Analyst Upgrades: Chevron, AK Steel, Lumber Liquidators

Analysts upwardly revised their ratings and price targets on Chevron Corporation (NYSE:CVX), AK Steel Holding Corporation (NYSE:AKS), and Lumber Liquidators Holdings Inc (NYSE:LL)

Nov 1, 2016 at 9:29 AM
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Analysts are weighing in on oil giant Chevron Corporation (NYSE:CVX), steel stock AK Steel Holding Corporation (NYSE:AKS), and flooring retailer Lumber Liquidators Holdings Inc (NYSE:LL). Here's a quick roundup of today's bullish brokerage notes for CVX, AKS, and LL.

  • CVX is on pace for a higher open, thanks to an upgrade to "overweight" at Morgan Stanley. Still, the shares will be within the $98-$106 range that they've been churning in since mid-April, closing Monday at $104.75. Most analysts share Morgan Stanley's upbeat outlook, though, with 12 of 18 brokerage firms giving Chevron Corporation a "buy" or better rating, and none handing out a "sell." What's more, CVX's average 12-month price target of $114.25 stands in territory not seen since late 2014. 
  • Barclays is expecting extended upside for AKS, lifting its price target on the stock to $6 from $5. The shares were last spotted at $5.20, putting them 132% higher year-to-date. Even with this ridiculous technical performance, short interest continues to climb on AKS. In fact, just under 30% of the stock's float is now sold short, which equates to 7.3 days' worth of buying power, going by AK Steel Holding Corporation's average daily volume. 
  • LL is eyeing a 1.4% drop at the open, as the stock's post-earnings woes look set to continue. Even a price-target hike to $14.50 from $13.60 at Jefferies has failed to help much, though this does represent a discount to last night's close at $15.51. On a more positive note, it looks like Lumber Liquidators Holdings Inc's 200-day moving average -- currently sitting just below the $15 mark -- could hold up as support. Not to mention, LL's 14-day Relative Strength Index (RSI) now sits in oversold territory at 28, meaning the shares could be in store for a short-term pop. 
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