Alibaba, Snap, Nikola: Upgrades and Downgrades

TheStreet's weekly guide to upgrades, downgrades and price-target changes includes Alibaba, Snap and Nikola.
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Stock analysts were busy in this final week of 2020 with downgrades and price-target changes.

Downgrade

Biopharma Arcturus Therapeutics  (ARCT) - Get Report saw its ratings cut by three analysts after a disappointing progress report on its coronavirus vaccine candidate.

Barclays analyst Gena Wang slashed her rating to equal weight from overweight and lowered her price target to $46 from $68. Baird analyst Madhu Kumar lowered his rating on Arcturus to neutral from outperform and reduced his price target to $69 from $79.

Raymond James analyst Steven Seedhouse trimmed his rating to market perform from outperform. He has no price target.

Initiate Coverage

Evercore ISI recently initiated coverage on biopharma BeyondSpring  (BYSI) - Get Report with an outperform rating and a $30 price target. 

Price-Target Change

Alibaba  (BABA) - Get Report had its price target cut by Baird analyst Colin Sebastian to $285 from $325 as China’s government investigates the internet titan on antitrust grounds. The analyst maintained his outperform rating on the stock. 

Advanced Micro Devices  (AMD) - Get Report, Lam Research  (LCRX) , Qualcomm  (QCOM) - Get Report and other chipmakers got a boost as Mizuho Securities raised price targets for more than a couple dozen semiconductor companies. The firm is forecasting bullish trends for the industry in 2021.. 

Photo-focused-app maker Snap  (SNAP) - Get Report had its target price raised by $23 to $70 per share by Goldman Sachs analyst Heath Terry. The analyst said "a number of tech innovations and product partnerships" that could accelerate revenue growth beyond Street forecasts. 

Nikola  (NKLA) - Get Report had its price target lowered to $35 a share from $40 by analysts at J.P. Morgan. Analyst Paul Coster said he saw execution risks for the company associated with a "tarnished brand" after General Motors  (GM) - Get Report decided in November to sign a memorandum of understanding with the company that was smaller in scale than investors had previously expected. 

Alphabet's  (GOOGL) - Get Report share-price target was boosted to $2,000 from $1,725 by an analyst at Robert W. Baird & Co., who saw positive signs in the latter part of 2020 and favorable indications for the new year.