Analysts were busy this week, upgrading, downgrading, changing price targets, and initiating coverage of a variety of companies.
Zoom Communications (ZM) - Get Report was upgraded by several analysts after the online meeting and collaboration platform provider beat Wall Street's earnings expectations. Goldman Sachs analyst Heather Bellini raised her recommendation to neutral from sell and lifted her one-year price target to $402. BTIG analyst Matt VanVliet upgraded Zoom to buy from neutral with a $500 price target.
Also Baird analyst Ben Kallo began coverage of Beyond Meat with an outperform rating and a $160 share-price target.
JPMorgan Chase (JPM) - Get Report and Bank of America (BAC) - Get Report were both upgraded to buy from hold by Deutsche Bank analyst Matt O’Connor. The analyst said he had “more confidence in a continued macro recovery,” which would help boost bank stocks.
Lululemon Athletica (LULU) - Get Report was downgraded by Citigroup analyst Paul Lejuez to neutral from buy on valuation concerns. Lejuez remains a fan of the athletic apparel retailer, but said the stock “seems to be pricing in perfection.”
Wayfair (W) - Get Report was downgraded by Bank of America analyst Ryan Gee to neutral from buy. The analyst said “another round of stimulus and Way Day in late September could fuel some short term acceleration, but tough comparisons loom in 2021."
Price Target Change
Several analysts raised their price targets for Nvidia (NVDA) - Get Report after the semiconductor company introduced new gaming chips Credit Suisse analyst John Pitzer lifted his share-price target for the Santa Clara, Calif., graphics-chip specialist to $620 from $530, affirming an outperform rating.
JP Morgan analyst Doug Anmuth raised his price target on Peloton Interactive (PTON) - Get Report to a Wall Street high of $105 from $58. Anmuth affirms an overweight rating on the the connected-fitness company.
Bank of America analyst Ryan Gee initiated coverage of Overstock (OSTK) - Get Report with a neutral rating. Gee said the company is poised for “profit inflection” by putting sustainable growth as priority No. 1.