Tech Stocks See Mixed Day as Intel, IBM Receive Upgrades
Investor's Business Daily, a leading financial newspaper, reported on the latest tech stock movements, with Intel receiving an upgrade, Akamai Technologies being downgraded, and International Business Machines (IBM) seeing coverage initiated. Additionally, Goldman Sachs made downgrades on Eagle Materials and Restoration Hardware. Amidst these changes, L Brands, the parent company of Victoria's Secret, saw its shares close up 2%.
Key Takeaways:
- JMP Securities upgraded Intel to market outperform from market perform, citing the chipmaker's bullish guidance.
- Akamai Technologies was downgraded to sell from neutral by Goldman Sachs, with a lowered price target of $52 from $62.
- IBM received coverage initiated by JMP Securities, who also set a price target of $167, citing the company's leadership in multiple technology categories and strong customer base.
- Goldman Sachs downgraded Eagle Materials to neutral from buy.
- Goldman Sachs also downgraded Restoration Hardware to neutral from buy, citing its ongoing real estate transformation and new concepts like RH Modern and RH Teen.
- L Brands, the parent company of Victoria's Secret, saw its shares close up 2% after beating third-quarter earnings views, despite missing forecasts on sales.
Statistics:
- Intel shares closed up 1.1% in the stock market today, reaching their highest level since late January.
- Akamai shares ended Friday down 3.9%.
- Eagle Materials shares closed down 2.7%.
- Restoration Hardware shares closed down 0.2%, falling in sympathy with peer Williams-Sonoma.
- Williams-Sonoma closed down 3.4% Friday after topping Q3 views but giving a dismal holiday forecast.
- L Brands shares closed up 2% Friday, despite slightly missing sales forecasts in its third-quarter earnings.
Sources:
- Investor's Business Daily, Inc.
*(c) 2015 Investor's Business Daily, Inc.*