Stocks quoted in this article:
Analysts are weighing in today on metal maven AK Steel Holding Corporation (NYSE:AKS), diversified tech name Corning Incorporated (NYSE:GLW), and drilling equipment manufacturer National-Oilwell Varco, Inc. (NYSE:NOV). Here's a quick look at today's brokerage notes on AKS, GLW, and NOV.
- AKS is up 2.2% today to trade at $9.16, extending yesterday's earnings momentum. In addition, AK Steel Holding Corporation received a $1 price-target hike to $7 from Nomura -- though the new target is still well below current trading levels. This relative skepticism isn't unusual, as Wall Street hasn't come to appreciate the shares, despite their more than 160% year-over-year advance. In fact, AKS' consensus 12-month price target rests at just $8, and nine out of 11 covering analysts have doled out "hold" or "strong sell" recommendations on the stock. If the equity continues to perform well on the charts, a round of bullish brokerage notes could come down the pike.
- GLW is down another 0.9% at midday -- following yesterday's huge downside move -- and now trades near $19.82. Not helping with the recovery are the analysts at Cantor, who cut their price target on the stock to $18 from $19, and reaffirmed their "hold" rating. Of course, skepticism is commonplace, despite Corning Incorporated's roughly 30% year-over-year gain. Specifically, eight of the 14 Wall Street firms following the shares have given them a "hold" or "sell" recommendation.
- Finally, a day after reporting mixed second-quarter results, NOV is off 1.3% to hover around $82.31. This, despite the stock receiving mostly positive brokerage attention. To be specific, National-Oilwell Varco, Inc. saw its price target raised by no fewer than six analysts, although Jefferies did cut the security's rating to "hold" from "buy," and slashed its price target to $91 from $95. Elsewhere, short sellers have been targeting NOV lately, as short interest on the equity rose nearly 6% during the two most recent reporting periods; it would take more than a week to cover the 15.3 million shares currently sold short, at the stock's average pace of trading. Should NOV resume its longer-term technical trajectory -- the stock is up nearly 15% in 2014 -- a short-covering rally could ensue.