XAutoplay: On | Off Analyst actions on Thursday included price-target changes for Snap (SNAP) and Nvidia (NVDA), an upgrade for Caterpillar (CAT) and a downgrade for Chinese social media company YY (YY).
Barclays lowered its price target for the social media company to 18 from 24, keeping an equal weight rating, after Snap missed first-quarter estimates as average revenue per user fell sequentially.
Analyst Ross Sandler said that its addition of 7 million daily active users didn’t convincingly disprove that “Facebook (FB) is crushing Snapchat.”
Meanwhile, Jefferies analyst Brian Fitzgerald kept a buy rating on Snap and 30 price target, noting that user engagement increased to an average of 30-plus minutes per day.
Shares of Snap tumbled 21.45% to 18.05 on the stock market today. Snap fell as low as 17.59, a post-IPO trading low and not far above its 17 IPO price.
IBD’S TAKE: Few recent IPOs have attracted nearly as much attention as Snap, but four new issues with higher ratings report earnings on Thursday, including Trade Desk and Ichor. Make sure to get your Investing Action Plan from IBD before every session.
BofA/Merrill Lynch upgraded the Dow Jones industrial average component construction equipment maker to buy from neutral, hiking its price target to 120 from 105. Analyst Ross Gilardi cited improving retail sales trends and sees potential for another big earnings surprise in Q2, as well as a possible dividend hike.
Caterpillar shares have pulled back after jumping on Q1 earnings but remain in a buy zone above 97.40. Caterpillar climbed 0.8% to 101.14.
Loop Capital raised its price target for the graphics chip maker to 137 from 129, keeping a buy rating, after the company’s analyst day on the heels of its Q1 earnings beat. Analyst Betsy Van Hees touted Nvidia’s diversification into artificial intelligence, automotive and data center markets.
Shares of Nvidia rose 4.3% to 126.50, closing just within buy range of 121.02 entry after soaring to 130.43 intraday. Nvidia gapped up 17.8% to 121.29 on Wednesday.
JPMorgan downgraded the Chinese social media firm to neutral from overweight, while raising its price target 60 from 56, citing the stock’s rise in the lead-up to Wednesday’s earnings report that beat estimates.
Shares of YY sank 1.4% to 53.97 after retreating to 51.15 intraday. YY stock fell 0.4% on Wednesday after an intraday tumble.
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