Analysts were busy this week, upgrading, downgrading, changing price targets on, and initiating coverage of a variety of companies.
JD.com (JD) - Get Report was upgraded by Stifel analyst Scott Devitt to buy from hold. Devitt lifted his share-price target to $105 from $84, saying the Beijing online retailer has a “multifaceted growth opportunity” in the years ahead.
Wells Fargo (WFC) - Get Report was upgraded to buy from hold by Jefferies analyst Ken Usdin, who also boosted his share price target to $38 a share from $26, saying the financial services company is "a still-discounted turnaround story."
CVS Health (CVS) - Get Report was upgraded to buy from hold by Jefferies analyst Brian Tanquilut, who lifted his price target to $90 from $66, saying CVS's role in covid-19 vaccinations will yield "earnings upside."
Coca-Cola (KO) - Get Report and PepsiCo (PEP) - Get Report were both downgraded to sector perform from outperform by an RBC analyst who says the drinks giants are near fully valued and the broader path to normalization from the pandemic "will be longer than consensus is currently baking in."
Beyond Meat (BYND) - Get Report was downgraded to neutral from overweight by Piper Sandler analyst Michael Lavery. He cut his share-price target on the plant-based-meat seller to $125 from $144, saying he was concerned about retail demand.
Price Target Change
Roku's (ROKU) - Get Report price target was raised to a Wall-Street-high of $420 from $260 by a Rosenblatt Securities analyst, who cited the media-streaming platform's improving dynamics for average revenue per user. Wells Fargo also gave the media-streaming platform a price target of $414 share, up from $275, with an overweight rating.
Scotts Miracle-Gro's (SMG) - Get Report price target was raised to $250 from $180 by Truist Securities Bill Chappell on potential cannabis reform from a Democratic-Party-controlled Washington and continued coronavirus restrictions that will keep consumers at home.
Credit Suisse analyst Matthew Cabral raised his share-price target on Apple (AAPL) - Get Report to $120 from $106, while maintaining his neutral rating, saying “our tracking of iPhone 12 wait times shows a clear trend toward a better-than-expected mix of iPhone 12 Pro."
RBC analyst Joseph Spak nearly doubled his price target for Tesla (TSLA) - Get Report to $700 a share Thursday while boosting his near-term forecast for deliveries following last year's record tally of 499,550 units.
Wall Street analysts initiated coverage of the artificial-intelligence company C3.ai (AI) - Get Report. Analysts at Morgan Stanley initiated coverage with an underweight rating and $100 price target, while Bank of America analysts initiated coverage with a neutral rating and $170 price target.
Airbnb (ABNB) - Get Report received coverage initiations from several analysts, who generally expressed enthusiasm for the company but not for its valuation. Goldman Sachs has a neutral rating and a $143 price target on the San Francisco company. Morgan Stanley rates Airbnb equal weight, with a $140 price target.