Stocks bounced big on Wednesday, but unlike Tuesday, the rally held and gained strength throughout the day. Stocks were green on Thursday morning too. This trend of buying the pullbacks, even if we have entered correction territory of -10% in the Dow and S&P 500, is still present. The reason for buying the pullbacks seems to be different each time, but investors are still looking for value and opportunities.
24/7 Wall St. reviews dozens of analyst research reports each morning to find new trading and investing ideas for its readers. Some of the analyst calls cover stocks to buy, and others cover stocks to sell. These are this Thursday’s top analyst upgrades, downgrades and initiations.
Abercrombie & Fitch Co. (NYSE: ANF) was raised to Buy from Neutral at Stifel Nicolaus, and the price target was set at $24 in the call (versus an $18.91 close). Abercrombie has a consensus price target of $20.42 and a 52-week trading range of $15.42 to $42.97.
Amazon.com Inc. (NASDAQ: AMZN) was raised to Strong Buy from Outperform at Raymond James, and the price target was at $640 (versus a $500.77 close and a $648.24 consensus). Amazon was named as one of the seven bull market leaders to buy at Oppenheimer after the sell-off.
Monsanto Co. (NYSE: MON) was started as Overweight with a $120 price target at Morgan Stanley. Monsanto closed at $97.08. Piper Jaffray trimmed its price target to $133 from $139 after the Syngenta merger failed.
Schlumberger Ltd. (NYSE: SLB) was reiterated as Buy with a $112 price target at Argus. The firm cited strong synergies from the Cameron buyout. Also, we noted yesterday that three different analysts see an even cheaper entry opportunity in Schlumberger now.
SolarCity Corp. (NASDAQ: SCTY) was raised to Overweight from Equal Weight with a $93 price target (versus a $43.05 close) at Morgan Stanley. SolarCity has a consensus analyst target price of $78.71 anda 52-week range of $34.65 to $75.90.
Western Digital Corp. (NASDAQ: WDC) was started as Outperform and the valuation range was set at $100.00 to $110.00 at Wells Fargo. Western Digital closed at $78.63, has a consensus price target of $101.79 and has a 52-week range of $74.44 to $114.69.
Yelp Inc. (NYSE: YELP) was raised to Neutral from Sell with a $22 price target (versus a $23.38 close) at B. Riley. Yelp has a consensus price target of $33.70 and a 52-week range of $20.50 to $86.88.
Other key analyst upgrades and downgrades this Thursday include the following:
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