Analysts’ Upgrades for August, 22nd (AI, ANGI, BAC, CRMT, CUM, EJ, MC, PSEM, RCI, SFLY)
Arlington Asset Investment Corp (NYSE:AI) was upgraded by analysts at Zacks from a neutral rating to an outperform rating. They currently have $30.70 target price on the stock.
Bank of America (NYSE:BAC) was upgraded by analysts at Zacks from an underperform rating to a neutral rating. They currently have $17.00 price target on the stock. Zacks’ analyst wrote, “We are upgrading our recommendation on Bank of America to Neutral due to its long-due mortgage settlement, recent dividend hike and better-than-expected second-quarter 2014 adjusted earnings. Results (before considering litigation expenses) were driven by better-than-expected top-line growth, lower provision for loan losses and prudent expense control. However, lower mortgage banking income and equity investment income were the downsides. We expect measures like balance sheet restructuring, expense-reduction and branch consolidation to bolster the company’s growth prospects. Nevertheless, persistent pressure on the top line, prevailing low-rate environment and various regulatory and litigation issues will continue to impact its near-term performance.”
America's Car-Mart (NASDAQ:CRMT) was upgraded by analysts at CL King from a neutral rating to a buy rating.
Copper Mountain Mining Co.. (TSE:CUM) was upgraded by analysts at Scotiabank from an outperform rating to a focus stock rating. Scotiabank currently has C$3.30 target price on the stock.
E-House China (NYSE:EJ) was upgraded by analysts at TheStreet to a buy rating.
Moelis & Co (NYSE:MC) was upgraded by analysts at Zacks from a neutral rating to an outperform rating. The firm currently has $36.50 price target on the stock.
Pericom Semiconductor Corp. (NASDAQ:PSEM) was upgraded by analysts at TheStreet to a buy rating.
Rogers Communications (NYSE:RCI) was upgraded by analysts at Zacks from an underperform rating to a neutral rating. They currently have $42.00 target price on the stock. Zacks’ analyst wrote, “Rogers Communications reported second-quarter 2014 financial results, wherein both its top and bottom line missed the Zacks Consensus Estimate. In the reported quarter, the company witnessed lower number of smartphone activation. Despite stiff competition from local carriers and a highly leveraged balance sheet, significant LTE network expansion, innovative service launches, major contract wins, better wireless churn rate improvement, strong cable subscriber growth and an attractive dividend yield will continue to act as tailwinds for the company going forward. Recently, Rogers also struck a 10-year broadcasting deal with WWE Network. Hence, we upgrade our ratings on Rogers from Underperform to Neutral.”
Shutterfly (NASDAQ:SFLY) was upgraded by analysts at Zacks from a neutral rating to an outperform rating. They currently have $61.00 price target on the stock. Zacks’ analyst wrote, “We upgrade our recommendation on Shutterfly Inc. from Neutral to Outperform driven by improved second-quarter 2014 results and revised guidance for 2014. Shutterfly’s second-quarter 2014 loss per share of $0.63 was narrower than the Zacks Consensus Estimate owing to a better-than-expected top line. Net revenue increased 19.2% year over year and beat the Zacks Consensus Estimate by approximately 1.3%, driven by the strong performance of the Consumer and Enterprise segments. We are encouraged by the company’s opportunistic acquisitions and improved offerings in the growing mobile e-Commerce segment. Management also expects personalized print products to continue to do well, driven largely by aggressive promotions, affordable prices and simplicity of usage. However, the company’s bottom line is expected to be negatively impacted by the termination of the Costco partnership. Also, depreciation and equipment costs for expansion and acquisition of manufacturing facilities are expected to affect profitability in 2014.”
Vipshop Holdings Ltd – (NASDAQ:VIPS) was upgraded by analysts at Zacks from a neutral rating to an outperform rating. They currently have $230.20 price target on the stock.
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