3.6% at $28.82 ahead of the call and its shares were indicated up 2% at $29.45 on Friday morning.
SharkNinja Inc. (NYSE: SN) was named as The Bull of the Day at Zacks, with the firm noting that its 100% YTD gains are after regularly soaring past earnings expectations.
Stellantis NV (NYSE: STLA) was downgraded to Sector Perform from Outperform at RBC Capital Markets.
Ulta Beauty, Inc. (NASDAQ: ULTA) was named the Bear of the Day at Zacks, with the research firm pointing out that slowing growth presents a challenging near-term stock story.
Warner Music Group Corp. (NASDAQ: WMG) was downgraded to Underperform from Neutral and its price objective was cut to $30 from $33 (versus $31.86 prior close) at BofA Securities.
Woodward, Inc. (NASDAQ: WWD) was downgraded to Hold from Buy at TD Cowen.
Thursday’s top analyst upgrades and downgrades included shares of Boeing, BigCommerce, CME, GE Aerospace, Levi, Lockheed Martin, Stellantis and many more.
