Stock analysts were busy in this final week of 2020 with downgrades and price-target changes.
Barclays analyst Gena Wang slashed her rating to equal weight from overweight and lowered her price target to $46 from $68. Baird analyst Madhu Kumar lowered his rating on Arcturus to neutral from outperform and reduced his price target to $69 from $79.
Raymond James analyst Steven Seedhouse trimmed his rating to market perform from outperform. He has no price target.
Alibaba (BABA) – Get Report had its price target cut by Baird analyst Colin Sebastian to $285 from $325 as China’s government investigates the internet titan on antitrust grounds. The analyst maintained his outperform rating on the stock.
Advanced Micro Devices (AMD) – Get Report, Lam Research (LCRX) , Qualcomm (QCOM) – Get Report and other chipmakers got a boost as Mizuho Securities raised price targets for more than a couple dozen semiconductor companies. The firm is forecasting bullish trends for the industry in 2021..
Photo-focused-app maker Snap (SNAP) – Get Report had its target price raised by $23 to $70 per share by Goldman Sachs analyst Heath Terry. The analyst said “a number of tech innovations and product partnerships” that could accelerate revenue growth beyond Street forecasts.
Nikola (NKLA) – Get Report had its price target lowered to $35 a share from $40 by analysts at J.P. Morgan. Analyst Paul Coster said he saw execution risks for the company associated with a “tarnished brand” after General Motors (GM) – Get Report decided in November to sign a memorandum of understanding with the company that was smaller in scale than investors had previously expected.
Alphabet’s (GOOGL) – Get Report share-price target was boosted to $2,000 from $1,725 by an analyst at Robert W. Baird & Co., who saw positive signs in the latter part of 2020 and favorable indications for the new year.