Stocks were looking for direction on Thursday after ADP muted at least some expectations that the nonfarm payrolls would be a major surprise. As June gets underway, it remains up for debate whether the “sell in May and go away” mantra is appropriate for 2016. Investors have proven on just about every occasion in 2016 that they want to buy the big market dips.
24/7 Wall St. reviews dozens of analyst research reports each day 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 reports feature stocks to sell or to avoid.
These are the top analyst upgrades, downgrades and initiations seen on Thursday morning:
Deutsche Bank A.G. (NYSE: DB) was downgraded to Sector Perform from Outperform at RBC Capital Markets. Its American depositary shares closed at $17.62, with a consensus price target of $19.56 and a 52-week trading range of $14.78 to $35.38.
Editas Medicine Inc. (NASDAQ: EDIT) was started as Hold Jefferies with a $35 price target (versus a $36.79 prior close). The firm says that the company has transformative CRISPR technology, but it is at a very early stage. The consensus analyst target is $37.00, and the 52-week range is $12.57 to $43.99.
EMC Corp. (NYSE: EMC) was downgraded to Neutral from Buy with a $28 price target (versus a $27.95 close) at Sterne Agee. Its consensus price target is $28.87, and it has a 52-week range of $22.66 to $28.77.
Exxon Mobil Corp. (NYSE: XOM) was downgraded to Neutral from Buy at Merrill Lynch. After a $89.24 close, the firm said that Exxon Mobil’s outperformance has lifted the shares within sight of fair value. The thesis of improving E&P margins is said to be intact, but it has perhaps been discounted by Exxon’s role in reducing energy underweights. The firm prefers Occidental Petroleum Corp. (NYSE: OXY) and really likes ConocopPhillips (NYSE: COP) better for a greater absolute value.
First Solar Inc. (NASDAQ: FSLR) was started with a Market Perform rating at Wells Fargo. The consensus price target is $73.62. The 52-week range is $40.25 to $74.29.
Newmont Mining Corp. (NYSE: NEM) was downgraded to Hold from Buy at Jefferies, and the price target was cut to $33 from $38 (versus a $32.66 close). The firm sees near-term headwinds and near-term gold price risks at a time of likely rising rates. The consensus price target is $35.35, and the 52-week range is $15.39 to $35.75.
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Other key analyst upgrades and downgrades were seen in the following:
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