Downgrades and Target Lifts Dominate Monday Calls

Xcel Energy is the sharpest downgrade of the session. The utility was cut to a lower rating from the consensus view. Its short interest sits at 8.2% of free float. Short availability is extremely loose at 1,425%, meaning bears have no trouble finding stock to borrow at just 0.47% cost.

UBS drove the bulk of upgrade activity. The bank lifted targets on Mastercard from $670 to $750, raised Altria from $79 to $83, and nudged Waste Management to $280, all while keeping Buy ratings intact. The Mastercard move is the largest in dollar terms.

Howmet Aerospace took an unusual step back. Its consensus target slipped to $306.75 from $323.90. Howmet, which supplies aerospace fasteners and structures, is an index rebalance name to watch. ORTEX Index Rebalance Radar flags Textron at a 71% probability of MSCI World deletion, with the announcement due 11 November. Textron itself saw its UBS target raised to $94 from $86.

Republic Services also drew a meaningful target lift, with the consensus moving to $253 from $244. Regeneron and AbbVie both received upward consensus target revisions. Regeneron's new average stands at $924, up from $869.

Freedom Broker upgraded both Mondelez and Nucor to Buy, while cutting Intel to Hold from Buy, trimming its target to $90 from $100.