Stocks were indicated lower after China weakened the value of its yuan to make exports more attractive. While this makes it harder for U.S. companies to export to China, it can be argued to have a mixed effect. Also, investors have a habit nearing four years old now of buying every single market dip, even if the reason each time is different. 24/7 Wall St. reviews dozens of analyst reports each morning to find new trading and investing ideas for its readers. Some of these analyst reports cover stocks to buy, while some cover stocks to sell or to avoid.
These are this Tuesday’s top analyst upgrades, downgrades and initiations.
Adobe Systems Inc. (NASDAQ: ADBE) was raised to Outperform from Sector Perform, with its price target raised to $105 from $88 (versus an $83.62 close), at RBC Capital Markets.
Biogen Inc. (NASDAQ: BIIB) was started as Buy at HC Wainwright, and it was given a $380 price target (versus a $314.94 close). Biogen has a consensus target price of about $390 and its 52-week trading range is $290.85 to $480.18.
Google Inc. (NASDAQ: GOOGL) created an even more complicated structure, at least until the details are finalized. Credit Suisse reiterated its Outperform rating and $750 price target. Stifel Nicolaus raised its rating to Buy from Hold with an $850 price target. Mizuho raised Google to Outperform from Neutral with a $715 price target. Cantor Fitzgerald reiterated its Buy rating with a $720 price target.
PDC Energy Inc. (NASDAQ: PDCE) was raised to Buy from Neutral and the price objective was raised to $75 from $66 (versus a $52.17 close) at Bank of America Merrill Lynch. The firm sees it as well positioned versus peers, with production growth estimates that could prove conservative and with a better balance sheet even under a $40 oil and $3 gas scenario.
Rackspace Hosting Inc. (NYSE: RAX) was downgraded to Underperform at CLSA, but it was raised to Strong Buy from Outperform with a $48 price target (versus a $31.73 close) at Raymond James.
XL Group PLC (NYSE: XL) was raised to the prized Conviction Buy List from Neutral at Goldman Sachs. Shares closed at $39.33. The consensus price target is $42.33 and the 52-week range is $30.83 to $39.56.
Other key analyst upgrades and downgrades this Tuesday were as follows: