Stocks were indicated to open higher on Monday ahead of Janet Yellen’s speech, which will be her last real public appearance prior to the coming Federal Open Market Committee (FOMC) decision at the June meeting. Investors believe that the weak payrolls report on Friday took a June rate hike off of the table. And investors have proven over and over that they will buy on dips and after bad news.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. The goal is to find new investing and trading ideas for our readers. Some of these analyst reports cover stocks to buy, while other reports feature stocks to sell or avoid.
These are the top analyst upgrades, downgrades and initiations seen on Monday morning:
Ciena Corp. (NASDAQ: CIEN) rose 5% to $21.03 on Friday after earnings and many analysts raised their target prices. Merrill Lynch came out on Monday morning and reiterated its Buy rating, while raising its price objective to $25 from $23. On top of strong earnings, Merrill Lynch’s take is that its Waveserver platform is gaining traction with top Web 2.0 companies.
Delphi Automotive PLC (NYSE: DLPH) was maintained as Buy at Goldman Sachs, but the company was removed from the prized Conviction Buy list. Shares closed most recently at $67.07. The consensus analyst price target is $91.47, and the 52-week trading range is $55.59 to $90.57.
Harley-Davidson Inc. (NYSE: HOG) was downgraded to Neutral from Buy at Goldman Sachs. Its shares were indicated down 1.35% at $45.17 on Monday, versus a consensus analyst target of $50.14 and a 52-week range of $36.36 to $60.67.
Regions Financial Corp. (NYSE: RF) was raised to Market Perform from Underperform with an $11 price target (versus a $9.73 prior close) at Keefe Bruyette & Woods. The consensus price target is $9.97, and the 52-week range is $7.00 to $10.87.
Wal-Mart Stores Inc. (NYSE: WMT) was raised to Buy from Hold at Jefferies, but the firm raised its price target to $82 from $60 (versus $79.87 close). The firm believes that Wal-Mart’s store investments are yielding broadly improved store conditions, and first-quarter sales results seem to confirm this.
Weatherford International PLC (NYSE: WFT) was raised to Overweight from Equal Weight and the price target was raised to $8 from $7 (versus a $6.12 close) at Barclays. It was maintained as Buy at Jefferies, but the firm lowered its price target to $8 from $9.
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Other key analyst upgrades and downgrades were seen in the following: