Analysts Upgrades and Downgrades: HOLI, FNFG, P, MFRM
Thursday, December 29, 2021 9:49 AM

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

Hollysys Automation Technologies Inc.(Nasdaq: HOLI), which provides automation and control technologies and applications to customers in the industrial, railway, subway and nuclear industries in China and south-east Asia, is upgraded to Buy with a price target of $10, up from $9.50, by analysts at Roth Capital. HOLI has won three contracts from three different power corporations for supply of industrial distributed control systems to the thermal power generating units. Shares of HOLI gained 3.81 percent, or $0.28, to trade at $7.50.

First Niagara Financial Group Inc. (Nasdaq: FNFG), which operates as the holding company for First Niagara Bank, is initiated with a Buy rating by analysts at Jefferies, with a price target of $10. They state that while the 30 percent drop in capital ratios or tangible book value from HSBC deal is disappointing and limits capital return, it also keeps the company out of the merger and acquisition marketplace, which has been the biggest weight on the stock. Shares of FNFG added 0.77 percent, or $0.07, to trade at $8.52.

Analysts at Collins Stewart initiate Neutral rating on the shares of Pandora Media Inc. (NYSE: P), which operates as an Internet radio company in the U.S., with a price target of $13. They state that Pandora uses proprietary technology from the Music Genome Project to create playlists tailored to listener's taste. They believe that Pandora’s has multiple drivers for robust long-term growth. Shares of Pandora were trading at $10.01 with zero percent change on its last close.

Mattress Firm Holding Corp. (Nasdaq: MFRM), which operates and franchises mattress stores in the U.S., is initiated with a Buy rating by analysts at KeyBanc, with a price target of $28. They state that MFRM is positioned to grow to 1,100 stores without squaring off directly against major regional competitors. Beyond new store openings, MFRM comps are positioned to benefit from pent-up demand in the industry, innovation and growing demand for specialty mattresses, and share gains from increased advertising, they add. Shares of MFRM rose 2.14 percent, or $0.48, to trade at $22.95.