Upgrades:
JPMorgan Chase & Co. upgraded shares of Bank of New York Mellon (NYSE:BK) from a neutral rating to an overweight rating in a research note issued to investors on Monday morning, Marketbeat reports. JPMorgan Chase & Co. currently has $54.50 price objective on the bank’s stock.
A number of other analysts have also recently commented on the company. Bank of America lowered their price target on Bank of New York Mellon from $55.00 to $53.00 in a research report on Tuesday, October 10th. Morgan Stanley lifted their price objective on Bank of New York Mellon from $46.00 to $48.00 and gave the company an underweight rating in a research note on Friday, December 1st. StockNews.com initiated coverage on Bank of New York Mellon in a research note on Thursday, October 5th. They set a hold rating for the company. Evercore ISI reduced their price objective on Bank of New York Mellon from $47.00 to $45.00 in a research note on Thursday, October 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Bank of New York Mellon from $45.00 to $44.00 and set a hold rating for the company in a research note on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $52.77. Read more …
Bank of America upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a neutral rating to a buy rating in a report published on Monday, MarketBeat Ratings reports.
RY has been the subject of a number of other research reports. StockNews.com lowered shares of Royal Bank of Canada from a hold rating to a sell rating in a report on Wednesday, November 22nd. Barclays boosted their price target on shares of Royal Bank of Canada from $122.00 to $124.00 and gave the company an underweight rating in a report on Monday, August 21st. Finally, Credit Suisse Group boosted their price target on shares of Royal Bank of Canada from $138.00 to $139.00 and gave the company an outperform rating in a report on Friday, August 25th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada presently has a consensus rating of Hold and a consensus price target of $136.67.
RY opened at $98.86 on Monday. The company has a fifty day moving average price of $86.58 and a two-hundred day moving average price of $90.47. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. Royal Bank of Canada has a 52 week low of $77.90 and a 52 week high of $104.72. The firm has a market capitalization of $138.64 billion, a PE ratio of 12.69, a P/E/G ratio of 2.03 and a beta of 0.87. Read more …
Bank of America upgraded shares of Bank of Montreal (NYSE:BMO) (TSE:BMO) from a neutral rating to a buy rating in a research note issued to investors on Monday, MarketBeat.com reports.
Several other equities analysts also recently weighed in on BMO. Barclays raised their target price on shares of Bank of Montreal from $123.00 to $131.00 and gave the company an overweight rating in a report on Monday, August 21st. StockNews.com initiated coverage on shares of Bank of Montreal in a report on Thursday, October 5th. They set a sell rating for the company.
NYSE:BMO opened at $94.04 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $81.45 and a two-hundred day moving average price of $85.45. Bank of Montreal has a twelve month low of $73.98 and a twelve month high of $102.79. The company has a market capitalization of $67.80 billion, a P/E ratio of 22.50, a price-to-earnings-growth ratio of 1.45 and a beta of 1.15. Read more ...
BMO Capital Markets upgraded shares of Amgen (NASDAQ:AMGN) from a market perform rating to an outperform rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. BMO Capital Markets currently has $326.00 price objective on the medical research company’s stock, up from their prior price objective of $286.00.
Other research analysts have also issued reports about the company. StockNews.com raised Amgen from a buy rating to a strong-buy rating in a research report on Tuesday, December 12th. Bank of America began coverage on Amgen in a research report on Wednesday, October 11th. They set a neutral rating and a $290.00 price target on the stock. Argus increased their price objective on shares of Amgen from $280.00 to $310.00 and gave the company a buy rating in a research report on Tuesday, October 17th. Deutsche Bank Aktiengesellschaft started coverage on shares of Amgen in a research report on Thursday, November 9th. They set a hold rating and a $240.00 target price on the stock. Finally, Royal Bank of Canada raised shares of Amgen from a sector perform rating to an outperform rating and raised their price target for the company from $256.00 to $300.00 in a report on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Amgen has a consensus rating of Moderate Buy and an average target price of $284.00. Read more …
Rockwell Automation (NYSE:ROK) was upgraded by Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a research note issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $357.00 target price on the industrial products company's stock, up from their prior target price of $280.00. Wells Fargo & Company's price objective indicates a potential upside of 16.93% from the stock's previous close.
