Stocks were indicated to open slightly lower on Wednesday after Tuesday’s equity trading recovered handily off of the lows. All eyes will be Federal Reserve Chair Jerome Powell’s words on Wednesday with hints and pointers on when the market should really expect its first interest rate cut. The S&P, Dow Jones industrials and Nasdaq are all very close to all-time highs and this bull market is well over 10 years old. This is a time when investors have to be considering exactly how they want their portfolios and assets positioned for the second half of 2019 and beyond.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new ideas for traders and long-term investors alike. Some of the daily analyst calls cover stocks to buy. Other calls cover stocks to sell or to avoid.
We have provided these calls in a quick-hit summary for easy reading, and additional comments and trading data have been added on some of the calls. The consensus analyst price targets and other valuation metrics are from the Refinitiv (Thomson Reuters) sell-side research service.
These are the top analyst upgrades, downgrades and initiations on Wednesday, July 10, 2019.
Acacia Communications Inc. (NASDAQ: ACIA) was up 35% to $64.91 after news that Cisco is acquiring the company. Now the downgrades are coming as the deal realizes the full value. Acacia was downgraded to Neutral from Buy at UBS, and Piper Jaffray also downgraded it to Neutral from Overweight now that the deal has been announced.
Arcos Dorados Holdings Inc. (NYSE: ARCO) was started with an Overweight rating and assigned an $8.50 price target at JPMorgan.
Baidu Inc. (NASDAQ: BIDU) was maintained as Overweight at KeyBanc Capital markets, but the firm lowered its target to $160 from