Top Analyst Upgrades and Downgrades: BioDelivery, Merrimack, Silver Wheaton, Valeant, Weatherford and More
Stocks were indicated marginally lower on Tuesday, but investors just keep proving that they want to buy the pullbacks. That trend has been in place for four years now. The Dow and S&P 500 have also come back within about 3% or 4% of their highs. 24/7 Wall St. reviews dozens of analyst research reports each day of the week. Some analyst reports cover stocks to buy and others cover stocks to sell or avoid. These are this Tuesday’s top analyst upgrades, downgrades and initiations.
BioDelivery Sciences International Inc. (NASDAQ: BDSI) was resumed with a Neutral rating at Janney Capital Markets, although the firm assigned a $7.00 fair value estimate, versus a $5.28 (up 8%) prior closing price, which implies some 30% upside. The firm thinks future cash flows from Belbuca are worth $5 to $8 per share, but it sees little upside in the next year due to the slow launch of Bunavail.
Merrimack Pharmaceuticals Inc. (NASDAQ: MACK) was reiterated as Outperform at Oppenheimer, and the firm raised its price target to $15 from $13 (versus a $9.59 prior close). The firm’s call is after the FDA approved Onivyde in combination with fluorouracil and leucovorin for the treatment of metastatic pancreatic cancer after disease progression following gemcitabine-based therapy, making it the first and only FDA approved treatment option in this setting.
Silver Wheaton Corp. (NYSE: SLW) was started as Overweight and was assigned a target price of $18.00 (versus a $14.27 close) at Barclays. Silver Wheaton has a consensus price target of just over $20 and a 52-week trading range of $11.03 to $24.22.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) was reiterated as Buy at Bank of America Merrill Lynch, but the price objective was slashed to $173 from $290, based on higher risk and from discounted cash flows. Valeant closed down 5% at $110.04 on Monday after the call, but shares were initially trading much lower. RBC lowered its target to $231 from $250 in in its call.
Weatherford International PLC (NYSE: WFT) was raised to Positive from Neutral at Susquehanna, and the $12.00 price target compares to a $9.61 close. Weatherford has a $12.39 consensus price target and a 52-week range of $7.21 to $17.27.
Other key analyst upgrades, downgrades and initiations on Tuesday were in shares of the following:
American Capital Agency Corp. (NASDAQ: AGNC) was indicated lower after missing earnings expectations. It was downgraded to Hold from Buy and the price target was cut to $19.50 from $21.00 (versus a $19.07 close) at Wunderlich Securities. Credit Suisse maintained its Outperform rating and $22 price target