The stock market has hit new highs but the S&P 500 and Dow futures were indicated to open down 0.1% to 0.2% on Tuesday after oil challenged the $40 mark to the downside again. Even though the S&P 500 is trading at 17.8 times forward earnings, investors are looking for new ideas. They have also proven repeatedly for five years now that they will buy stocks on every pullback.
24/7 Wall St. reviews dozens of analyst research reports each morning of the week. The goal is to find new investing and trading ideas for its readers. Some analyst reports cover stocks to buy, while others feature stocks to sell or to avoid.
These are the top analyst upgrades, downgrades and initiations seen on Tuesday morning:
Barrick Gold Corp. (NYSE: ABX) was started as Buy at Citigroup in a broader mixed gold mining call. Shares closed at $22.23 on Monday and were indicated up at $22.35 early Tuesday. The 52-week trading range is $5.91 to $23.47, and the consensus analyst price target is $22.56.
Home Depot Inc. (NYSE: HD) was started with a Buy rating and was assigned a $157 price target (versus a $138.77 prior close) at Stifel. It has a 52-week range of $92.17 to $138.94 and a consensus price target of $147.89.
Kroger Co. (NYSE: KR) was downgraded to Market Perform from Outperform with a $35 price target (versus a $34.01 close) at BMO Capital Markets. The 52-week range is $27.32 to $42.75, and the consensus price target is $40.59.
Newmont Mining Corp. (NYSE: NEM) was started with a Buy rating at Citigroup. It closed most recently at $44.16, in a 52-week range of $15.39 to $44.24. It has a consensus price target of $46.05.
SolarCity Corp. (NASDAQ: SCTY) was downgraded to Neutral from Outperform and the price target was cut to $25 from $37 (versus a $24.72 close, after a 7.4% drop on the formal merger) at Robert W. Baird. The 52-week range is $16.31 to $61.72, and the consensus analyst target is $25.97.
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Other key analyst upgrades and downgraded were seen in the following: