Allegheny Technologies Stock Upgraded: Here's What You Need to Know
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
Allegheny Technologies (NYSE: ATI) stock has been something of a "good news, bad news" story for investors this year. On the one hand, ATI shares have handily outperformed the rest of the stock market, rising 27% over the past 12 months versus the S&P 500's 14% gain. On the other hand, Allegheny Tech's sharp rise in stock price -- unaccompanied by a positive P/E ratio -- has made analysts leery of recommending it. On Wall Street, more analysts rate Allegheny Technologies stock a hold than a buy.
But at least no one is recommending selling Allegheny Technologies stock -- at least, not anymore.
Source: Fool.com