Top Analyst Upgrades and Downgrades: Apple, Amazon, GE, Nokia and More
September 11, 2013 by Jon C. Ogg
Amazon.com Inc. (NASDAQ: AMZN) was started as Neutral with a $330 price target at Wedbush.
Apache Corp. (NYSE: APA) was downgraded to Neutral from Buy at UBS.
Apple Inc. (NASDAQ: AAPL) was downgraded to Neutral from Buy by Bank of America’s Merrill Lynch. Credit Suisse also downgraded Apple to Neutral from Outperform with a $525 price target. Canaccord Genuity reiterated its Buy rating and raised its price target on Apple to $550 from $530. UBS downgraded Apple to Neutral from Buy.
ConAgra Foods Inc. (NYSE: CAG) was raised to Buy from Neutral at Goldman Sachs.
E*TRADE Financial Corp. (NASDAQ: ETFC) was reiterated as Buy, but the price target was raised to $19.50 from $16.50, at Sterne Agee, making the third or fourth such price target upgrade in as many days, but what stands out here is that this appears to now be a “street-high” price target.
General Electric Co. (NYSE: GE) was reiterated as Buy with a $28 price target at Argus as the firm said, “Even using a conservative estimate of GE’s cash flow, earnings and dividend growth, the shares appear undervalued.”
Investment Technology Group Inc. (NYSE: ITG) was downgraded to Market Perform from outperform by Keefe Bruyette & Woods.
Liquidity Services Inc. (NASDAQ: LQDT) was raised to Buy from Underperform, and the price target was raised up to $45 from $28.50, at Merrill Lynch.
Nokia Corp. (NYSE: NOK) was raised to Buy from Neutral at Merrill Lynch, and RBC Capital Markets raised Nokia to Outperform from Sector Perform.
Procter & Gamble (NYSE: PG) was downgraded to Neutral from Buy at SunTrust as the company still needs to prove top-line growth after its cost cuts.
Merrill Lynch has issued a report showing that it sees a huge contrarian value developing in the global mining and steel companies.
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