Analysts Upgrades and Downgrades: T, OGE, EW, CVC, SCHN
Tuesday, December 20, 2021 10:01 AM

As the U.S. market started Tuesday’s trading on a positive note, several stocks were either upgraded or downgraded by analysts and rating agencies. Some notable stocks are discussed here.

AT&T, Inc. (NYSE: T), which provides telecommunication services to consumers, businesses, and other service providers worldwide, is downgraded to Neutral from Overweight by analysts at JP Morgan Chase & Co. The former has dropped its controversial $39 billion bid for Deutsche Telekom's U.S. wireless unit, bowing to fierce regulatory opposition and leaving both companies scrambling for alternative. Shares of AT&T rose 0.38 percent, or $0.11, to trade at $28.85.

OGE Energy Corp. (NYSE: OGE), which operates as an energy and energy services provider that offers physical delivery and related services for electricity and natural gas primarily in the south central U.S., is upgraded to Buy from Hold with a price target of $59.60, up from $56, by analysts at Jefferies. They state that a recent EPA decision regarding regional haze will require the utility to install an estimated $1 billion in dry scrubbers by 2017, which they estimate will contribute $0.54 to earnings per share. Shares of OGE gained 2.26 percent, or $1.20, to trade at $54.31.

Analysts at RBC Capital raised the shares rating of Edwards Lifesciences Corp. (NYSE: EW), which offers products and technologies designed to treat advanced cardiovascular diseases worldwide, to a Top Pick rating from its previous rating of Outperform. The firm also increased its price target from $90 to $92. They state that they are bullish about the company’s near and long-term growth trajectory, margin profile and earnings potential. Shares of EW rose 3.43 percent, or $2.32, to trade at $69.92.

Cablevision Systems Corp. (NYSE: CVC), which operates as a telecommunications, media, and entertainment company, is lowered to Neutral from Buy by analysts at BTIG. The company settled a lawsuit over advertisement with Verizon Communications Inc. that CVC claimed misrepresented its Internet speeds. Shares of CVC added 2.85 percent, or $0.36, to trade at $13.36.

Schnitzer Steel Industries Inc. (Nasdaq: SCHN), which is engaged in recycling ferrous and nonferrous scrap metals, and used and salvaged vehicles, is downgraded to Underperform from Outperform by analysts at Credit Agricole. The company expects first-quarter earnings per share to come in at 18-25 cents, largely due to a 50 percent drop in operating income per ferrous ton, a figure that was $21 in the first quarter of fiscal 2011. Shares of SCHN added 3.85 percent, or $1.60, to trade at $43.14.