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Actionable news in CAT: CATERPILLAR Inc,

Top Analyst Upgrades and Downgrades: Broadcom, Caterpillar, Sirius XM, Newmont, Palo Alto, Perrigo, Sarepta, Xerox and More

Stocks were indicated marginally higher on Tuesday, but the markets still seem to be looking for a new directional bias after weeks of rallies took the market back to 2016 highs. It still seems that investors have voted to remain buying pullbacks, as from 2011 to 2015, but that might not mean endless chasing the market higher.

As a reminder, the S&P 500 is now valued at 17.8 times its forward 12-month price-to-earnings (P/E) ratio, after peaking at 17.9 last week.

24/7 Wall St. reviews dozens of analyst research reports each morning of the week to find new investing and trading ideas. Some of these analyst reports cover stocks to buy, whiles cover stocks to sell or avoid.

These are top analyst upgrades, downgrades and initiations seen on Tuesday morning:

Broadcom Ltd. (NASDAQ: AVGO) was maintained as Buy with a $200 price objective at Merrill Lynch, but the firm added it to the prized US 1 list as its target implies 33% upside. Broadcom has a consensus analyst price target of $179.04 and a 52-week trading range of $100.00 to $159.65.

Caterpillar Inc. (NYSE: CAT) was raised to Buy from Hold at Argus after last week’s earnings, and the firm established a price target of $92 (versus a $76.79 prior close). Argus noted that this implies upside of 20% from current levels, but noted that this is still 20% below the latest cycle highs. The consensus price target is $67.06, and the 52-week range is $56.36 to $89.62.

Liberty Sirius XM Group (NASDAQ: LSXMA) was started as Buy with a 12-month price objective of $44 at Merrill Lynch. The firm believes that Liberty Sirius XM Group should benefit from solid underlying trends at Sirius XM, as well as a reduction in the net asset value discount.

Newmont Mining Corp. (NYSE: NEM) was raised to Outperform...