As the US market started Thursday's trading on a low note, several stocks were either upgraded or downgraded by analysts and rating agencies. Some notable stocks are discussed here.
Netflix Inc. (Nasdaq: NFLX), an American provider of on-demand internet streaming media in the US, Canada and Latin America, is upgraded to Outperform from Neutral by analysts at Wedbush. They raise the stock's price target to $155 from $110. They state that it appears that the driver for the separation of Netflix into two businesses, Netflix.com and Qwikster.com was to position the streaming business for sale to Amazon.com. Shares or Netflix added 2.08 percent or $2.67 to trade at $131.17.
Diamond Foods, Inc. (Nasdaq: DMND),a packaged food company with offices in San Francisco and Stockton, California, is downgraded to Hold from Buy with a price target of $94 by analysts at Jefferies. They state that they are downgrading the stock on margin assumptions by 50bps as more of the Pringles accretion than they previously thought appears to get reinvested. Shares of Diamond Foods fell 3.84 percent or $3.53 to trade at $88.38.
Analysts at Duncan Williams lowered the rating of Wright Medical Group Inc. (WMGI), a global orthopedic medical device company and a leading provider of surgical solutions, to Hold with a price target of $18.50. They state that clinical issues in the U.S. will pressure both revenue growth rates and gross margins going forward of the company. Shares of Wright Medical lost 3.94 percent or 71 cents to trade at $17.29.
Analysts at Goldman Sachs upgraded shares rating of Bristol-Myers Squibb Co.