No. 3 - Bull Market Intact? Analysts Hit the Street In Force
By: Analysts Hit the Street In Force, Recommending Altria, Monsanto.
After a week where $1 trillion in value was lost and stocks shaved off, on average, 5%, Wall Street analysts finally felt safe enough to come out from hiding. They are recommending buying everything from Altria to Monsanto to IGT and Texas Instruments. Are analysts sounding the all clear or setting their clients up for a fall?
Adami said, "It seemed everybody on Wall Street today said something. Monsanto’s upgrade stuck with me." The stock is up 200% since '05, giving it a forward price-earnings ratio of 32. Adami is a buyer: "The kind of growth they're experiencing from global seed demand deserves a multiple that high," he said.
Strazzini's pick of the day is Altria. Down at around 81 it’s clearly a buy.
Macke said Great Atlantic & Pacific Tea is his analyst piggy-back pick of the day. They created a terrific little operation on the east coast through their purchase of Pathmark.
Texas Instruments was upgraded by Bear Stearns and Bolling agrees with the call.
Trader disclosure:
On MAR 6, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders.
Strazzini Owns (MO)
Bolling, Short Nasdaq Futures, Short S&P Futures, Short Corn, Owns Gold, Owns Soybeans, Owns Silver, soybean meal, soybean oil
Macke Owns (JWN)
Questions? Comments? fastmoney@cnbc.com
