Stocks were down marginally on Monday morning, but the reality is that the results are so low that no real direction can be determined. The Dow is now down 600 points from its April 21 high for 2016. Even with the notion of “sell in May and go away,” investors have proven that they are looking for opportunities and will buy the big market dips.
24/7 Wall St. reviews dozens of analyst research reports each morning. The goal is to find new investing and trading ideas for our readers. Some analyst reports cover stocks to buy, and other reports feature stocks to sell or to avoid.
These are the top analyst upgrades, downgrades and initiations seen on Monday morning:
Alcoa Inc. (NYSE: AA) was raised to Buy from Neutral and the price objective was raised to $11.00 from $10.50 (versus a $9.11 prior close) at Merrill Lynch. The firm sees better Alcoa results ahead from Firth Rixson ramping up and a pickup in jet engine demand. Alcoa has a consensus analyst price target of $10.86 and a 52-week trading range of $6.14 to $13.05.
Boston Scientific Corp. (NYSE: BSX) was downgraded to Neutral from Buy at BTIG. It has a consensus price target of $24.20 and a 52-week range of $14.18 to $23.01.
Schlumberger Ltd. (NYSE: SLB) was added to the prized Conviction Buy list at Goldman Sachs, which sees some 29% upside, and it sees Schlumberger as best positioned in the oil patch of peers. The consensus price target is $87.74, and the 52-week range is $59.60 to $92.61.
Sony Corp. NYSE: SNE) was reiterated as Buy with a $38.26 price target (versus a $26.44 close) at Merrill Lynch. The firm said that Sony’s growth story based on games and music is unchanged. The consensus price target is $38.26, and the 52-week range is $19.90 to $31.88.
Staples Inc. (NASDAQ: SPLS) was raised to Buy from Underperform with a $10 price objective (versus an $8.10 close) at Merrill Lynch. The firm sees an attractive valuation after shares fell more than 20% in just two weeks. The consensus price target is $9.50, and the 52-week range is $8.00 to $16.74.
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Other key analyst upgrades and downgrades were as follows: