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Latest Analyst Ratings and Target Price Adjustments: Bank Of America, Netflix, Nike…

Bruno T
Analysis & Opinion
April 19 2024 6:45AM

In a series of recent updates from leading research firms, several major corporations received revised ratings and target prices, indicating a shifting landscape in investor sentiment and market strategies.

Bank of America Corporation saw an upgrade from Wolfe Research, moving from “Peerperform” to “Outperform” with a new target price of $42. This adjustment suggests growing confidence in the financial sector’s potential.

First Solar, Inc. received a notable upgrade from Wells Fargo, shifting from “Equalweight” to “Overweight.” The firm also raised its target price from $187 to $250, highlighting optimism about the solar energy company’s growth prospects amid increasing demand for renewable energy solutions.

Lam Research Corporation, a key player in the semiconductor sector, was upgraded to “Buy” from “Neutral” by B. Riley Securities Inc., with its target price jumping from $870 to $1100. This substantial increase reflects expectations for continued robust demand in the semiconductor industry.

Conversely, Netflix, Inc. faced a downgrade from Canaccord Genuity, moving from “Buy” to “Hold,” with a reduced target price of $585 from $720. The adjustment comes amid growing concerns over the streaming giant’s future growth trajectory and market competition.

Nike, Inc. also experienced a downgrade by Baptista Research from “Outperform” to “Buy,” with its target price slightly reduced from $123.40 to $116.80, signaling cautious optimism about the athletic apparel and footwear giant’s market position.

On Semiconductor Corporation was downgraded twice by BNP Paribas Exane from “Neutral” to “Underperform,” with a significant target price cut from $74 to $55, reflecting potential challenges ahead for the semiconductor company.

The Hershey Company and Ulta Beauty, Inc. both received downgrades to “Hold” from “Buy” by Edward Jones and Jefferies, respectively, indicating a neutral outlook on these companies amid the current market dynamics.

Diamondback Energy, Inc. continues to hold favor, with TD Cowen maintaining a “Buy” recommendation and increasing the target price from $185 to $258, underscoring confidence in the energy sector’s resilience and profitability.

United Airlines Holdings, Inc. saw its target price raised from $59 to $72 by Bernstein, maintaining an “Outperform” rating. This adjustment reflects a positive outlook on the airline industry’s recovery post-pandemic.

Doordash, Inc. was given a “Buy” initiation at a target price of $170 by Loop Capital Markets, reflecting confidence in the delivery service provider’s growth potential in a competitive market.

Shopify Inc. was upgraded by Morgan Stanley from “Equalweight” to “Overweight,” with its target price raised from $74 to $85. This upgrade points to a bullish stance on the e-commerce platform’s ability to capitalize on online retail trends.

These analyst ratings and price targets provide a snapshot of the market’s current state, with varying degrees of optimism and caution being advised across different sectors, from technology and energy to consumer goods and financials.