Schaeffer's Trading Floor Blog

Analyst Upgrades: 3M Company, Qualcomm, and Sirius XM Radio

Analysts upwardly revised their ratings on MMM, QCOM, and SIRI

by 7/16/2012 8:49 AM
Stocks quoted in this article:

Analysts are weighing in today on Dow component 3M Company (NYSE:MMM - 87.59), CDMA specialist Qualcomm Incorporated (NASDAQ:QCOM - 54.98), and satellite radio stock Sirius XM Radio Inc. (NASDAQ:SIRI - 2.05). Here's a quick roundup of today's bullish brokerage notes.

  • Morgan Stanley upgraded MMM to "overweight" from "equal weight," despite the Dow member's 52-week decline of 8.3%. In fact, the stock's progress has been consistently stifled in recent months by the round-number $90 region, which has capped MMM's rally attempts since March. However, most analysts are looking for the shares to surmount this technical hurdle over the long haul, with MMM's average 12-month price target arriving at $97.24.

  • QCOM was raised to "hold" from "sell" at Societe Generale just this morning, but the stock has already won over the majority of Wall Street. Among the 33 analysts tracking the tech concern, 27 have handed out "strong buy" ratings, with another five doling out "buys." This upbeat configuration is somewhat surprising, since QCOM has been trending lower since late March. Now, the stock is staring up at resistance from its 320-day moving average, which is currently located just south of the $57 area.

  • Barclays boosted its rating on SIRI to "equal weight" from "underweight," and lifted its price target to $2.25 from $2.00. Year-to-date, the shares have gained 12.6%, and SIRI recently broke out above its 200-day moving average. Despite today's bullish note, the stock is off about 0.5% in pre-market trading, continuing its latest pullback from emerging resistance in the $2.10 neighborhood.


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