Stocks quoted in this article:
Analysts are weighing in today on communications concern Ciena Corporation (CIEN - 14.64), chip stocks ARM Holdings plc (ARMH - 26.99) and Cypress Semiconductor Corporation (CY - 15.68), consumer resource site Angie's List, Inc. (ANGI - 15.52), and coal company Peabody Energy Corporation (BTU - 30.89). Here's a quick roundup of today's upgrades and downgrades of note.
- Following the firm's well-received quarterly report, CIEN scored a few bullish notes today. Stifel Nicolaus raised its opinion to "buy" from "hold," while BMO boosted its price target to $18 from $17 and reiterated an "outperform" recommendation. The stock is up 4.5% at last check, adding to its 15.8% year-to-date gain. However, CIEN remains stuck beneath its 10-day and 20-day moving averages, which have served as resistance since Feb. 21.
- Elsewhere in the tech sector, Morgan Stanley raised its rating on ARMH to "overweight" from "equal weight." The shares gapped higher right out of the gate, with ARMH sitting on a 4.4% gain as we head toward midday. The equity is rebounding from the low end of its recent trading range between the $25 and $30 levels, which has confined ARMH's progress since mid-November.
- After offering up a gloomy first-quarter forecast earlier this week, CY was hit yesterday with price-target cuts from J.P. Morgan, ThinkEquity, UBS, and Wedbush. This morning, Citigroup jumped on the bandwagon by trimming its price target to $17 from $19. CY shed 6.4% of its value over the past two days, but the stock is up nearly 1% in the aftermath of this latest negative note. With the equity's Relative Strength Index (RSI) resting at a slim 29, the shares appear to be correcting a short-term oversold situation.
- Over in the Internet space, Wall Street newcomer ANGI was minted with a new "buy" rating at Canaccord Genuity. The shares have advanced just 0.1% as a result, continuing a lengthy period of lifeless price action. Since the start of December, ANGI has meandered aimlessly between the $13 and $18 levels, racking up a year-to-date deficit of 3.7% along the way. Analysts are pretty evenly split on the site, with Zacks tallying three "strong buys," three "holds," and one "strong sell."
- Finally, BTU is off 0.9% after a price-target cut to $41 from $45 at Barclays, which backed its "overweight" rating on the energy issue. The stock has been trending lower beneath its 10-week and 20-week moving averages for nearly a year now, and BTU has given up 52.3% of its value over the past 52 weeks. Nevertheless, most brokerage firms have relatively high hopes, with the average 12-month price target resting at an ambitious $49.57.