Analyst initiations 4-13-07: BAC, BMY, LLY, MRK, PFE and WB initiated today
Posted Apr 13th 2007 11:38AM by Kevin Shult
Filed under: Pfizer (PFE), Bank of America (BAC), BB and T (BBT), Bristol-Myers Squibb (BMY), Comerica Inc (CMA), Wachovia Corp (WB), Merck and Co (MRK), Lilly (Eli) (LLY), Analyst initiations, Wells Fargo (WFC)
MOST NOTEWORTHY: The initiation of the Regional Banks sector was today's most notable move:
- Stifel initiated Wells Fargo (NYSE: WFC) with a Buy rating and $41 target as they believe the company is best in class given its strong capital position, effective risk management and better than average EPS growth rates.
- Stifel initiated with a Hold rating: Bank of America (NYSE: BAC), Wachovia (NYSE: WB) and Fifth Third (NASDAQ: FITB).
- Stifel transferred coverage of the following names with Hold ratings: BB&T Corp (NYSE: BBT), Comerica IncCMA), SunTrust Banks (NYSE: STI), US Bancorp (NYSE: USB). Note USB was transferred and downgraded to Hold from Buy.
- Stifel initiated Regions Financial (NYSE: RF) with a Sell rating and $33 target as they believe the AmSouth merger is likely to prevent a near-term catalyst, and transferred coverage of National City (NYSE: NCC) with a Sell rating and $33 target, downgraded from Hold, as they believe consensus estimates need to come down to reflect several challenging trends.
OTHER INITIATIONS:
- JMP Securities started TiVO Inc (NASDAQ: TIVO) with a Market Outperform rating, expecting the company to gain a larger piece of the DVR market in the late spring/early summer.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Tags: bac, banc of america, BancOfAmerica, bank of america, BankOfAmerica, fifth third, FifthThird, fitb, wachovia, wb, wells fargo, WellsFargo, wfc
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