The Upgrades: CA Inc., Sprint and 3M (NASDAQ: CA), (NYSE: S),(NYSE: MMM)
Today’s upgrades include CA, Inc. (NASDAQ:CA), Sprint Nextel Corporation (NYSE:S) and 3M Company (NYSE:MMM). Read more to see what analysts are saying about these companies.
Welcome to the holiday season and the season of giving. CA, Inc. (NASDAQ:CA) received a nice gift from Deutsche Bank as the analyst upgraded CA’s stock from a Hold to Buy. The price target tagged by Deutsche is $28, which is solid 24% above its current trading levels of $22.58 a share. The stock recently gapped down in late November, and now seems to be retracing the movement with the stock receiving some support from the 50-day moving average. Shares of the stock may trade sideways a bit, but right now might be a decent time to pick up some shares if you are interested in CA.
Sprint Nextel Corporation (NYSE:S) got a whopper of an upgrade from none other than one of the most famous (or infamous) companies in the US, Citigroup Inc. (Public, NYSE:C). Citigroup upgraded Sprint from a Hold to a Buy, citing a $5.50 price target for the stock that is currently trading at $4.27 a share. That is looking to bank close to 30% on the stock. The stock is already showing a nice gain today of +9% and the chart pattern is showing what appears to be a reversal from the recent November lows of just under 3 bucks a share. The stock may be sitting at some resistance right now because of the intermediate high set in September at around the same $4.30ish level.
3M Company (NYSE:MMM), Triple M as I like to call them, got the nod today also from Citigroup Inc. (Public, NYSE:C). Citi popped the shares of the company from a Hold to a Buy and raised a price target to $92. As of recent, Triple M has been in a bullish trending price channel that started in August of 2009 (between the blue and purple lines in the chart below). 3M has been a strong company for years and could be considered a staple for many portfolios. With a dividend yield of 2.65% in a world where 8% annual return is now considered the average, 3M just might be a company worth considering. 3M is currently trading at $79.33 a share.