Analyst Upgrades: Allergan plc, Lockheed Martin Corporation, and United States Steel Corporation

Analysts upwardly revised their ratings and price targets on drugmaker Allergan plc Ordinary Shares (AGN), aerospace company Lockheed Martin Corporation (LMT), and steel stock United States Steel Corporation (X)

Josh Selway

Nov 9, 2016 at 9:27 AM

Analysts are weighing in on drugmaker Allergan plc Ordinary Shares (NYSE:AGN), aerospace company Lockheed Martin Corporation (NYSE:LMT), and steel stock United States Steel Corporation (NYSE:X). Here's a quick roundup of today's bullish brokerage notes for AGN, LMT, and X.

AGN is up 7% ahead of the open, as drugmakers look set to gain in light of Donald Trump's election victory. RBC called out AGN specifically, saying the stock was its favorite healthcare pick following the election results, with drug pricing battles likely to dissipate. This is promising news for Allergan plc Ordinary Shares, which has lost 37% in 2016 to trade at $195.80, and last week touched a two-year low of $186.34. Analysts, though, have largely remained upbeat, with 13 out of 16 recommending that investors buy AGN, and none calling it a "sell."

Defense stocks are also being viewed as winners after Trump's triumph. LMT, for example, is up 6.5% in electronic trading, with Deutsche Bank upgrading its opinion to "buy" from "hold." The brokerage firm added that 2017 "should see a modest acceleration" in U.S. defense spending outlays. It's already been a strong year for Lockheed Martin Corporation, with the shares boasting a 10% year-to-date lead, last seen at $239.19. More gains could be in store, too, if additional analysts follow Deutsche Bank's lead. The majority of brokerage firms with coverage on LMT say it's a "hold" or a "strong sell," so upgrades could lift the shares in the near term.

X has surged 12.5% in pre-market action, after Jefferies raised its price target to $26, saying the metals industry should benefit from Trump's protectionist trade policy. Of course, steel stocks have already been flourishing throughout 2016, with United States Steel Corporation adding an amazing 162.7% since the start of the year to trade at $20.96. Like LMT, X shares could continue to rise on another round of well-deserved bullish brokerage attention. Currently, just 15% of covering analysts say to buy the stock.

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