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Top Analyst Upgrades and Downgrades from July 29, 2019

Aflac Inc. (NYSE: AFL) was downgraded to Outperform from Strong Buy with a $62 target price at Raymond James.

Anheuser-Busch InBev S.A./NV (NYSE: BUD) was raised to Buy from Neutral at Merrill Lynch, with the firm calling it a stock in a continually improving macro-environment and one that offers investors growth at a reasonable valuation.

Apple Inc. (NASDAQ: AAPL) was reiterated as Buy and the price target was raised to $235 from $225 at UBS. Shares closed at $207.74, in a 52-week range of $142.00 to $233.47. The consensus target price is $213.53.

Applied Optoelectronics Inc. (NASDAQ: AAOI) was started with a Neutral rating and assigned an $11 price target at JPMorgan.

Chipotle Mexican Grill Inc. (NYSE: CMG) was started with a Buy rating and assigned a $1,000 target price at Goldman Sachs.

Coca-Cola Co. (NYSE: KO) was started with a Buy rating at Atlantic Equities. Shares closed at $54.17, in a 52-week range of $44.25 to $54.82. The consensus target price is $56.70.

Dell Technologies Inc. (NYSE: DELL) was started with an Outperform rating and assigned a $68 target price at Wells Fargo.

Dish Network Corp. (NASDAQ: DISH) was downgraded to Underweight from Equal Weight with a $31 price target at Barclays.

Domino’s Pizza Inc. (NYSE: DPZ) was started with a Sell rating at Deutsche Bank based on competition from third-party delivery aggregators increasing the competitive pressure over the coming years. Goldman Sachs started the stock with a Neutral rating.

Dow Inc. (NYSE: DOW) was downgraded to Neutral from Positive at Susquehanna, and Citigroup downgraded it to Neutral from Buy. Dow shares closed down 3.3% at $49.11 on Friday and were indicated down around $48.50 on Monday.

Eastman Chemical Co. (NYSE: EMN) was downgraded to Neutral from Overweight at JPMorgan.

Ellington Residential Mortgage REIT (NYSE: EARN) was raised to Market Outperform from Market Perform with a $12.50 price target at JMP Securities.

Gilead Sciences Inc. (NASDAQ: GILD) was raised to Top Pick status with an Outperform rating at RBC Capital Markets.

Jack in the Box Inc. (NASDAQ: JACK) was started with a Sell rating and assigned a $69 price target at Goldman Sacks.

McDonald’s Corp. (NYSE: MCD) was started with a Buy rating and assigned a $250 target price at Goldman Sachs. Also, Stephens reiterated its Overweight rating and raised its target price to $230 from $240. Shares closed at $215.58, in a 52-week range of $153.13 to $218.96. The consensus target price is $225.46.

NuVasive Inc. (NASDAQ: NUVA) was downgraded to Neutral from Outperform with a $66 target price at Robert W. Baird.

PepsiCo Inc. (NYSE: PEP) was started with a Buy rating at Atlantic Equities. Shares closed at $131.22, in a 52-week range of $104.53 to $135.24. The consensus target price is $133.85.

Public Service Enterprise Group Inc. (NYSE: PEG), or PSE&G, was downgraded to Neutral from Buy at Citigroup.

ResMed Inc. (NYSE: RMD) was raised to Buy from Neutral and the target price was raised to $140 from $122 at UBS. Goldman Sachs also raised its rating on the stock to Buy from Neutral.

Shake Shack Inc. (NYSE: SHAK) was started with a Buy rating and assigned a $95 target price at Goldman Sachs.

SM Energy Co. (NYSE: SM) was started with a Hold rating at Jefferies.

Spirit Airlines Inc. (NYSE: SAVE) was downgraded to Neutral from Outperform at Macquarie.

Starbucks Corp. (NASDAQ: SBUX) was started with a Buy rating and assigned a $110 target price at Goldman Sachs. Robert W. Baird downgraded it to Neutral from Outperform, and JPMorgan downgraded it to Neutral from Overweight. UBS reiterated its Neutral rating on Starbucks but raised its target to $95 from $78. Shares closed at $99.11, in a 52-week range of $51.20 to $99.72. The consensus target price is $92.69.

Wendy’s Co. (NASDAQ: WEN) was started with a Sell rating and assigned a $17.50 price target at Goldman Sacks.

Yum! Brands Inc. (NYSE: YUM) was started with a Neutral rating at Goldman Sachs.

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