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Analysts just upgraded these stocks; Should you believe them?

Most investors pay attention to upgrades and downgrades on stocks they either own or are considering buying. Analysts follow the market for a living, so they do have a good feel for what is currently taking place with the overall market, and individual stocks that they follow.

Upgrades are a great sign that an analyst believes shares are either undervalued, or in other cases that a stock’s recent selling pressure has pushed shares into oversold territory, and the stock is once again offering decent value to investors.

While I do pay attention to the opinions of analysts who follow the same stocks I do, I also have seen enough bad recommendations to know that it is my responsibility to dig deeper and make sure that I do the needed homework on any stock before I simply follow the advice of analysts into new positions.

The market remains very strong, and with the major indexes still near record high levels, it is becoming harder and harder to find value, so a good place to start is with recent analyst upgrades. Let’s take a look at five recent upgrades, and whether or not each look like a good buy at this time.

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Michael Fowlkes

Michael Fowlkes is a financial writer who has been with the Fresh Brewed Media family since 2004. Over the course of his tenure with Fresh Brewed Media, he has worn many hats, including portfolio manager, options analyst, and writer. Michael received his undergraduate degree from Virginia Tech in Accounting and got his start in finance working as a stock trader for six years at Chase Investment Counsel in Charlottesville, Va.