Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Noranda Aluminum
So what: Analysts at Goldman upgraded Noranda to "buy" from "neutral," and increased their price target to $14. Goldman said the recent share offering might spur investors concerned about liquidity to buy shares in this stock.
Now what: This is a classic upgrade bump for Noranda today, but I think this bump might have some legs to it. The stock has been on a nice run since its IPO in May, soundly beating estimates in the last two quarters. I'm not inclined to buy today when everyone is buying on Goldman's upgrade, but if the stock pulls back next week, long-term investors should take another look.
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