Analysts were busy this week, upgrading, changing price targets, and initiating coverage of a variety of companies.
Upgrade
Boeing (BA) – Get Report was upgraded to buy from neutral by UBS analyst Myles Walton, who doubled his share-price target to $300. The return to service of Boeing’s 737 MAX after a two-year grounding sparked the move. The MAX had been grounded after two of them crashed, in October 2018 and March 2019.
Downgrade
Tesla (TSLA) – Get Report was downgraded to hold from buy after analysts at Jefferies raised concerns that the company won’t be as dominant in the electric-vehicle space as some assume. Jefferies also lifted their price target to $650 from $500. Separately, JPMorgan lifted its price target on the clean energy carmaker to just $90.
Best Buy (BBY) – Get Report was downgraded by Goldman Sachs analyst Kate McShane to sell from neutral. The analyst also lowered her price target to $97 from $107. “With a valuation near peak, we see downside risk in the stock, driving our sell rating,” she said.
Snowflake (SNOW) – Get Report was downgraded by Deutsche Bank analyst Patrick Colville to hold from buy while keeping his price target on the cloud service provider at $355.
Canada Goose: Goldman Sachs analyst Alexandra Walvis downgraded the Toronto apparel maker to sell from neutral, though she raised her price target to $26 from $25. She’s concerned about valuation in light of the stock’s 28% runup from Sept. 10 through Wednesday.
Price Target Change
Several analysts raised their price targets for Broadcom (AVGO) – Get Report after the chipmaker and software infrastructure provider reported better-than-expected fourth-quarter earnings. Analysts were broadly positive on the numbers, despite Broadcom’s warning that weak spending by companies could impact its 2021 results.
Guggenheim analyst Michael Morris raised his price target for Facebook (FB) – Get Report to $365 from $340 on expectations the social media network will benefit from a number of growth tailwinds, particularly e-commerce. Morris held his buy rating on the stock.
Analysts raised their price targets for Stitch Fix (SFIX) – Get Report after the online personal shopping company’s earnings report beat expectations. Specifically, Mark Mahaney of RBC Capital Markets lifted his price target to $64 from $50, keeping his outperform rating.
Nike (NKE) – Get Report received share-price target increases from two analysts on Wall Street. Kimberly Greenberger of Morgan Stanley raised her target to $165 from $152, while keeping her overweight rating. Cowen analyst John Kernan lifted his target to $165 from $150 and maintained an outperform rating.
Initiate Coverage
Goldman Sachs initiated coverage of electric-vehicle maker Lordstown Motors (RIDE) – Get Report with a buy rating and a $31 price target. Analyst Mark Delaney expects significant adoption of electric vehicles, especially in the U.S. and Western Europe.
J.P. Morgan analyst Daniel Politzer began coverage of the sports gambling company DraftKings (DKNG) – Get Report with a neutral rating and a $48 price target. “There is a lot to like” about the company, Politzer wrote in a commentary cited by Bloomberg.