Four Tech Analyst Upgrades and Downgrades: AOL, Brocade, Pandora, Twitter
The market is facing two issues this week. First is that the markets are challenging all-time highs, and second is that it is a light Thanksgiving week. Investors and traders alike are still seeing research reports from Wall Street firms and they have to be positioning themselves for year-end and then for 2014.
This morning we released our usual analyst upgrades and downgrades, but it turns out that many calls were not seen in time for the usual send out. That is a very common issue on holiday weeks due to a lower number of people sending information around.
AOL Inc. (NYSE: AOL) was downgraded to Sector Perform from Outperform with a $46 price target at RBC Capital Markets. AOL shares are down 2% at $44.60 against a 52-week range of $29.16 to $46.98. AOL’s consensus analyst price target is about $46.25 according to Thomson Reuters.
Brocade Communications Systems, Inc. (NASDAQ: BRCD) was close to multi-year highs again and ISI Group downgraded the stock to Neutral from Buy. The price target is $9.00 and shares had closed at $8.89 on Friday. Brocade’s stock price was down over 2% at $8.69 an hour after the open on Monday versus a 52-week range of $5.14 to $9.03. We would also point out that the consensus price target is $8.60 according to Thomson Reuters.
Pandora Media Inc. (NYSE: P) was downgraded to Equal Weight from Overweight at Morgan Stanley. This call is another valuation downgrade after the streaming music provider’s recent earnings report. Shares are down 2% at $28.65 against a 52-week range of $7.53 to $31.94, and the consensus price target from analysts is $27.28 according to Thomson Reuters..
Twitter, Inc. (NYSE: TWTR) was just given a Market Perform rating at Wells Fargo. We just showed a weekend full analyst montage of Twitter again, and Wells Fargo does not always pinpoint its price targets. The valuation range assigned was $36 to $39 for the social media and news site and this is actually better than most valuation targets we have seen so far. Twitter shares were down 4% at $39.40 after the first hour of trading on Monday.