Schaeffer's Trading Floor Blog

Analyst Upgrades: Nokia Corporation (ADR), BlackBerry Ltd, and AK Steel Holding Corporation

Analysts upwardly revised their ratings on NOK, BBRY, and AKS

by 6/23/2014 9:12 AM
Stocks quoted in this article:

Analysts are weighing in today on telecom expert Nokia Corporation (ADR) (NYSE:NOK), smartphone maker BlackBerry Ltd (NASDAQ:BBRY), and steel producer AK Steel Holding Corporation (NYSE:AKS). Here's a quick roundup of today's bullish brokerage notes.

  • Although NOK is trading 4.4% lower year-to-date at $7.75, Raymond James upgraded the stock to "market perform" from "underperform" this morning. Elsewhere, 14 of Nokia Corporation's (ADR) covering analysts maintain lukewarm "holds" or "strong sell" suggestions, while six have dished out "buy" or better endorsements. Meanwhile, the average 12-month price target comes in at $8.23, denoting a 6.2% premium to the shares' current perch.

  • BBRY jumped more than 24% last week to perch at $9.81, thanks mostly to the company's strong earnings performance Thursday morning and subsequent bullish brokerage attention. Most recently, BlackBerry Ltd received an upgrade to "equal weight" from "underweight," and a price-target lift to $10 from $6 at Evercore last night. Elsewhere, close to 20% of BBRY's available float is sold short, which is equivalent to 93.4 million shares. It would take more than 12 sessions to cover these bearish bets, at the stock's average daily volume.

  • Having tacked on 21.6% so far this month to trade at $7.44, AKS scored a price-target hike to $7 from $6.50 at Jefferies this morning. Despite its recent technical strength, 28.1% of AK Steel Holding Corporation's float remains sold short, which is equivalent to 7.6 sessions' worth of pent-up buying demand, at the shares' average pace of trading.

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