Analyst Update: Sunedison, Cal-Maine, United Tech

Analysts adjusted their ratings on Sunedison Inc (SUNE), Cal-Maine Foods Inc (CALM), and United Technologies Corporation (UTX)

by Mark Fightmaster

Published on Aug 31, 2015 at 12:12 PM
Updated on Jun 29, 2020 at 3:47 PM

Analysts chimed in on clean energy company Sunedison Inc (NYSE:SUNE), egg-producing concern Cal-Maine Foods Inc (NASDAQ:CALM), and blue-chip tech firm United Technologies Corporation (NYSE:UTX). Here's a quick roundup of today's brokerage notes on SUNE, CALM, and UTX.

  • SUNE is up 2.5% at $10.56, thanks to some upbeat analyst attention. Macquarie initiated coverage on Sunedison Inc with an "outperform" rating and a $20 price target, while J.P. Morgan Securities started coverage at "overweight" and said the "recent sell-off" is "overdone." Technically, SUNE recently bounced off an all-time low at $8.10 and is now battling overhead resistance from its 10-day moving average. SUNE has a rather high amount of short interest -- a third of the stock's float is sold short -- but it will likely take a bigger rebound before the skeptics get spooked.

  • CALM is also bucking the overall market trend, advancing 6.1% to trade at $53.32, after receiving an upgrade to "buy" from "hold" at BB&T. Technically, Cal-Maine Foods Inc's jump has positioned the shares back above their 20-week moving average, which was breached during the recent market weakness. The egg producer may also receive a boost in the form of a short-covering rally -- as 33% of the equity's float is sold short, representing more than three weeks' worth of pent-up buying demand, at CALM's average pace of trading.
  • UTX has slipped 1.1% to $92.20 this afternoon, due to a pair of negative analyst notes. Cowen and Company lowered United Technologies Corporation's price target to $116 from $119, while Barclays downgraded the stock to "equal weight" from "overweight" and lowered its target to $100 from $120. A major reason for the cuts is that 6% of UTX's overall sales come from China, and we all know how things are going overseas. Thanks to this month's struggles, the shares are set to finish below their 50-month moving average for the first time since the Great Recession.
For other stocks in analysts' crosshairs, read Analyst Upgrades: Twitter Inc, Planet Fitness Inc, and Paypal Holdings Inc and Analyst Downgrades: Seadrill Ltd, Southern Copper Corp, and Regis Corporation.

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