This morning, 3M (MMM) drew the attention of Citigroup and FBR, both who are bullish on the stock. Citigroup raised its rating from Hold to Buy and set a $92 price target as the firm expects organic growth to surpass expectations in 2010. FBR raised its price target to $100 per share citing organic growth as well, while maintaining its Outperform rating.
Shares of 3M were showing solid gains Wednesday morning, up almost two and a half percent so far today.
Citigroup also upgraded shares of Sprint Nextel (S) from Neutral to Buy as cost cutting efforts and improving sales trends should help the company in 2010. Also noted it Citigroup's report was the possibility of a strategic partnership or merger with T-Mobile as both operate in the prepaid wireless space. With the upgrade, the firm raised its price target from $5 per share up to $5.50 per share.
In morning trading, shares of Sprint Nextel jumped on the news, gaining more than nine percent.
And Deutsche Bank upgraded shares of CA Incorporated (CA) from Hold to Buy as opportunities in virtualization and cloud computing could boost growth at the company over the next few years. Analysts at Deutsche Bank believe margins and revenue will benefit a great deal if the company can capture 10% of the market by 2011. With the upgrade, the firm set a new price target of $28 per share.
Shares of CA were trading higher this morning, up more than three percent following the upgrade.
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