Analyst Upgrades: BlackRock, Inc., Hartford Financial Services Group Inc, and Southern Copper Corp

Analysts upwardly revised their ratings and price targets on BlackRock, Inc. (NYSE:BLK), Hartford Financial Services Group Inc (NYSE:HIG), and Southern Copper Corp (NYSE:SCCO)

by Karee Venema

Published on Jan 26, 2016 at 9:29 AM
Updated on Jun 24, 2020 at 10:16 AM

Analysts are weighing in on financial firms BlackRock, Inc. (NYSE:BLK) and Hartford Financial Services Group Inc (NYSE:HIG), as well as copper producer Southern Copper Corp (NYSE:SCCO). Here's a quick roundup of today's bullish brokerage notes on BLK, HIG, and SCCO.

  • Morgan Stanley and Deutsche Bank took differing views on BLK overnight, with the former upping its price target to $370 from $360, and the latter lowering its target price to $338 from $340. Overall, most analysts maintain a price target that falls in the middle of this range, with BLK's consensus 12-month target docked at $349.41. Technically, the shares have surrendered roughly 21% since hitting their late-November high of $364.87. More recently, BlackRock, Inc.'s rebound attempt was quickly halted at the $300 mark -- a level that served as support earlier this month -- with the stock closing last night at $289.72.

  • HIG has also had its fair share of struggles on the charts of late -- last seen lingering near $37.63, after two stern rejections near the $49-$50 region in August and October 2015. Atlantic Equities is keeping the faith, though, and boosted its outlook on the shares to "overweight," sending HIG up 1.7% in electronic trading. Most analysts are already in Hartford Financial Services Group Inc's corner, with nine out of 14 maintaining a "buy" or better rating, and not a single "sell" to be found.

  • J.P. Morgan Securities raised its rating on SCCO to "overweight" from "neutral," while simultaneously lowering its price target on the shares to $29 from $31.50. However, the latter still represents a 23.5% premium to last night's close at $23.49. In the options pits, meanwhile, skepticism is high toward a stock that's shed 29.5% since topping out at an annual high of $33.31 last May. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), for example, Southern Copper Corp's 10-day put/call volume ratio of 12.41 ranks in the 72nd percentile of its annual range.
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