Amidst the negative movement of the US market, several companies were either upgraded or downgraded by analysts and rating agencies. Some notable companies are discussed here.
KAR Auction Services Inc. (NYSE: KAR) is upgraded to Outperform from Market Perform by analysts at Barrington as they believe that the acquisition of Openlane will help the company to grow. Shares of KAR gained 3.77 percent or 53 cents to trade at $14.60.
Allergan Inc. (NYSE: AGN) is raised to Outperform from Neutral with a price target of $91 by analysts at Credit Suisse. They state that recent downturn in consumer sentiment and associated pullback provides attractive entry point. Shares of Allergan gained 0.95 percent or 71 cents to trade at $75.41.
Sprint Nextel Corp. (NYSE: S) is upgraded to Buy from Neutral with a price target of $5 by analysts at Collins Stewart. They state that Sprint Nextel is making steady improvements in adding subscribers, and it is increasing its average wireless data revenue from its users. Shares of Sprint Nextel were down 0.14 percent or 1 cent to trade at $3.48.
DirecTV (Nasdaq: DTV) is lowered to Neutral from Buy with a price target of $53 with a price target of $53 by analysts at Bank of America/Merrill Lynch as they believe that the former may struggle to continue its growth in overseas. Shares of DirecTV fell 0.80 percent or 35 cents to trade at $43.51.
Dish Network Corp. (Nasdaq: DISH) is downgraded to Underperform from Neutral by analysts at Bank of America/Merrill Lynch, with a price target of $27. They believe that Dish is leveraged to slower economic growth. Shares of Dish were down 0.25 percent or 6 cents to trade at $23.58.
Motorola Mobility Holdings, Inc. (NYSE: MMI) is lowered to Neutral from Buy with a price target of $40 by analysts at UBS. They believe that Motorola's take out offer is considered fairly valued. Shares of Motorola Mobility were down 0.38 percent or 14 cents to trade at $37.98.
Walt Disney Co. (NYSE: DIS) is downgraded to Neutral from Buy with a price target of $42 by analysts at Bank of America/Merrill Lynch. They state that the sector is not yet pricing in another potential recession. Shares of Walt Disney fell 1.28 percent or 43 cents to trade at $33.22.