Oct 30, 2009 (MarketNewsVideo.com via COMTEX News Network) -- This morning, TD Newcrest upgraded shares of Barrick Gold (ABX) from Buy to Action List Buy as the company is the top pick among established gold producers. Barrick is expected to benefit the most as gold moves higher. Currently, the stock is trading at a low price to net asset value ratio compared to peers, and TD Newcrest believes investors should close that gap.
Shares of Barrick were trading lower today despite the upgrade, off more than three percent.
Citigroup has raised its rating on Toll Brothers as shares have fallen over the past two months. Citi upgraded the stock from Hold to Buy as the current price is more than thirty percent lower than the firm's $23 price target.
In morning trading, shares of Toll Brothers responded to the upgrade, gaining more than three percent this morning.
And Goldman Sachs upgraded shares of OfficeMax (OMX) from Neutral to Buy as the company's share price will be correlated to the economic recovery. Analysts at Goldman believe that earnings will begin to grow again in 2010 as the economy grows and set a new price target of $14 per share.
Shares of OfficeMax responded well to the upgrade, gaining six and a half percent this morning.
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