Radar Movers: Netflix Attracts Attention on Upgrade, Facebook Edges Lower
Shares of Facebook (NASDAQ:FB) closed 2.44 percent in the red on Monday, and continue to edge lower in early trading today. The company received a downgrade to Sell from Neutral by BTIG with a price target of $16. BTIG explains, “We see a growing tension between the Facebook user experience and monetization, particularly as the collapse of payment revenues has left Facebook with only one major lever to pull – advertising.”
Intel (NASDAQ:INTC) shares are down over 1 percent in early trading. The company received a downgrade from Bernstein to Underperform from Market Perform with a price target of $20 a share. Previously, Bernstein had a price target of $24 on Intel shares.
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Netflix (NASDAQ:NFLX) shares jumped more than 10 percent on Monday, but are backsliding this morning. Morgan Stanley (NYSE:MS) analyst Scott Devitt raised his rating on Netflix to Overweight from Equal-Weight with a price target of $85, citing that the Wall Street is giving to much credit to Amazon.com’s (NASDAQ:AMZN) streaming services. “We believe the primary driver of content revaluation was Netflix’s own success,” he writes in a research note.
Marathon Petroleum (NYSE:MPC) is attracting attention on news the company will purchase BP’s (NYSE:BP) Texas City refinery, one of the biggest in the country. The Associated Press reports, “The total value of the deal could reach $2.5 billion. The refinery was the scene in 2005 of a fatal fire and explosion. Marathon will pay only $598 million for the refinery itself and other nearby pipelines and fuel terminals. It will pay $1.2 billion for the plant’s inventory of oil and petroleum products. Marathon may have to pay another $700 million over 6 years if certain unspecified conditions are met.”