Check out today's top analyst calls from around Wall Street, compiled by The Fly.
CANACCORD BOOSTS TESLA TARGET TO STREET-HIGH $515: Canaccord analyst Jed Dorsheimer raised his price target on Tesla (TSLA) to $515 from $375 as he believes the tend toward electrification will only accelerate in 2020. The analyst noted the company is expected to announce its delivery numbers for Q4 next week and anticipates the numbers will be above the guidance of 360,000 units. Dorsheimer reiterated his Buy rating on Tesla shares.
EVERCORE CUTS FORD TO UNDERPERFORM: Evercore ISI analyst Chris McNally downgraded Ford (F) to Underperform from In Line. In a research note to investors, McNally, who also downgraded Renault (RNSDF), said that in 2020, the "weak will likely get weaker" in 2020 and the strong OEMs/suppliers may start to dominate. The analyst said he continues to see continued or increasing struggles for Ford and Renault, and expects Ford's 2020 to be the definition of "muddle through." Longer term, he said risks remain in both EU and China, where Ford's market position remains significantly weaker than it does in the U.S. truck market and said Ford could see 2020 downside towards $7 if NA EBIT is weak enough to require an EPS cut closer to $1 and a potential trimming of the dividend.
CITI DOWNGRADES UPWORK TO NEUTRAL: Citi analyst Hao Yan downgraded Upwork (UPWK) to Neutral from Buy with a price target of $12, down from $23. The analyst cites the stock coming under pressure since the company's Q3 results amid a weaker growth outlook and believes that a Neutral rating with a "high risk" classification is warranted because of the sector re-rating, recent CEO departure, regulatory overhand, and decelerating Gross Services Volume.
WELLS FARGO CUTS SIGNET TO UNDERWEIGHT: Wells Fargo analyst Ike Boruchow downgraded Signet Jewelers (SIG) to Underweight from Equal Weight with a price target of $12, down from $16, as part of a broader research note on retailers and specialty softlines. The analyst said the retail group had a "very challenging" 2019 due to a confluence of factors including tariff concerns and tough compares, adding that Signet's core business continues to struggle, with credit remaining an overhang.
WELLS FARGO SAYS BUY CAPRI, G-III, DESIGNER BRANDS: Capri Holdings (CPRI), G-III Apparel (GIII), and Designer Brands (DBI) were upgraded to Overweight from Equal Weight by Wells Fargo analysts Ike Boruchow, Matthew Gulmi, and Tom Nikic. Capri Holdings was upgraded to Overweight with a price target of $47, up from $35. G-III Apparel was upgraded to Overweight from Equal Weight with a price target of $42, up from $27. Designer Brands was upgraded to Overweight from Equal Weight with a price target of $20, up from $16. While the analysts said the retail group had a "very challenging" 2019 due to a confluence of factors including tariff concerns and tough compares, looking to 2020, they have reasons to believe that fundamentals can stabilize or improve and see an opportunity for some "reversion to the mean" over the next 6-12 months. The analysts added that they see the opportunity for investors to "play offense," especially in early 2020, by coming back to some of the beaten-down names.
Tesla
+5.64 (+1.35%)
Ford
-0.065 (-0.70%)
Renault
+ (+0.00%)
Upwork
-0.18 (-1.69%)
Signet Jewelers
-3.12 (-14.36%)
Capri Holdings
+0.36 (+0.94%)
G-III Apparel
+0.065 (+0.19%)
Designer Brands
+0.11 (+0.70%)