Stocks closed higher on Monday and were indicated to open even higher on Tuesday as earnings season ramps up. This is the week that the earnings floodgates open wide, so many analysts will be making tweaks ahead of reports and will be making slews of upgrades and downgrades afterward. With an election coming up and with what is still a very deep recession, investors need to be considering how they want their assets positioned for the second half of 2020 and as 2021 comes into focus.
24/7 Wall St. reviews dozens of analyst research reports each day of the week in an effort to find new ideas for long-term investors and short-term traders alike. Some analyst reports cover stocks to buy, and others cover stocks to sell or avoid.
Remember that no single analyst report should be used as a sole basis for any buying or selling decision. Consensus analyst target prices are from Refinitiv.
These are the top analyst calls we have seen on Tuesday, July 21, 2020.
Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) was down 11% at $49.25 on Tuesday morning and was among the top after-hours movers on Monday. RBC Capital Markets reiterated it as Outperform but lowered its price target to $55 from $61 (versus a $55.42 prior close).
Albertsons Companies Inc. (NYSE: ACI) has seen its quiet period come to an end and many firms have issued their initial ratings and price targets. Wells Fargo was at Overweight with an $18 target, and BMO at Outperform with a $18 target. JPMorgan is at Overweight with a $19 target, while Guggenheim issued Buy rating and $20 target. BofA Securities, Goldman Sachs and Citigroup were all at Buy with a $22 target. Credit Suisse has an Outperform rating and an $18 target.
Alphabet Inc. (NASDAQ: GOOGL) was reiterated as Buy and its price target was raised to $1,750 from $1,650 at Mizuho. Alphabet closed up 3.1% at $1,563.84 and had a $1,583.77 consensus target price.
AMN Healthcare Services Inc. (NYSE: AMN) was reiterated as Buy and the price target was raised to $62 from $52 (versus a $47.92 close) at SunTrust Robinson Humphrey.
Avadel Pharmaceuticals PLC (NASDAQ: AVDL) was started with an Outperform rating and a $17 target price (versus an $8.15 close) at SVB Leerink.
Carnival Corp. (NYSE: CCL) was downgraded to Hold from Buy at HSBC. Shares closed down 3% at $15.00 on Monday but were indicated up over 2% at $15.30 on Tuesday morning. The consensus target price was $15.06.
Coeur Mining Inc. (NYSE: CDE) was raised to Buy from Hold and assigned an $8 target price (versus a $6.87 close) at Canaccord Genuity.
Devon Energy Corp. (NYSE: DVN) was raised to Overweight from Neutral and its target price was raised to $15 from $10 at Piper Sandler. It closed at $10.27 and had a $15.79 consensus target price.
Endeavour Silver Corp. (NYSE: EXK) was started with a Buy rating and a $4.75 price target at B. Riley FBR. Its shares closed up over 14% at $3.30 on Monday and were indicated up over 8% at $3.57 on Tuesday.
Eversource Energy (NYSE: ES) was downgraded to Underweight from Neutral and its target was raised to $81 from $776 (versus an $86.61 close) at Credit Suisse. It had an $87.88 consensus target price.
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