There has been a lot of activity on Wall Street today, with analysts commenting on countless stocks. Below are the most notable analyst upgrades and downgrades made today.
Avago Technologies Ltd
JMP Securities analyst Alex Gauna upgraded his rating on Avago Technologies (NASDAQ:AVGO) from Market Perform to Market Outperform with a price target of $165, representing a 27.7% potential upside from where the stock last closed. The analyst reasoned his upgrade with his belief that Avago is well positioned for growth from potential iPhone sales due to being a supplier of Apple’s. Gauna believes future sales of the iPhone 6s and next year’s iPhone 7 will expand Avago’s market.
Cantor Fitzgerald analyst Youssef Squali downgraded his rating on eBay Inc (NASDAQ:EBAY) from Buy to Hold and slashed his price target from $72 to $27, marking a 2.4% potential upside from where shares last closed. The analyst attributes his downgrade to the fact that the company’s spin-off of PayPal is officially complete. He notes, “While management appears to have succeeded in stabilizing Marketplaces, its turnaround remains a work-in-progress as evidenced by July and August’s SSS data, which suggests low- to mid-single-digit Y/Y growth, far behind ecommerce’s 15-20%.”
Bank of America Corp
Wells Fargo analyst Matthew Burnell upgraded his rating on Bank of America Corp (NYSE:BAC) from Market Perform to Outperform after the company confirmed that the Federal Reserve Board and the Office of the Comptroller of the Currency have granted permission for Bank of America and its national partner banks to begin using the Advanced approaches capital framework in an effort to regulate risk-based capital requirements in the fourth quarter of 2015.
Dollar Tree, Inc.
Edward Kelly of Credit Suisse downgraded his rating on Dollar Tree, Inc. (NASDAQ:DLTR) from Neutral to Underperform with a $60 price target, representing a potential downside of 12.7% from where shares last closed. The analyst notes, “We remain cautious on DLTR’s acquisition of FDO given concerns about execution risk, management’s ability to turn around this perennially poor performing asset, and its overall strategic fit.” Kelly continued, “While the stock has pulled back recently on disappointing FDO results and slowing core DLTR momentum, we believe further downside is likely.”