Stocks were set to take a breather on Friday after Thursday’s post-Fed rate cut move significantly higher. The Federal Reserve’s 50 basis point cut on Fed Funds is expected to be the first of multiple rate cuts and the cycle is expected to run into 2025. Investors and traders alike are continuing to look for new ideas to be positioned for the coming months and into 2025 for lower interest rates. Tactical Bulls searches the daily flow of analyst calls covering the upgrades and downgrades from Wall Street looking for new ideas in Wall Street research reports.

Analyst calls can be a reliable source for finding some of those new ideas that might have otherwise been overlooked or missed. Long-term investors get a picture of new buy, sell and hold ratings with targets looking a year out. Short-term traders get a glimpse of immediate price reactions to news and to the analyst calls.

Tactical Bulls always reminds its readers and all investors that no single analyst report should ever be used as the sole reason to buy or sell a stock. The decision to buy, sell or hold needs to be made by each investor along with their financial advisor.

These are some of the top analyst upgrades and downgrades seen on Friday, September 20, 2024.

Advanced Energy Industries, Inc. (NASDAQ: AEIS) was started with an Outperform rating and was assigned a $128 price target (versus $101.76 prior close) at R.W. Baird.

AGNC Investment Corp. (NASDAQ: AGNC) was raised to Overweight from Equal Weight at Morgan Stanley, and the high-yield MBS REIT saw its price target raised to $12 from $10 in the call. AGNC closed down 0.9% at $10.56 on Thursday and its 52-week range is $6.81 to $10.85.

American Healthcare REIT, Inc. (NYSE: AHR) was reiterated with a Market Outperform rating and its price target was raised to $30 from $18 at JMP Securities. KeyBanc Capital Markets reiterated its Overweight rating and raised its price target to $28 form $27. AHR shares closed up 3.6% at $25.41 the prior day but this was just under $20 a month earlier.

American Water Works Inc. (NYSE: AWK) was reinstated as Underperform but its prior $140 price objective was raised to $149 at BofA Securities, noting that the relative P/E valuation versus peers is unjustified. Its shares closed at $149.08 ahead of the call and the 52-week range is $113.34 to $150.68.

Amkor Technology, Inc. (NASDAQ: AMKR) was started with an Overweight rating and was assigned a $38 price target (versus $31.65 close) at KeyBanc Capital Markets.

CyberArk Software Ltd. (NASDAQ: CYBR) was started with an Outperform rating with a $328 target price (versus $271.23 prior close) at RBC Capital Markets. CyberArk shares closed up 1.2% at $271.23 ahead of the call and the stock was up about 0.3% at $272.00 in early trading indications.

Darden Restaurants, Inc. (NYSE: DRI) closed up 8.2% at $172.27 on almost triple the normal volume after earnings. Evercore ISI raised Darden to Outperform from In-Line and raised its price target to $205 from $165. Morgan Stanley maintained its Overweight rating and raised its target to $188 from $175. Darden was downgraded to Market Perform from Outperform and its price target was cut to $180 from $190 at Bernstein. TD Cowen reiterated its Hold rating but raised its price target to $165 from $150, and Stephens maintained its Equal Weight rating while raising its target to $164 from $159. BofA Securities reiterated its Buy rating and raised its price objective to $195 from $184. Wedbush Securities reiterated its Outperform rating and raised its target to $200 from $170.

DoubleVerify Holdings, Inc. (NYSE: DV) was maintained with a Buy rating but its price target was cut to $22 from $33 at Needham & Co., similar to a Truist Securities call a day earlier maintaining the Buy rating but cutting the target to $26 from $32. DoubleVerify closed at $17.23 ahead of the call and its 52-week range is $16.93 to $43.00.

Duolingo, Inc. (NASDAQ: DUOL) was reiterated with a Buy rating and its price objective was raised to $292 from $245 (versus $264.00 prior close) at BofA Securities in its Small/Midcap update on rate-sensitive names.

Essential Utilities, Inc. (NYSE: WTRG) was reinstated with a Buy rating Buy (previously Neutral) with a $45 price objective (versus $38.32 prior close) at BofA Securities, noting that the conglomerate discount for its water and gas utilities is a discount that has gone too far.

ALSO READ: 10 UNUSUAL UPGRADES ON RATE-SENSITIVE STOCKS

FedEx Corporation (NYSE: FDX) was last seen trading down almost 13% at $261.50 (versus $300.39 close) after earnings and guidance. BofA Securities maintained its Buy rating but lowered it price objective to $308 from $345after noting the earnings miss and stalled B2B volumes. R.W. Baird maintained its Outperform rating but trimmed its price target to $320 from $340. Morgan Stanley maintained its Eual-Weight rating but lowered its price target to $200 from $215 in the call.

Intuitive Machines, Inc. (NASDAQ: LUNR) was up another 24% to $9.28 on Thursday after an even larger surge this week on NASA contract news. Intuitive Machines was reiterated as Buy and its price target as raised to $12 from $8 at B. Riley.

NIKE, Inc. (NYSE: NKE) previously closed at $80.98 but its shares were indicated up over 7% at $86.90 on news that CEO John Donahoe is out and will be replaced by former product executive Elliott Hill. R.W. Baird cheered the news and reiterated its Outperform rating while raising its target price to $110 from $100. Deutsche Bank has maintained its Buy rating but has kept its prior $92 target price the same.

Peloton Interactive, Inc. (NASDAQ: PTON) was maintained as Underperform but its price objective was raised to $3.75 from $3.25 (versus $4.75 prior close) at BofA Securities in its Small/Midcap update on rate-sensitive names.

ALSO READ: WHERE HISTORY SAYS THE MARKETS GO BASED ON THIS RATE CUT CYCLE

PepsiCo, Inc. (NYSE: PEP) was downgraded to Equal-Weight from Overweight but its $185 price target was maintained at Morgan Stanley, with the firm noting continued OSG weakness along with worse beverage market trends. PepsiCo shares closed down 0.3% at $174.66 ahead of the call and the stock was trading down 0.9% at $173.00 in early trading indications.

Rapid7, Inc. (NASDAQ: RPD) was downgraded to Sector Perform from Outperform and its price target was cut to $40 from $50 at RBC Capital Markets.

Redfin Corporation (NASDAQ: RDFN) was maintained as Underperform but its price objective was raised to $8.50 from $6.00 (vs. $13.25 close) at BofA Securities in its Small/Midcap update on rate-sensitive names.

RH (NYSE: RH) was reiterated with a Buy rating and its price objective was raised to $284 from $359 (versus $348.93 prior close) at BofA Securities in its Small/Midcap update on rate-sensitive names.

SJW Group (NYSE: SJW) was started with a Neutral rating and with a $65 price objective (versus $59.97 prior close) at BofA Securities.

ALSO READ: BofA’s TOP CYCLICAL PICKS AS LOWER INTEREST RATE WINNERS

Sunrun Inc. (NASDAQ: RUN) was reiterated as Overweight with a $35 price target at Morgan Stanley, with the firm saying its 84% gain in 6 months still has more room to run despite the termination of the RUN/COST sales partnership.

Zillow Group (NASDAQ: ZG) was maintained with a Neutral rating but its price objective was raised to $71 from $54 (vs. $65.79 prior close) at BofA Securities in its Small/Midcap update on rate-sensitive names.