Analysts: Sirius XM’s Pullback Was Uncalled For and 2 Other Analyst Notes Worth Reading
Sirius XM (NASDAQ:SIRI): Citigroup has maintained a Buy rating on Sirius XM shares, following a recent pullback that it deemed as being unwarranted. The firm has a $3.60 price target on Sirius shares, and thinks that concerns over a rumored acquisition in the telematic space could have driven shares lower, but maintains that such a deal is unlikely. Citigroup also noted that increasing auto-based telematic applications will help Sirius XM’s market expand.
Mistras Group (NYSE:MG): RW Baird has raised concerns of near-term risk and few catalysts seen, citing weaker than anticipated Q3 earnings and implied guidance that appears to be a stretch for the company. The firm sees expectations bottoming, margin pressures subsiding, and European headwinds able to be handled providing opportunity for long-term investors. Baird rates its shares as Outperform with a $24 target.
First Solar (NASDAQ:FSLR): Credit Suisse notes that shares overreacted to analyst day, resulting in a 45 percent movement which it says is due to a change in revenue recognition policy on its Desert Sunlight project. Shares are expected to pull back, and that valuation does not take into account competition, execution, or market risks. Credit Suisse has a Neutral rating on First Solar, with a target of $28 — up from $23.
The stock rally leaves little room for upside, according to Piper Jaffray, which boosted its price target to $40, from $28. Jaffray’s rating stuck at neutral.
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