A number of other research firms have also recently commented on ROK. StockNews.com initiated coverage on Rockwell Automation in a research report on Thursday, October 5th. They set a "hold" rating for the company. Mizuho dropped their price objective on Rockwell Automation from $270.00 to $265.00 and set a "neutral" rating for the company in a research report on Friday, November 3rd. Barclays dropped their price objective on Rockwell Automation from $287.00 to $270.00 in a research report on Tuesday, October 10th. Stephens reiterated an "equal weight" rating and set a $350.00 price objective on shares of Rockwell Automation in a research report on Friday, November 3rd. Finally, KeyCorp started coverage on Rockwell Automation in a research report on Monday, October 2nd. They set a "sector weight" rating for the company. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $303.60. Read more …
Stephens upgraded shares of KeyCorp (NYSE:KEY) from an equal weight rating to an overweight rating in a report issued on Wednesday morning, MarketBeat reports.
Several other equities research analysts also recently issued reports on the company. Morgan Stanley boosted their price objective on KeyCorp from $11.00 to $12.00 and gave the company an equal weight rating in a report on Monday, December 4th. Wells Fargo & Company upped their price target on KeyCorp from $12.00 to $16.00 and gave the stock an overweight rating in a report on Thursday, December 14th. Piper Sandler upgraded KeyCorp from a neutral rating to an overweight rating and upped their price target for the stock from $12.00 to $13.50 in a report on Friday, September 15th. Keefe, Bruyette & Woods upgraded KeyCorp from a market perform rating to an outperform rating and upped their price target for the stock from $12.50 to $15.00 in a report on Monday, November 6th. Finally, Bank of America cut their price target on KeyCorp from $13.00 to $12.00 in a report on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $14.03. Read more ...
Extra Space Storage (NYSE:EXR) was upgraded by investment analysts at Morgan Stanley from an "underweight" rating to an "equal weight" rating in a note issued to investors on Thursday, Marketbeat reports. The firm currently has a $150.00 price objective on the real estate investment trust's stock, up from their prior price objective of $115.00. Morgan Stanley's price objective suggests a potential downside of 1.45% from the stock's current price.
Other equities analysts have also issued research reports about the stock. Wells Fargo & Company upgraded shares of Extra Space Storage from an "underweight" rating to an "overweight" rating and lifted their target price for the company from $120.00 to $155.00 in a report on Tuesday, December 12th. Bank of America lowered shares of Extra Space Storage from a "buy" rating to a "neutral" rating and reduced their target price for the company from $155.00 to $119.00 in a report on Monday, October 30th. Truist Financial reduced their target price on shares of Extra Space Storage from $155.00 to $138.00 and set a "hold" rating on the stock in a report on Tuesday, August 29th. The Goldman Sachs Group assumed coverage on shares of Extra Space Storage in a report on Wednesday, September 27th. They set a "buy" rating and a $153.00 target price on the stock. Finally, Evercore ISI reduced their target price on shares of Extra Space Storage from $147.00 to $145.00 and set an "in-line" rating on the stock in a report on Friday, September 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $147.70. Read more …
Regency Centers (NASDAQ:REG) was upgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a report issued on Thursday, FinViz reports. The brokerage currently has a $75.00 price objective on the stock, up from their prior price objective of $62.00. Morgan Stanley's target price points to a potential upside of 14.43% from the stock's previous close.
Other research analysts also recently issued reports about the stock. Compass Point upgraded shares of Regency Centers from a "neutral" rating to a "buy" rating and set a $72.00 price objective on the stock in a research note on Thursday, November 30th. Argus upgraded shares of Regency Centers from a "hold" rating to a "buy" rating and set a $70.00 price objective on the stock in a research note on Wednesday, September 20th. They noted that the move was a valuation call. StockNews.com assumed coverage on shares of Regency Centers in a research note on Thursday, October 5th. They set a "hold" rating on the stock. Finally, Raymond James upgraded shares of Regency Centers from a "market perform" rating to an "outperform" rating and set a $69.00 price target on the stock in a research report on Tuesday, September 5th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.63. Read more ...
Erste Group Bank upgraded shares of Waste Management (NYSE:WM) from a hold rating to a buy rating in a report published on Friday, Benzinga reports.
WM has been the topic of several other reports. UBS Group raised Waste Management from a neutral rating to a buy rating and increased their price target for the company from $170.00 to $190.00 in a report on Monday, October 23rd. BMO Capital Markets increased their price target on Waste Management from $160.00 to $163.00 and gave the company a market perform rating in a report on Thursday, October 26th. Stifel Nicolaus increased their price target on Waste Management from $183.00 to $190.00 and gave the company a buy rating in a report on Tuesday. Royal Bank of Canada increased their price target on Waste Management from $160.00 to $163.00 and gave the company a sector perform rating in a report on Thursday, October 26th. Finally, Scotiabank lowered their price target on Waste Management from $177.50 to $165.00 in a report on Tuesday, October 10th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Waste Management currently has a consensus rating of Moderate Buy and a consensus target price of $179.93. Read more ...
