U.S. stocks were looking for direction on Monday morning. The market was excited that Jerome Powell finally admitted that the time for rate cuts is soon, but the financial markets have also been predicting this for a couple of weeks now. Earnings season is mostly over and investors are now looking for new investment and trading ideas.
Oggonomics continually hunts for new ideas that traders and long-term investors alike can use in their investing plans. The daily research flow from Wall Street’s analyst upgrades and downgrades can be a source for many of those new ideas.
Investors with a long-term horizon have to keep investing during good markets and bad markets in order to achieve their long-term plans. Short-term traders only care about the ideas which are moving stocks now. These daily analyst calls can be one of the sources to help investors and traders in their decisions to buy, sell or hold.
Oggonomics would again 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 Monday, August 26, 2024.
American Homes 4 Rent (NYSE: AMH) was raised to Overweight from Equal Weight and the price target was raised to $42 from $36 at Wells Fargo.
BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) was raised to Neutral from Underweight and its price target was raised to $78 from $76 (versus $82.77 prior close) at JPMorgan.
Camden Property Trust (NYSE: CPT) was raised to Equal-Weight from Underweight and its price target was raised to $127 from $104 (versus $ prior close) at Wells Fargo.
CenterPoint Energy Inc. (NYSE: CNP) was maintained with a Buy rating but its price target was trimmed down to $32 from $35 (versus $26.77 prior close) at Argus, with the firm noting relative weakness is a buying opportunity after the recent secondary share offering and from inquiries into the actions taken during Hurricane Beryl.
CorMedix Inc. (NASDAQ: CRMD) was started with a Buy rating and it was assigned a $13 price target (versus $5.65 prior close, after a 10.8% gain) at Rodman & Renshaw.
Enova International, Inc. (NYSE: ENVA) was downgraded to Neutral from Buy at Janney.
Micron Technology, Inc. (NASDAQ: MU) was maintained with a Buy rating but its price target was cut to $140 from $150 at Needham & Co.
Nucor Corp. (NYSE: NUE) was reiterated as Buy with a $165 price target at Argus, noting that the recent weakness in one of the best-positioned manufacturers of steel products is a buying opportunity.
Peloton Interactive, Inc. (NASDAQ: PTON) was maintained with a Neutral rating at Robert W. Baird after last week’s run up, but the firm did raise its price target to $4.75 from $4.00 in the call.
Popular, Inc. (NASDAQ: BPOP) was resumed with a Overweight rating and a $112 price target (versus $99.50 prior close) at Piper Sandler.
SentinelOne, Inc. (NYSE: S) was reiterated with a Buy rating and its price target was raised to $29 from $25 (versus $25.26 prior close) at Needham & Co.
Wayfair Inc. (NYSE: W) was downgraded to Hold from Buy at Argus, with the independent research firm noting muted prospects amid fewer home sales.
Xcel Energy Inc. (NYSE: XEL) was raised to Buy from Hold with a new $68 price target (versus $60.12 prior close) at Argus, citing data center potential and solid dividend growth ahead.
Zscaler, Inc (NASDAQ: ZS) was maintained as Equal-Weight but its price target was raised to $215 from $202 at Morgan Stanley.
