Analysts Upgrades & Downgrades: UBS, AAP, ADTN, AMAP, ONNN, GRMN, WAG, PLOW
Thursday, January 19, 2022 10:31 AM



As the US stock indexes trade higher on better-than-forecast results from Bank of America, a drop in jobless claims and good demand at European bond auctions, several stocks were either upgraded or downgraded by analysts and rating agencies. Some notable stocks are discussed here.

UBS AG (NYSE: UBS) has been upgraded by analyst at Morgan Stanley to overweight from equal weight. The firm said that it expects to see a cleaner balance sheet from the bank in 2012. The broker said the European Central Bank's move to decrease systemic risk should help UBS sell its non-European legacy assets more effectively. UBS is trading sharply higher by 5.39 percent to $13.29 a share in the initial hour of trading on Thursday.

Advanced Auto Parts Inc. (NYSE: AAP) has been upgraded by analysts at Credit Suisse to outperform from neutral with a raised price target of $80 a share. The previous price target on the stock was $70 per share. The firm said in a research note that the stock is not pricing in solid earnings momentum. AAP is trading higher by 1.39 percent to $74.65 a share.

ADTRAN Inc. (Nasdaq: ADTN) has been downgraded by analysts at Needham brokerage firm to hold from buy. The firm said in a note that the company faces multiple potential growth headwinds. ADTN is down 0.74 percent to $33.73 a share.

AutoNavi Holdings Ltd. (Nasdaq: AMAP) has been downgraded by analysts at Jefferies brokerage firm to hold from buy with a price target of $12 a share. Jefferies said that the downgrade is due to business in transition for AutoNavi. AMAP is down 1.81 percent to $11.41 a share.

Analyst at UBS has upgraded the stock rating of ON Semiconductor Corporation (Nasdaq: ONNN) to buy from neutral with a raised price target of $11 per share. ONNN is trading higher by 3.55 percent to $9.04 a share.

Analysts at Canaccord Genuity has upgraded the stock rating of Garmin Ltd. (Nasdaq: GRMN) to buy from hold. The firm also raised the price target to $47.50 per share from $37 per share. In its note the firm said, “We believe that GRMN’s core PND business is only a couple of quarters away from troughing and see the other businesses providing good earnings power...Non-Auto/Mobile segments continue to grow despite global recessionary pressures and underline GRMN’s strengths of rapid product cycle and innovations in niche markets.” GRMN is up 1.68 percent to $41.79 a share.

Walgreen Company (NYSE: WAG) has been downgraded by analyst at Goldman Sachs to neutral from buy. The firm also lowered its price target to $35 a share, down from $38 a share. The firm said that the downgrade is a valuation call. WAG is down 1.19 percent to $33.35 a share.

Douglas Dynamics Inc. (NYSE: PLOW) has been downgraded by analysts at Oppenheimer to perform from outperform. The firm said that it has downgraded the stock and also removed its $17 price target after recent channel checks and an abnormally mild winter so far across the US. PLOW is down 2.92 percent to $13.61 a share on Thursday.

 

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