Schaeffer's Trading Floor Blog

Analyst Update: Agnico Eagle Mines Ltd (USA), iGATE Corporation, and The Fresh Market Inc

Analysts adjusted their ratings on AEM, IGTE, and TFM

by 7/17/2014 2:33 PM
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Analysts are weighing in today on gold producer Agnico Eagle Mines Ltd (USA) (NYSE:AEM), IT services provider iGATE Corporation (NASDAQ:IGTE), and upscale grocery chain The Fresh Market Inc (NASDAQ:TFM). Here's a quick look at today's brokerage notes on AEM, IGTE, and TFM.

  • Reports of a downed Malaysian Airlines plane have sent gold futures soaring on safe-haven demand, and AEM is up 2.4% this afternoon to trade at $41.09. Late Wednesday, meanwhile, the stock scored a price-target hike to $50 from $48 at Credit Suisse, and the firm also backed its "outperform" endorsement for Agnico Eagle Mines Ltd (USA). The shares have rallied an impressive 55.9% so far in 2014, so it's no shock to find analysts crowded into the bullish camp for AEM. Currently, 59% of brokerage firms call the stock a "buy" or better.

  • IGTE is off 4.3% at last look to trade at $38.94, with the stock erasing Wednesday's post-earnings gains. A negative note from Nomura seems to have sparked today's slide, as the brokerage firm lowered its rating on iGATE Corporation to "reduce" from "neutral" ahead of the bell. The analysts softened the blow a bit by raising their price target on IGTE to $35 from $29 -- but the new target is still more than 10% below the equity's current perch. Technically speaking, IGTE was due for a pullback; heading into today's session, the stock's 14-day Relative Strength Index (RSI) of 74 was signaling an overbought condition.

  • Credit Suisse started coverage of TFM with an "underperform" rating, which has pressured the stock to a 2.5% loss in afternoon trading. Today's decline is just more of the same for The Fresh Market Inc, which has shed 23.5% year-to-date to hover at $30.98. Short sellers appear to be firmly in control of TFM, as the number of shares sold short ramped up by 9.6% during the past two reporting periods. These bearish bets now account for 27.1% of the equity's float, or 10.2 times TFM's average daily trading volume.

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