New Upgrades: American Express and Riverbed Trade Higher

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The American Express Company (NYSE:AXP) and Riverbed Technology, Inc. (NASDAQ:RVBD) are trading higher today on good news of analyst upgrades.  American Express Company (NYSE:AXP) is up over +2% and Riverbed Technology, Inc. (NASDAQ:RVBD) is up over +5%

The American Express Company (NYSE:AXP) is getting a boost today after receiving an upgrade from Stifel Nicolaus.  The analyst firm changed its rating for American Express Company (NYSE:AXP)from a Hold to a Buy.  They have established a price target of $50 which is sharply above the current price of $35.56 a share.  With the holidays approaching, more people may be relying on their credit cards to pull the through the holiday spirit, and American Express Company (NYSE:AXP) could be an excellent play.  In terms of chart patterns, the stock is following along a pretty steady trendline (blue line below), which may produce continued momentum for price gains.

AXP

Shares of Riverbed Technology, Inc. (NASDAQ:RVBD) dropped sharply on Friday, dropping over 10%.  However, Piper Jaffray is saying pish-posh to that drop in price, upgrading the networking & communications company from Neutral to Overweight.  Unfortunately they did not set a price target for comparison purposes, although FBR Capital reiterated on Riverbed Technology, Inc. (NASDAQ:RVBD) that it is a Market Perform with a target of $24 a share.

Another interesting note for Riverbed Technology, Inc. (NASDAQ:RVBD) is that it formed a double-top (see below).  This is generally a bearish signal from a technical stand-point, although it is probably best to not make market decisions solely on one technical indicator.  Riverbed may be one to just stick on a watch list.

RVBD

Disclosure: No positions in securities mentioned in this article at the time of writing.

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