Here are the top upgrades, downgrades, and initiations on Friday, March 22.
Best Buy’s shares have surged in 2019, after finishing out Q4 stronger than expected. And Friday morning, Oppenheimer upgraded the stock from perform to outperform.
Best Buy’s shares rose 1.2 percent to $71.41 in pre-market trading. Oppenheimer established a price target of $86 for shares, citing improved sales, new senior leadership, and a company-wide transformation.
In November, JP Morgan downgraded Lumentum due to concerns related to iPhone shipments. But today, analysts upgrade Lumentum from neutral to overweight and lifted their price target from $50 to $65 for shares. The company rose 3.6 percent to $53.95 in pre-market trading.
Wedbush upgraded Chipotle to neutral from underperform after the company’s recent first quarter momentum. Chipotle’s shares rose 0.7 percent to close at $670.45 on Thursday. Wedbush analyst Nick Setyan said the company’s strong showing in its loyalty program could help sustain future growth rates.
Stanley Black & Decker
Longbow Research upgraded Stanley Black & Decker from neutral to buy. Analyst David Macgregor cited the company’s deal with the Craftsman brand through 2022 as the reason for the upgrade. The company’s shares rose 1.94 percent to close at $134.60 on Thursday.
JP Morgan downgraded Sherwin-Williams from overweight to neutral based on its sluggish growth in 2019. The company rose 1.02 percent to close at $433.63 on Thursday. However, the company’s shares dropped 2.7 percent after being downgraded.
Wedbush downgraded Booking Holdings from outperform to neutral, citing Europe as a potential liability for the company’s future growth. Booking Holdings provides travel services both in the U.S. and internationally. The company’s shares fell 0.01 percent to close at $1,774.36 on Thursday.
Wedbush downgraded Lululemon to neutral from outperform and cut its target price from $176 down to $155. This comes ahead of the company’s earnings, which are due on Wednesday, March 27.
The company’s shares fell 2.7 percent to $144.96 in pre-market trading. However, most analysts still give Lululemon a buy rating.
Stephens initiated Survey Monkey’s parent company SVMK Inc. with an overweight rating and $20 price target. Analyst James Rutherford also replaced Hubspot with SVMK on the firm’s Best Idea List. Rutherford stated he thinks Survey Monkey can achieve more than 20 percent growth with larger enterprise customers.