Analyst Update: Chevron Corporation, Amazon.com, Inc., and Agnico Eagle Mines Ltd (USA)

Analysts adjusted their ratings on Chevron Corporation (CVX), Amazon.com, Inc. (AMZN), and Agnico Eagle Mines Ltd (USA)(AEM)

by Mark Fightmaster

Published on Aug 24, 2015 at 12:40 PM

Analysts are weighing in today on blue-chip oil concern Chevron Corporation (NYSE:CVX), Internet mega-retailer Amazon.com, Inc. (NASDAQ:AMZN), and mining company Agnico Eagle Mines Ltd (USA) (NYSE:AEM). Here's a quick roundup of today's brokerage notes on CVX, AMZN, and AEM.

  • It's been one of those days for oil and the broader equities market, and CVX can't escape -- even after scoring an upgrade to "neutral" from "underperform" from BofA-Merrill Lynch. The upgrade was accompanied by a cut to Chevron Corporation's price target to $100 from $104 -- similar moves were made on CVX's oil compadre Halliburton Company (NYSE:HAL), and echo Friday's downgrade. Technically, CVX continues to drop in step with oil, with the stock tagging a fresh five-year low of $69.58, before trimming its loss to 1.8% to sit at $74.39. Bulls are not deterred, though, as CVX's Schaeffer's put/call open interest ratio (SOIR) of 1.04 is lower than 29% of the readings taken in the past 52 weeks. In other words, short-term option traders are more call-heavy than usual.

  • AMZN fell to an intraday low of $451 -- filling its late-July bull gap -- but has pared its deficit to 1.4% to dance around $488.  Indigo Equity Research posited that Amazon.com, Inc. "will be hit badly as a growth stock" amid the current sell-off. Indigo also states that retail sales and consumer growth in the United States are "lackluster," and warned that "cash will erode quickly if sales growth slows and operating cash flow turns negative." Turning to the charts, AMZN has given up nearly 10% in August, and is now in danger of ending the week beneath its 10-week moving average for the first time since mid-April.

  • Rising gold prices, along with two positive moves from brokerages, has AEM bucking the overall market downtrend this afternoon. Agnico Eagle Mines Ltd (USA) saw Barclays raise its price target to $33 from $32, and Credit Suisse raise its target to $41 from $40. AEM is up 1.9% at $26.69, but faces overhead resistance from its 200-day moving average, located near $28.75. Most analysts are already in AEM's bullish corner, as 12 of 13 offer up "buy" or better endorsements. 

For other stocks in analysts' crosshairs, read Analyst Upgrades: Chipotle Mexican Grill, Inc., Bank of America Corp, and Nike Inc and Analyst Downgrades: Halliburton Company, General Motors Company, and Vital Therapies Inc.


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