The Dow Jones Industrial Average hit a new high on Monday, and investors keep hearing that this is now a stock picker’s market rather than a raging bull market. Each morning of the week, 24/7 Wall St. reviews dozens of analyst research reports for new ideas for its readers. Some of these analyst reports are about stocks to buy, and some of the research covers stocks to sell or to avoid.
These are this Tuesday’s top Wall Street analyst upgrades, downgrades and initiations.
Allergan Inc. (NYSE: AGN) was downgraded to Neutral from Outperform at Credit Suisse, with the take being that the reaction to an improved Valeant bid now leaves an equal risk/reward analysis.
Apple Inc. (NASDAQ: AAPL) was reiterated as Buy and the price target was raised to $710 from $660 by Canaccord Genuity. The firm believes that the WWDC takeaways and its May wireless surveys indicate that Apple is positioned for very strong iPhone 6 upgrade cycle. Apple was also maintained as Neutral by Credit Suisse after the conference, but the firm was kind enough to at least raise the price target to $600 from $560 (versus a $628.65 close).
Also on Apple: Gene Munster of Piper Jaffray came on CNBC last night to speak positively about Apple, and he has a Buy rating and a $730 price target.
Applied Materials Inc. (NASDAQ: AMAT) was started as Buy at Jefferies.
Broadcom Corp. (NASDAQ: BRCM) was downgraded to Hold from Buy at Stifel. The concern is a growing risk of market share loss down the road due to rivals being able to supply connectivity chips.
Cash America International Inc. (NYSE: CSH) was downgraded to Neutral from Outperform by Janney Capital Markets.
China Mobile Ltd. (NYSE: CHL) was raised to Buy from Neutral at Nomura.
Devon Energy Corp. (NYSE: DVN) was raised to Outperform from Market Perform at Wells Fargo.
Greatbatch Inc. (NYSE: GB) was started as Buy with a $53 price target at Sterne Agee.
Kroger Co. (NYSE: KR) was started as Outperform at Oppenheimer.