Stock analysts this week were busy with upgrades, downgrades, price-target changes and initiations of coverage.
Exxon Mobil (XOM) – Get Report was upgraded to overweight from neutral by a J.P. Morgan analyst, who said he was bullish on the energy giant for the first time in his seven years of covering integrated oils, since the sector peaked in 2014.
NIO (NIO) – Get Report was downgraded by Citi analysts to neutral from buy. They raised their price target on the Chinese electric-vehicle maker to $68.30 a share from $46.40 after the carmaker unveiled its first sedan model, the ET7.
Advanced Micro Devices (AMD) – Get Report shares were downgraded to underperform from market perform by a BMO analyst, who said the semiconductor maker could face pressure from Intel (INTC) – Get Report under its new chief executive.
J.P. Morgan initiated coverage of the hydrogen fuel-cell company Plug Power (PLUG) – Get Report with a neutral rating and $60 price target. In addition, Truist initiated coverage of Plug Power with a buy rating and a $60 price target.
Two analysts raised their price targets on Progress Software (PRGS) – Get Report. Wedbush analyst Dan Ives lifted his price target to $55 from $45 on the business-applications provider and affirmed his outperform rating. Benchmark analysts boosted their price target to $55 from $43, affirming a buy rating.
Tesla’s (TSLA) – Get Report price target was raised to $950 from $751 by Wedbush’s Dan Ives, who said the bull-case price target was boosted to $1,250 from $1,000 to reflect growing demand for electric vehicles, especially in China.