RingCentral Inc. (NYSE: RNG): Piper Sandler cut its Overweight rating to Neutral with a $39 target price. The consensus target is higher at $52.54. The stock was last seen on Tuesday trading at $36.50.
Shake Shack Inc. (NYSE: SHAK): Morgan Stanley’s downgrade to Underweight from Equal Weight included a price target trim to $47 from $50. The consensus target is $53.22. The stock closed almost 3% higher on Tuesday at $57.79 despite the downgrade as the corporate metrics have remained outstanding.
Valero Energy Corp. (NYSE: VLO): The BMO Capital Markets upgrade was to Outperform from Market Perform. The analyst also raised the $135 target price to $160, well above the $147.93 consensus target. The shares closed at $137.61 on Tuesday.
Vertex Pharmaceuticals Inc. (NASDAQ: VRTX): SVB Leerink upgraded the stock to Outperform from Market Perform. Its $374 target price is well above the $327.40 consensus target. Tuesday’s closing print of $311.98 was up close to 4% on the day, likely on the upgrade.
Wayfair Inc. (NYSE: W): Morgan Stanley upgraded the stock to Equal Weight from Underweight and nudged its $30 target price up to $35. The consensus target is higher at $47.24. The shares closed on Tuesday at $43.02.
Wendy’s Co. (NASDAQ: WEN): The downgrade at Deutsche Bank was from Buy to Hold with a $3 target price. The consensus target is $24.76. The last trade on Tuesday was served at $22.82 a share.
Werner Enterprises Inc. (NASDAQ: WERN): A double upgrade at BofA Securities took the rating from Underperform to Buy. The $50 target price tops the $46.88 consensus target. The stock’s $44.22 close on Tuesday was up close to 3% for the day on the strong upgrade.
Workday Inc. (NASDAQ: WDAY): Guggenheim downgraded the stock from Neutral to Sell with a $142 target price. The consensus target is up at $201.71. Tuesday’s close was at $166.69.
World Wrestling Entertainment Inc. (NYSE: WWE): Wells Fargo’s upgrade to Equal Weight from Underweight included a big hike in the price target, from $52 to $100. The consensus target is just $86.82, and Tuesday’s close was at $89.66.
Six top Goldman Sachs stock picks offer dependable dividends and should outperform if the economy sees a soft landing. Financial stocks dominate the list, as they tend to benefit when interest rates are higher.
Tuesday’s top analyst upgrades and downgrades included Carrier Global, Caterpillar, D.R. Horton, Lockheed Martin, Mosaic, Netflix, Raytheon Technologies, Salesforce, Wendy’s and Workday.
Originally published at 24/7 Wall St.
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