Downgrades:
BMO Capital Markets lowered shares of Archer-Daniels-Midland (NYSE:ADM) from an outperform rating to a market perform rating in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm currently has $80.00 price objective on the stock, down from their previous price objective of $90.00.
Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Archer-Daniels-Midland from $77.00 to $75.00 and set a neutral rating on the stock in a research note on Wednesday, October 25th. Stephens decreased their price objective on shares of Archer-Daniels-Midland from $80.00 to $75.00 and set an equal weight rating for the company in a report on Wednesday, October 25th. Morgan Stanley decreased their price objective on shares of Archer-Daniels-Midland from $87.00 to $76.00 and set an equal weight rating for the company in a report on Monday, October 30th. Finally, StockNews.com began coverage on shares of Archer-Daniels-Midland in a report on Thursday, October 5th. They issued a buy rating for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $88.22. Read more …
Deutsche Bank Aktiengesellschaft lowered shares of M&T Bank (NYSE:MTB) from a buy rating to a hold rating in a report issued on Monday morning, MarketBeat Ratings reports. The brokerage currently has $145.00 price target on the financial services provider’s stock.
A number of other equities research analysts have also issued reports on MTB. Morgan Stanley boosted their price target on shares of M&T Bank from $157.00 to $160.00 and gave the company an overweight rating in a report on Monday, December 4th. StockNews.com upgraded shares of M&T Bank from a sell rating to a hold rating in a report on Thursday, December 14th. Odeon Capital Group lowered shares of M&T Bank from a buy rating to a hold rating and set a $133.65 price objective on the stock. in a research note on Friday, September 29th. Jefferies Financial Group dropped their price objective on shares of M&T Bank from $136.00 to $130.00 in a research note on Tuesday, October 10th. Finally, Wedbush dropped their price objective on shares of M&T Bank from $147.00 to $140.00 and set an outperform rating on the stock in a research note on Thursday, October 19th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, M&T Bank currently has a consensus rating of Hold and an average price target of $144.13. Read more …
HSBC reaffirmed their reduce rating on shares of UnitedHealth Group (NYSE:UNH) in a report issued on Monday, Marketbeat Ratings reports. They currently have a $480.00 target price on the healthcare conglomerate’s stock, down from their prior target price of $550.00.
A number of other equities analysts have also recently weighed in on the company. StockNews.com cut UnitedHealth Group from a strong-buy rating to a buy rating in a report on Saturday, October 21st. Cantor Fitzgerald reissued an overweight rating and set a $591.00 target price on shares of UnitedHealth Group in a research note on Tuesday, November 21st. Royal Bank of Canada reissued an outperform rating and set a $596.00 target price on shares of UnitedHealth Group in a research note on Thursday, November 30th. Piper Sandler increased their price target on UnitedHealth Group from $580.00 to $584.00 and gave the company an overweight rating in a research report on Monday, October 16th. Finally, Jefferies Financial Group reduced their price target on UnitedHealth Group from $565.00 to $503.00 and set a hold rating on the stock in a research report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, UnitedHealth Group currently has an average rating of Moderate Buy and a consensus price target of $574.89. Read more …
HSBC cut shares of AbbVie (NYSE:ABBV) from a buy rating to a hold rating in a report released on Monday morning, Marketbeat reports. They currently have $156.00 target price on the stock, down from their previous target price of $167.00.
Several other research firms have also recently commented on ABBV. Raymond James boosted their price target on shares of AbbVie from $177.00 to $181.00 and gave the stock an outperform rating in a report on Friday, December 1st. Morgan Stanley upped their target price on shares of AbbVie from $193.00 to $196.00 and gave the company an overweight rating in a report on Monday, October 30th. UBS Group lowered their target price on shares of AbbVie from $157.00 to $150.00 and set a neutral rating for the company in a report on Friday, October 20th. StockNews.com assumed coverage on shares of AbbVie in a report on Thursday, October 5th. They issued a strong-buy rating for the company. Finally, TheStreet upgraded shares of AbbVie from a c+ rating to a b rating in a report on Monday, August 28th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $167.59. Read more …
Chubb (NYSE:CB) was downgraded by Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a note issued to investors on Monday, FinViz reports. They presently have a $240.00 price target on the financial services provider's stock, down from their prior price target of $253.00. Wells Fargo & Company's price target would suggest a potential upside of 9.06% from the stock's current price.
