Abercrombie & Fitch Co. (NYSE: ANF) was downgraded to Hold from Buy with a $30 price target (versus a $32.91 closing bell price) at Jefferies. The downgrade actually discusses the relevance of the brand being at risk compared to its past.
Analog Devices Inc. (NASDAQ: ADI) saw two negative research calls to start out the new year. The chip maker was downgraded to Sell from Neutral and the price target was cut to $41 from $43 at Goldman Sachs. Wells Fargo downgraded it to Market Perform from Outperform with a price target range of $48 to $57. Shares traded down almost 3% at $49.50 in the premarket session.
Apple Inc. (NASDAQ: AAPL) was downgraded to Market Perform from Outperform at Wells Fargo, and the price range was put at $536 to $580 (versus a $561.02 close) for the next year. The firm believes that Apple’s margin expansion is already priced into the stock.
Intel Corp. (NASDAQ: INTC) was maintained as Neutral with a $20 price target (versus a $25.95 close) at Sterne Agee based upon weakening PC trends for the March quarter.
Sprint Corp. (NYSE: S) was downgraded to Market Perform from Outperform at Cowen & Co. Shares traded down more than 2% at $10.52, but keep in mind that Sprint has seen huge gains of late around merger hopes. It was interesting to see that the price target was raised to $8.25 from $7.55, but that is because this was a catch-up call. In fact, this last move above $10 was the first time that price has been seen in years.
Other standout analyst calls worth noting are as follows:
Aeropostale Inc. (NYSE: ARO) was downgraded to Hold from Buy and the price target was slashed to $7 from $12 (versus a $9.09 close) at Jefferies.
Altera Corp. (NASDAQ: ALTR) was downgraded to Neutral from Buy and the price target was cut to $34 from $39 (versus a $32.51 close) by Goldman Sachs.
American Eagle Outfitters Inc. (NYSE: AEO) was raised to Buy from Hold at Jefferies.
American Electric Power Co. Inc. (NYSE: AEP) was raised to Outperform from Market Perform with a $51 price target at BMO Capital Markets.
Bank of America Corp. (NYSE: BAC) was raised to Buy from Neutral at Citigroup
Duke Energy Corp. (NYSE: DUK) was raised to Outperform from Market Perform with a $77 price target at BMO Capital Markets.
Urban Outfitters Inc. (NASDAQ: URBN) was raised to Buy from Hold at Jefferies.
Xilinx Inc. (NASDAQ: XLNX) was raised to Buy from Neutral and the price target was raised to $52 from $45 by Goldman Sachs.
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