Cisco Systems landed the day's most eye-catching upgrade. HSBC analyst Stephen Bersey lifted his rating from Hold to Buy. His price target jumped to $137 — up 78% from his prior $77 call. The $456 billion networking giant carries just 1.6% short interest, suggesting bears are already light.
Applied Materials drew two bullish target lifts in quick succession. JP Morgan's Harlan Sur raised his target to $515 from $400. The consensus average climbed to $502 from $447. The chipmaking equipment giant has a market cap of $350 billion.
The session's sharpest downgrade hit Workday. BWG Global cut the enterprise software firm from Hold to Sell. Short sellers already show some conviction — SI sits at 13.5% of free float. That is well above peers in the software space.
Solventum drew fresh attention from Wedbush. Analyst Michael Piccolo initiated coverage with a Buy rating and a $94 target. The healthcare spinoff from 3M is now covered by 13 analysts.
Target and PG&E also saw JP Morgan adjust targets. Target's TP moved up to $129. PG&E's was trimmed to $23 from $24.
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