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Wells Fargo, Ford: Latest Upgrades and Downgrades

TheStreet's weekly guide to upgrades, downgrades and price-target changes includes Wells Fargo, Ford and Canada Goose.
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Stock analysts were busy during Thanksgiving Week as they issued reports on companies such as Wells Fargo  (WFC) , ManpowerGroup  (MAN)  and Ford.


Staffing companies ManpowerGroup  (MAN) , Robert Half International  (RHI) , and TrueBlue  (TBI)  were upgraded by BMO Capital analyst Jeffrey Silber who cited his expectations for an economic recovery. Silber said that staffing stocks are typically seen as "early cycle outperformers". 

Wells Fargo  (WFC) was boosted by a double upgrade to outperform from Raymond James, and President-elect Joe Biden’s reported nominee for Treasury secretary, Janet Yellen. Analyst Ed Mills said Yellen’s selection is a “clear market and economic positive,” and points to a focus on economic recovery over regulatory policy.

Gap  (GPS)  was upgraded by J.P. Morgan, which raised the apparel retailer's shares to overweight from neutral and boosted its price target on the apparel retailer's shares to $30 from $22. Separately, Citi downgraded Gap to neutral from buy with a one-year price target of $27, down from $30, after the company missed Wall Street's third-quarter earnings expectations.

General Electric  (GE)  was upgraded to outperform by Oppenheimer analyst Christopher Glynn, who also set a $12 price target for the stock, citing the 'turnaround traction' under CEO Larry Culp. Glynn said GE's sale of its BioPharma division to Danaher Corp.  (DHR) has helped reduce overall debt by around $13.3 billion. 


Shares of Ford  (F)  were downgraded to equal-weight from overweight at Morgan Stanley on concern about the automaker's electric vehicle strategy. The investment firm affirmed its $9 price target. Ford has the proper urgency for electric vehicles, Morgan Stanley's note said, but its strategy is not fully clear to the firm.

Outerwear company Canada Goose  (GOOS)  was double-downgraded by analysts at BTIG on signals that early holiday sales are lagging. The stock was downgraded to sell from buy with a C$35 (US$26.92) price target. The Toronto company's digital traffic is down 36% year to date, according to BTIG checks.

Initiate Coverage

Citigroup analyst Itay Michaeli began coverage of the electric-auto maker Fisker  (FSR)  with a buy rating and a $26 price target, based on strong fundamentals. Michaeli lauded Fisker’s "asset-light premium" electric-vehicle platform and said Fisker is smart to focus on SUVs and prices of $38,000 to $69,000.

Price Target Change

Wedbush Securities increased its bull-case price target for Tesla  (TSLA)  to $1,000 from $800. Analyst Daniel Ives kept a neutral rating on the electric car maker and increased his one-year price target from $500 to $560.

J.P. Morgan analyst Doug Anmuth raised his price target on Netflix  (NFLX)  to $628 from $615. Anmuth reiterated his overweight rating on the shares.

Needham analyst Laura Martin raised her share price target for Roku  (ROKU)  to $315 from $255, based on strong demand for video content. Martin maintained her buy rating for the streaming video platform.

Mizuho Securities analyst Vijay Rakesh lifted his price target on Micron Technology  (MU)  to $70 from $56 amid signs of continued strength in the market for cloud systems. He maintained his buy rating for the semiconductor maker.