RingCentral Inc. (NYSE: RNG): Craig Hallum downgraded the stock from Buy to Hold with a $38 target price. The consensus target is higher at $46.75 for now. Shares tumbled 18% on Tuesday to close at $31.81. Though it topped estimates, guidance was disappointing.
Sage Therapeutics Inc. (NASDAQ: SAGE): Goldman Sachs downgraded the stock from Buy to Neutral with a $22 target price. The consensus target is $40.76 for now. Tuesday’s $18.93 close was a one-day gain of 13% gain, a recovery from after a stunning drop on Monday when the FDA rejected a treatment for major depressive disorder from Sage and its partner Biogen.
Skyworks Solutions Inc. (NASDAQ: SWKS): Stifel reiterated a Buy rating and has a $130 target price. The $120.20 consensus target is closer to Tuesday’s close at $108.76.
Telephone and Data Systems Inc. (NYSE: TDS): J.P. Morgan upgraded the stock from Neutral to Overweight and has a $38 target price. The consensus target is just $15.50. Tuesday’s $17.00 closing share price was up 29% on the potential for the U.S. Cellular transaction.
United States Cellular Corp. (NYSE: USM): J.P. Morgan upgraded the stock from Neutral to Overweight. Its $52 target price towers over the $24 consensus target. Shares ended Tuesday 23% higher at $38.43 despite earnings that missed estimates. Growth in tower revenue was cited for the big move, and the fact that executives are shopping the company was a massive lift.
Walmart Inc. (NYSE: WMT): Oppenheimer reiterated an Outperform rating. Its $175 target price compares with the $171.44 consensus target and Tuesday’s closing print of $160.65.
Westlake Corp. (NYSE: WLK): When J.P. Morgan downgraded the shares to Underweight from Neutral, its $120 target price rose to $123. The consensus target is $118.13. The stock closed on Tuesday at $132.59.
Willis Towers Watson PLC (NYSE: WTW): The BMO Capital Markets downgrade to Underperform from Market Perform included a target price cut to $205 from $230. The consensus target is $248.41 for now. Tuesday’s $203.44 close down almost 4% for the day on the downgrade.
Moody’s has downgraded a number of smaller and regional banks, but five mega-cap financial giants will likely weather the storm. They have the most assets, posted stellar second-quarter results and pay dependable dividends.
Tuesday’s top analyst upgrades and downgrades included Cloudflare, Datadog, Dish Network, DraftKings, Fortinet, MGM Resorts, PG&E, Rocket Companies, Southwest Airlines, United Airlines, Wayfair and XPO.
Originally published at 24/7 Wall St.
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