Top Analyst Upgrades and Downgrades: Altera, Delta, Devon, GM, LINN, Micron and More
Stocks were indicated to bounce on Monday morning after a very choppy week took out most of the gains in 2015. The one trend that remains in place is that investors keep lining up to buy stocks on every pullback. 24/7 Wall St. reviews dozens of analyst research reports each day to find new trading or investment ideas for its readers. Some of these analyst reports cover stocks to buy, while others cover stocks to sell or to avoid.
Altera Corp. (NASDAQ: ALTR) was downgraded to Equal Weight from Overweight at Morgan Stanley. The cut comes after shares rocketed 28% higher late on Friday on word that Intel may acquire the company.
Delta Air Lines Inc. (NYSE: DAL) was started as Buy with a $55 price target (versus a $44.88 close) at Argus. The call is based on lower fuel costs and strong fundamentals, and it is $9 under the consensus price target.
Devon Energy Corp. (NYSE: DVN) was reiterated Outperform and the price target was raised to $80 from $75 (versus a $59.15 close) at Credit Suisse. The call took EnLink and its reserves as the driving force.
General Motors Co. (NYSE: GM) was reiterated Buy and with a $50 price target at Sterna Agee, with the call that its valuation multiple should increase. Also note that we recently have seen two key downgrades with “Sell” equivalent ratings.
LINN Energy LLC (NASDAQ: LINE) was downgraded to Sell from Neutral with a $9 price target (versus a $11.57 close) at UBS. LinnCo, LLC (NASDAQ: LNCO) was also downgraded to Sell in the call.
Micron Technology Inc. (NASDAQ: MU) was maintained as Buy at Bank of America Merrill Lynch, but the price objective was cut to $40.5 from $45.00, based on weaker earnings expectations for two quarters. The firm is still very positive long term and sees very favorable valuations.
Ruckus Wireless Inc. (NYSE: RKUS) was reiterated as Outperform and the price target was raised to $15 from $13 (versus a $12.17 close) by Oppenheimer. The firm expects in-line or better-than-expected earnings after channel checks.
SVB Financial Group (NASDAQ: SIVB) was added to the US 1 list at Merrill Lynch, with a $150 price objective (versus a $121.73 close). The firm expects that growth momentum is unlikely to slow.