Several other equities analysts have also commented on CB. Citigroup increased their target price on Chubb from $235.00 to $238.00 and gave the company a "buy" rating in a report on Tuesday, October 10th. Royal Bank of Canada reissued an "outperform" rating and issued a $245.00 target price on shares of Chubb in a report on Tuesday, August 29th. Jefferies Financial Group dropped their target price on Chubb from $217.00 to $215.00 in a report on Friday, October 6th. Morgan Stanley increased their target price on Chubb from $224.00 to $226.00 and gave the company an "equal weight" rating in a report on Thursday, October 26th. Finally, StockNews.com raised Chubb from a "hold" rating to a "buy" rating in a report on Monday, November 13th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $241.46. Read more …
JPMorgan Chase & Co. lowered shares of PepsiCo (NASDAQ:PEP) from an overweight rating to a neutral rating in a research report report published on Tuesday, Marketbeat Ratings reports. They currently have $176.00 price target on the stock, down from their prior price target of $185.00.
A number of other analysts have also weighed in on PEP. DZ Bank raised shares of PepsiCo from a hold rating to a buy rating and set a $187.00 target price on the stock in a report on Thursday, October 19th. StockNews.com raised shares of PepsiCo from a hold rating to a buy rating in a report on Friday, October 13th. Wells Fargo & Company increased their price target on shares of PepsiCo from $170.00 to $172.00 in a report on Wednesday, October 11th. Citigroup decreased their price target on shares of PepsiCo from $200.00 to $180.00 and set a neutral rating on the stock in a report on Wednesday, October 11th. Finally, Argus decreased their price target on shares of PepsiCo from $212.00 to $186.00 in a report on Wednesday, October 11th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $186.93. Read more …
Stifel Nicolaus lowered shares of Lowe’s Companies (NYSE:LOW) from a buy rating to a hold rating in a research note published on Wednesday morning, Marketbeat.com reports. They currently have $240.00 price objective on the home improvement retailer’s stock, up from their prior price objective of $235.00.
A number of other research analysts also recently issued reports on the stock. The Goldman Sachs Group decreased their target price on shares of Lowe’s Companies from $260.00 to $252.00 and set a buy rating for the company in a research report on Tuesday, August 22nd. Guggenheim boosted their target price on shares of Lowe’s Companies from $240.00 to $250.00 and gave the company a buy rating in a research report on Wednesday, August 23rd. StockNews.com upgraded shares of Lowe’s Companies from a hold rating to a buy rating in a research report on Thursday, November 16th. Sanford C. Bernstein raised shares of Lowe’s Companies from a market perform rating to an outperform rating and lifted their price objective for the company from $252.00 to $282.00 in a report on Tuesday, September 5th. Finally, Bank of America lifted their price objective on shares of Lowe’s Companies from $278.00 to $289.00 and gave the company a buy rating in a report on Wednesday, August 23rd. Twelve research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $237.50. Read more …
W.W. Grainger (NYSE:GWW) was downgraded by analysts at Jefferies Financial Group from a "buy" rating to a "hold" rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $825.00 price target on the industrial products company's stock. Jefferies Financial Group's target price suggests a potential downside of 0.62% from the company's previous close.
Several other brokerages have also commented on GWW. StockNews.com started coverage on shares of W.W. Grainger in a research report on Thursday, October 5th. They issued a "buy" rating for the company. UBS Group decreased their price objective on shares of W.W. Grainger from $820.00 to $750.00 and set a "neutral" rating for the company in a research report on Monday, August 28th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $759.00.
GWW stock opened at $830.15 on Wednesday. The firm has a market cap of $41.20 billion, a price-to-earnings ratio of 23.15, a PEG ratio of 1.76 and a beta of 1.11. The firm has a 50-day simple moving average of $771.96 and a two-hundred day simple moving average of $741.26. W.W. Grainger has a one year low of $534.01 and a one year high of $841.00. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.69 and a current ratio of 2.85. Read more …
Costco Wholesale (NASDAQ:COST) was downgraded by stock analysts at Northcoast Research from a “buy” rating to a “neutral” rating in a report released on Wednesday, Marketbeat reports. They currently have a $620.00 target price on the retailer’s stock. Northcoast Research’s price objective points to a potential downside of 6.79% from the stock’s current price.
