Stocks were indicated marginally lower on Tuesday as the Dow Jones Industrial Average fights to maintain its newly crowned 40,000 mark that was recently hit. Investors are still digesting earnings and looking for economic data that is still strong enough for growth but low enough that the Federal Reserve can begin to slowly cut interest rates after so many rate hikes.
Oggonomics continually hunts 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 are often a strong source for some of those new ideas.
Many analyst calls are “strategic bull” calls by their nature as the “stocks to buy” may even occur when the stock market or a company’s sector are weak. Others may feature stocks to sell or stocks to avoid.
Here are the top analyst upgrades, downgrades and initiations for Tuesday, May 21, 2024.
Brinker International Inc. (NYSE: EAT) was raised to Buy from Hold with a $72 price target at Argus. Brinker closed at $64.51 ahead of the call.
Dell Technologies Inc. (NYSE: DELL) was reiterated as Buy and its price target was raised to $170 from $125 (versus $145.45 close) at Citigroup. Barclays maintained its Underweight rating on Dell Technologies but still raised its target price to $98 from $94 in the call.
HP Inc. (NYSE: HPQ) was raised to Equal-Weight from Underweight and its price target was raised to $30 from $24 (versus $31.82 prior close) at Barclays.
JPMorgan Chase & Co. (NYSE: JPM) was reiterated as Neutral and its price target was raised to $185 from $175 at Robert W. Baird. JPMorgan Chase was also maintained as Market Perform and its target was raised to $209 from $203 at KBW.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLI) was reiterated as Buy and its price target was raised to $26 from $25 at Stifel. Norwegian Cruise Line was also reiterated as Neutral and its price target was raised to $21 from $19 at Goldman Sachs.
Palo Alto Networks, Inc. (NYSE: PANW) was last seen down 6.6z% at $302.50 after earnings and guidance. BMO maintained its Outperform rating and raised its target to $334 from $327, and Bernstein reiterated its Outperform rating and raised its target to $364 from $335.
PENN Entertainment, Inc. (NASDAQ: PENN) was started as Outperform and assigned a $20 target price at Raymond James. PENN Entertainment closed at $16.27 ahead of the call.
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Toast, Inc. (NYSE: TOST) was downgraded to Neutral from Outperform at Robert W. Baird.
Wix.com Ltd. (NASDAQ: WIX) was up 23.8% at $168.02 on Monday after earnings and raising guidance. Wix.com was reiterated as Buy and its price target was raised to $190 from $160 at Needham & Co. Wix was reiterated as Outperform and its price target was raised to $200 from $160 at Oppenheimer. Wix was downgraded to Neutral from Overweight but its price target was raised to $185 from $165 at Piper Sandler.
Zoom Video Communications, inc. (NASDAQ: ZOOM) was reiterated as Outperform and its price target was cut to $84 from $90 at Robert W. Baird. Zoom Video Communications was also maintained as Market Perform and its target price was trimmed to $78 from $82 at Bernstein.
If you missed Monday’s top analyst upgrades and downgrades they were in shares of Airship AI, Autodesk, Duke, Humana, Micron, NVIDIA, Ulta and other stocks.
