Stocks were looking for direction on Wednesday, again waiting for news from Europe. Regardless of overseas woes, what investors keep proving over and over is that they will buy solid value and overlooked stocks on every pullback. This has been a trend for more than two years now. 24/7 Wall St. reviews dozens of analyst reports each morning of the week on the hunt for new investment and trading ideas for its readers. Some analyst reports cover stocks to buy, while other reports cover stocks to sell or avoid.
These are this Wednesday’s top analyst upgrades, downgrades and initiations.
Blue Nile Inc. (NASDAQ: NILE) fell more than 10% on Tuesday after its earnings were short of estimates. Now the online jeweler has been downgraded to Market Perform from Outperform at Wells Fargo.
Insperity Inc. (NYSE: NSP) was raised to Buy from Neutral and the price target was raised to $49 from $32 (versus a $44.64 close) at Roth.
Life Time Fitness Inc. (NYSE: LTM) was downgraded to Hold from Buy with a $60 price target (versus a $55.99 close) at KeyBanc Capital Markets.
Marketo Inc. (NASDAQ: MKTO) was downgraded to Market Perform from Outperform and the valuation range was cut to $29 to $32 from $49 to $52 (versus a $35.38 close) at Wells Fargo. Canaccord Genuity raised its price target to $42 from 440.
Nu Skin Enterprises Inc. (NYSE: NUS) was raised to Buy from Neutral at Citigroup.
Pier 1 Imports Inc. (NYSE: PIR) was crushed after earnings and naming an interim CFO effective immediately. The retailer was downgraded to Perform from Outperform at Oppenheimer. Telsey Advisors also lowered its target to $13 from $17.
RetailMeNot Inc. (NASDAQ: SALE) was maintained as Buy but the price target was cut to $28 from $32 (versus a $15.40 close) at Wunderlich.
Super Micro Computer Inc. (NASDAQ: SMCI) was started as Positive at Susquehanna.
Teck Resources Ltd. (NYSE: TCK) was downgraded to Underperform from Neutral at Bank of America Merrill Lynch.
Valero Energy Partners L.P. (NYSE: VLP) was downgraded to Market Perform from Outperform and the price target was put at $51 to $55 (versus a $51.28 close) at Wells Fargo.
VMware Inc. (NYSE: VMW) was raised to Market Perform from Underperform with a $74 price target (versus a $78.77 close) at Bernstein.
Wal-Mart Stores Inc. (NYSE: WMT) was downgraded to Neutral from Overweight with an $87 price target (versus a $87.29 close) at HSBC.
Yelp Inc. (NYSE: YELP) was raised to Buy from Hold with a $50 price target (versus a $44.66 close) at Brean Capital. Northland Securities maintained its Market Perform rating, but lowered its price target to $49 from $55. Credit Suisse reiterated its Outperform rating and $71 price target.
In case you missed Tuesday’s top analyst upgrades and downgrades, they included AES, Citigroup, Gap, Occidental Petroleum, Qualcomm, Transocean and around a dozen more.