A number of other research firms have also recently commented on COST. Oppenheimer increased their price target on shares of Costco Wholesale from $630.00 to $675.00 and gave the company an “outperform” rating in a report on Wednesday, December 13th. Deutsche Bank Aktiengesellschaft raised their price target on Costco Wholesale from $651.00 to $652.00 and gave the company a “buy” rating in a report on Wednesday, September 27th. Argus lifted their price target on shares of Costco Wholesale from $630.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 29th. JPMorgan Chase & Co. decreased their target price on Costco Wholesale from $620.00 to $605.00 and set an “overweight” rating on the stock in a research report on Thursday, November 2nd. Finally, Roth Mkm boosted their target price on Costco Wholesale from $482.00 to $502.00 and gave the company a “neutral” rating in a research report on Wednesday, September 27th. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $626.88. Read more …
Stephens downgraded shares of U.S. Bancorp (NYSE:USB) from an overweight rating to an equal weight rating in a report issued on Wednesday, MarketBeat reports.
A number of other brokerages also recently issued reports on USB. The Goldman Sachs Group upped their price objective on U.S. Bancorp from $37.00 to $42.00 and gave the company a neutral rating in a research report on Tuesday. Odeon Capital Group upgraded U.S. Bancorp from a hold rating to a buy rating and set a $48.93 price objective on the stock in a research report on Thursday, December 14th. Jefferies Financial Group decreased their price objective on U.S. Bancorp from $36.00 to $31.00 in a research report on Tuesday, October 10th. Robert W. Baird downgraded U.S. Bancorp from an outperform rating to a neutral rating and set a $52.00 price objective on the stock. in a research report on Friday, December 15th. Finally, Bank of America decreased their price target on U.S. Bancorp from $45.00 to $40.00 in a research note on Tuesday, October 10th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, U.S. Bancorp has a consensus rating of Hold and an average price target of $45.76. Read more …
Toronto-Dominion Bank (TSE:TD) (NYSE:TD) was downgraded by stock analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a report issued on Wednesday, BayStreet.CA reports. They presently have a C$86.00 price objective on the stock, down from their previous price objective of C$95.00. Scotiabank’s price objective suggests a potential upside of 1.49% from the company’s current price.
A number of other research firms also recently weighed in on TD. Cormark cut their price target on shares of Toronto-Dominion Bank from C$96.00 to C$95.00 and set a “buy” rating on the stock in a report on Friday, August 25th. CSFB set a C$93.00 price objective on shares of Toronto-Dominion Bank and gave the company an “outperform” rating in a research note on Tuesday, September 12th. Keefe, Bruyette & Woods reduced their price target on shares of Toronto-Dominion Bank from C$95.00 to C$94.00 and set an “outperform” rating on the stock in a research report on Thursday, November 23rd. Credit Suisse Group reduced their target price on shares of Toronto-Dominion Bank from C$93.00 to C$92.00 in a research report on Friday, August 25th. Finally, Canaccord Genuity Group set a C$94.00 price objective on Toronto-Dominion Bank and gave the stock a “buy” rating in a research report on Monday. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Toronto-Dominion Bank currently has an average rating of “Moderate Buy” and a consensus target price of C$90.68. Read more …
TD Cowen's John Kernan downgraded their rating on Nike (NYSE: NKE) from Buy to Hold on 2023/12/22. The analyst also lowered their price target by 19.4% from $129 to $104.
In a report summing up Nike's Q2 2024 earnings, Kernan expressed concerns about the company's performance and competition. Kernan stated, "the results were a sign that the Street's profit estimates were too high for Adidas [traded on the DAX] and other competitors like Vans and Under Armour."
Looking ahead, management at Nike highlighted their focus on "newness and innovation" to attract hesitant shoppers. They emphasized that despite the prevalence of promotional pricing on shoes, interest in their sneakers priced over $100 remains strong. Additionally, Nike sees potential for profit growth through expanding its Jordan brand beyond basketball and shoes.
However, Kernan remained unconvinced, stating that Nike needs to improve its marketing efforts beyond basketball, streetwear, and lifestyle trends. Kernan argued that "innovation at the higher end of its assortment is not resonating at scale" while facing disruption from smaller competitors in the footwear and apparel market. The analyst further warned that moving the Jordan brand into lower price points and away from a scarcity model could jeopardize the fastest-growing segment of Nike's business. Read more …
Archive of Upgrades and Downgrades
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