Market Overview

9 Stocks Haunted By Brexit, Creating Unwarranted Drops

9 Stocks Haunted By Brexit, Creating Unwarranted Drops
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After the United Kingdom's referendum vote sent stocks plummeting Friday and Monday, many analysts defended certain names within their coverage universe, claiming share price declines were unwarranted.

Here are the most notable upgrades and reiterations claiming Brexit had overdone its impact on specific companies:

Weyerhaeuser Co (NYSE: WY)

DA Davidson upgraded to Buy claiming the company was mainly a domestic unit seeing no significant change in the company’s fundamentals due to Brexit.

Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN)

Citi upgraded to Buy claiming the company was trading below the analyst’s ‘Dark-Sky’ valuation, while it should be approaching $154.00.

Related Link: Which Sectors Have Been Most Affected By Brexit?

American Axle & Manufact. Holdings, Inc. (NYSE: AXL)

RBC upgraded to Outperform after noting the company only had 4 percent of its sales exposed to European markets.

Incyte Corporation (NASDAQ: INCY)

Goldman Sachs reiterated Buy, had limited FX exposure, with 89 percent of revenues being generated in the United States.

Newell Brands (NYSE: NWL), Spectrum Brands Holdings, Inc. (NYSE: SPB)

The pair looked oversold when Jefferies reviewed stock performance of HPC/beverages relative to Consumer Staples Select Sect. SPDR (ETF) (NYSE: XLP)/S&P 500 versus U.K. exposure.

Dynegy Inc. (NYSE: DYN)

Citi upgraded to Buy following the ECP buyout and Brexit, thinking it seemed to be excessive.

Evercore Partners Inc. (NYSE: EVR)

Buckingham reiterated at Buy, arguing that the company recently witnessed an “outsized” selloff, which “seems overdone.”

Northern Trust Corporation (NASDAQ: NTRS)

Citi upgraded to Neutral arguing the relative decline to the S&P 500 was "a bit overdone with the group now trading at a 11.5 percent average implied cost of equity."

Latest Ratings for WY

Sep 2016Goldman SachsInitiates Coverage onBuy
Aug 2016DundeeDowngradesBuyNeutral
Aug 2016CitigroupMaintainsBuy

View More Analyst Ratings for WY
View the Latest Analyst Ratings

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