Top Analyst Upgrades and Downgrades: Alcoa, Intel, Lululemon, MannKind, Marathon, Occidental and More
Lululemon Athletica Inc. (NASDAQ: LULU) was downgraded to Hold from Buy at Canaccord Genuity. J.P. Morgan cut the rating to Neutral from Overweight, and RW Baird cut its rating to Neutral from Outperform. Many other firms have thrown in the towel by slashing their price targets.
MannKind Corp. (NASDAQ: MNKD) was started with an Outperform rating at RBC Capital Markets.
Marathon Oil Corp. (NYSE: MRO) was downgraded to Market Perform from Outperform by Wells Fargo, with a price target range of $38 to $41, versus a $39.15 close. On the flip-side, Jefferies started coverage with a Buy rating and gave it a $45 price target.
Marvell Technology Group Ltd. (NASDAQ: MRVL) was downgraded to Neutral from Positive by Susquehanna.
Occidental Petroleum Corp. (NYSE: OXY) was started with a Buy rating and given a $114 price target (versus a $101.25 close) at Jefferies.
Owens-Illinois Inc. (NYSE: OI) was raised to Buy from Neutral at Bank of America Merrill Lynch, and the price target was set at $38, versus a $32.74 closing price.
PennyMac Financial Services Inc. (NYSE: PFSI) was started with a Buy rating and a $19 price target (versus a $15.46 close) at Goldman Sachs.
Penn Virginia Corp. (NYSE: PVA) was raised to Buy from Hold and given a $23 price target (versus a $14.86 close) by Stifel.
Pinnacle Foods Inc. (NYSE: PF) was raised to Outperform from Neutral at Credit Suisse. The firm gave a $36 price target (versus a $32.10 close) on the expected termination of its Hillshire merger agreement generating an expected $163 million termination fee payable to Pinnacle.
Sonoco Products Co. (NYSE: SON) was upgraded to Buy from Neutral at Merrill Lynch, and the price target was raised to $47 from $44, versus a $42.37 close.
Time Inc. (NYSE: TIME) was started with a Buy rating and given a $28 price target (versus a $22.55 close) by Citigroup.