Amgen Draws Three Upgrades, Vistra Cut

Amgen dominated Wednesday's analyst activity. Three separate firms raised their price targets on the biotech giant in the same session. RBC Capital moved its target to $470 from $430. Wells Fargo went to $460 from $430. Truist Securities lifted to $398 from $380. All three kept Hold or Buy ratings. The $249B company carries short interest of just 2.4% of free float, so bears are not pushing back against the bullish calls.

The session's most notable negative action hit Vistra Corp., the power and energy company. Keybanc downgraded the stock from Buy to Hold. No new price target was provided. Vistra has a $47B market cap and short interest of 3.3% of free float. The downgrade stands out given the stock has been a consensus buy among utilities analysts for most of the year.

Advanced Micro Devices got split treatment. Truist lifted its target to $605 from $594, keeping a Buy rating. RBC kept its Hold and left its $540 target unchanged. AMD has a $790B market cap.

Lockheed Martin received a fresh Buy initiation from Guggenheim with a $735 price target. The defence name has 12 Holds against just one Buy in the broader consensus, making Guggenheim an outlier. AMETEK also got a target lift from RBC to $308 from $291.