Stocks were indicated to open mixed on Monday, with the markets looking for direction, but this is after they have risen for five weeks and recaptured positive gains for 2016. Investors have now had to migrate to a buy the dips mentality after having sold into every rally for the first six weeks of the year.
24/7 Wall St. reviews dozens of analyst research reports each morning of the week. Our goal is to find new investing and trading ideas for our readers. Some analyst reports cover stocks to buy, and other calls cover stocks to sell or avoid.
Even with oil back above $40 per barrel, the S&P 500 is now back to being valued back above 17.5 times forward 12-month earnings expectations.
These are the top analyst upgrades, downgrades and initiations seen on Monday, March 21, 2016.
AK Steel Holding Corp. (NYSE: AKS) was maintained as Hold but the price target was raised to $4.25 from $2.00 at Jefferies. AK Steel closed most recently at $4.20. It has a consensus analyst price target of $2.46 and a 52-week trading range of $1.64 to $5.93.
Intel Corp. (NASDAQ: INTC) was downgraded to Underperform from Market Perform with a price target of $26 (versus a $32.68 prior close) at Sanford Bernstein.
Symantec Corp. (NASDAQ: SYMC) was raised to Overweight from Neutral with a $24 price target (versus an $18.60 close) at Piper Jaffray. Symantec’s consensus price target is $22.26 and the 52-week range is $16.14 to $26.16.
Tesla Motors Inc. (NASDAQ: TSLA) was raised to Buy from Hold with a $333 price target (versus a $232.74 close) at Argus. The consensus price target is $236.38. The 52-week range is $141.05 to $286.65.
United States Steel Corp. (NYSE: X) was downgraded to Underperform from Hold at Jefferies, but the firm did raise the price target to $10.00 from $6.50 in the call. The market is improving but valuations are rich. U.S. Steel has a consensus price target of $8.66 and has a 52-week range of $6.15 to $27.68.
Valeant Pharmaceuticals International Inc. (NYSE: VRX) was downgraded to Equal Weight from Overweight with a $35 price target (down from $135) at Barclays. Shares have traded in a 52-week range of $26.72 to $263.81.
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Other key analyst upgrades, downgrades and initiations were seen in the following on Monday: