Weekly Upgrades and Downgrades: Exxon Mobil and Tesla

TheStreet's weekly guide to upgrades, downgrades and price-target changes includes Exxon Mobil, Tesla and Twitter.
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Stock analysts this week were busy with upgrades, downgrades, price-target changes and initiations of coverage.

Upgrade

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.

General Motors  (GM) - Get Report was upgraded by Nomura Securities to buy from neutral with a near tripled one-year price target after the automaker unveiled future EVs and flying cars.

Twitter  (TWTR) - Get Report was upgraded by an MKM Partners analyst, who raised his price target on the microblogging website to $60 a share from $47.

Bank of America  (BAC) - Get Report was upgraded by Citi analysts to neutral from sell. The analysts increased their price target to $37 from $31. 

Wells Fargo  (WFC) - Get Report was upgraded by UBS analyst Saul Martinez  to buy from neutral. The analyst named the banking company his top pick among large-cap banks.

Zillow Group  (Z) - Get Report was upgraded by a Jefferies analyst who raised his price target on the online real-estate buying and selling platform to $175 from $120.

Downgrade

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.

Initiate Coverage

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.

Price Change

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.