Thursday's analyst calls: Apple gets another downgrade, Nike named a top pick

(CNBC Pro provided continuous updates and insights into analysts' opinions and market responses on Thursday. To catch all the latest developments, check this page every 20 to 30 minutes.)

Apple cannot seem to sway analysts to their favor as Piper Sandler reduces its rating on the tech powerhouse, following the second significant downgrade the firm has received this year. Despite a 4% drop in shares just as the year starts, there's some good news on the horizon as Barclays and Bernstein tagged Nike as a potential top selection due to speculation of a sharp recovery following a couple of challenging years. Stay tuned for more news and analysis updates below.

6:16 a.m. ET: JPMorgan raises the ranking of American Express from neutral to overweight. They consider it as a “safe haven” against vulnerable household finances. Richard Shane, writing a Thursday note to clients, says that lower and middle-income borrowers are feeling the pinch of exhausted pandemic savings and elevated inflation rates. He sees American Express offering investors relief from these pressures. He also indicated the company's successful performance and robust credit history have demonstrated its strong business model. JPMorgan also revised its price target to $205 a share. Shane predicts certain challenges for American Express, including the final ruling on Basel III and maintaining higher income spending.

Meanwhile, Capital One Financial’s rating was reduced to neutral from overweight due to its recent surge driven by positive credit commentary.

6:09 a.m. ET: Bernstein downgrades Analog Devices, citing its need to 'grow' into its new valuation. Stacy Rasgon, the analyst, demotes his rating of the company from outperform to market perform. Amid the analog industry’s reshuffling, valuation issues have emerged for the company. Despite various cuts, he notes that many stocks may necessitate time to expand into multiples.

5:43 a.m. ET: Piper Sandler downgrades Apple due to valuation and handset concerns. Harsh Kumar, the analyst, lowers his rating on Apple from overweight to neutral due to fears over handset inventories and growth rates. With several legal battles looming for Apple, Kumar foresees several potential hurdles for the company this year. Given this forecast, Kumar trims Piper Sandler's price target on the shares to $205 from $220.

5:42 a.m. ET: Barclays and Bernstein name Nike as a top pick, predicting a long-awaited turnaround for the sportswear giant. Analyst Adrienne Yih from Barclays rates the stock as overweight with a target price of $142. Aneesha Sherman from Bernstein offers an outperform rating on shares with $134 as the target price. Yih and Sherman both identify positive sales growth and innovation in product offerings as major success factors for Nike in the future.

Nike shares experienced their second annual decline in a row, dropping 7.2% in 2023 after a significant fall of 29.8% in 2022.