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Thursday’s Top Upgrades and Downgrades: NVIDIA Corporation (NVDA), Zumiez Inc. (ZUMZ), UBS Group AG (USA) (UBS), FedEx Corporation (FDX)

Wall Street has been busy today as analysts have weighed in on their favorite stocks. Here are the most notable analyst upgrades and downgrades:

NVIDIA Corporation

Jefferies analyst Mark Lipacis upgraded his rating on NVIDIA Corporation (NASDAQ:NVDA) from Hold to Buy and raised his price target from $23 to $30, representing a 29.8% potential upside from where the stock last closed. The analyst notes, “Long term, 2/3rds of NVDA revs are exposed to secular growth trends in PC gaming (56% of revs); Auto (6%) and Accelerated Computing in the Cloud (6%). Near term, we think NVDA benefits from a PC restock, and view it as an option on the nascent Virtual/Augmented Reality (VR/AR) market, with the potential for P/E expansion as Oculus, HTC and Microsoft ship products starting in 1Q16.”

Click here to view Mark Lipacis’s rating history and performance.

Zumiez Inc.

Richard Jaffe of Stifel Nicholaus upgraded his rating on Zumiez Inc. (NASDAQ:ZUMZ) to a Buy with a price target of $18, marking a 20.9% potential upside from where shares last closed. The analyst reasons his upgrade to his belief that the recent sell-off of the company was an overreaction by investors and that the company’s brand loyalty will likely drive long-term growth. He notes, “Our outlook has grown more positive due to our recent social media trends report which suggested Zumiez is the most favored retailer among the brands we evaluated.”

Click here to view Richard Jaffe’s rating history and performance.

UBS Group AG (USA)

Nomura Securities analyst Jon Peace downgraded his rating on UBS Group AG (USA) (NYSE:UBS) from Buy to Neutral, citing that he sees more upside from rival company Credit Suisse. He notes, “Although we think UBS has the best model, we also think this is most reflected in the price. We see limited near-term prospects of EPS upgrades (tax recoveries already being factored in), dividend payout upgrades (consensus c70%) or higher multiple (trading near post-crisis highs) and with just c10% potential upside to our target price we downgrade to Neutral on valuation.”

FedEx Corporation

Tom Kim of Goldman Sachs downgraded his rating on FedEx Corporation (NYSE:FDX) from Conviction Buy to Buy and slashed his price target from $214 to $184, representing a 22.9% potential upside from where shares last closed. In the analyst’s view, “Buy-rated FDX’s stock still offers an attractive value proposition for shareholders. The stock is trading at only 14.1x FY16E P/E and 5.9x EV/EBITDA despite having among the highest EPS growth prospects within our Transportation coverage. Even after trimming our estimates to reflect higher Ground opex and lower LTL volumes, we expect FDX to generate 18% EPS growth in FY16.”

Click here to view Tom Kim’s rating history and performance.