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Analysts are upwardly revising their ratings today on media giant Twenty-First Century Fox Inc (NASDAQ:FOXA), plus commodity stocks Barrick Gold Corporation (USA) (NYSE:ABX) and Chesapeake Energy Corporation (NYSE:CHK). Here's a quick look at today's bullish brokerage notes on FOXA, ABX, and CHK.
- FOXA is pointed higher this morning, with the shares up 6% in pre-market action following Wednesday night's fiscal fourth-quarter earnings announcement. Additionally, in the wake of its abandoned bid to acquire Time Warner Inc (NYSE:TWX), Twenty-First Century Fox Inc says it's not interested in any other major acquisitions for now. (In last night's conference call, Chief Operating Officer Chase Carey said, "Let me be clear: We are done" pursuing TWX.) Analysts are raising their estimates on FOXA this morning, with Cowen and Company upgrading the stock to "market perform" from "underperform," and lifting its price target to $35 from $29. Wedbush, meanwhile, lifted its price target to $40 from $38 and backed an "outperform" rating. FOXA, which settled Wednesday at $32.33, sports an average 12-month price target of $39.57.
- RBC upped its price target on ABX to $25 from $23, implying expected upside of 36.2% from yesterday's close at $18.36. Shares of Barrick Gold Corporation (USA) have advanced 4.1% so far in 2014, but they're currently trading below resistance at their 20-day moving average and the round-number $20 level. ABX is also just south of peak call open interest in the August series of options, with nearly 12,700 contracts located at the 19 strike. Going forward, this heavy accumulation of out-of-the-money calls could exert some options-related resistance on the stock.
- CHK scored an upgrade to "buy" from "hold" at Stifel, even as Barclays trimmed its target on the security to $30 from $33. This mixed bag of brokerage attention comes on the heels of Wednesday morning's second-quarter earnings report from Chesapeake Energy Corporation, which sent the shares up 0.5% to settle at $26.19. The stock is rebounding from support at its 50-week moving average, which has played a key role in guiding CHK higher since January 2013. With 77% of analysts offering up a "hold" or "sell" rating on the equity, there's plenty of room for CHK to benefit from additional upgrades during the weeks ahead.