Analyst calls: AKAM, NT, CHIC, WMG, DE, AMGN, SIRI ...
Posted Aug 4th 2008 11:30AM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades, Sirius Satellite Radio (SIRI), Nortel Networks (NT), Genentech Inc (DNA), Amgen Inc (AMGN), Analyst initiations, Deere and Co (DE), Akamai Technologies (AKAM)
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Analyst upgrades:
- Jefferies upgraded shares of Akamai (NASDAQ: AKAM) to Buy from Hold on valuation, as they see a long-term buying opportunity following the recent correction. The firm maintains a $29 target.
- Moody's (NYSE: MCO) was upgraded to Overweight from Underweight at Lehman.
- Boyd Gaming (NYSE: BYD) was upgraded to Neutral from Underperform at Merrill Lynch.
Analyst downgrades:
- Jefferies downgraded shares of Nortel Networks (NYSE: NT) to Hold from Buy on concerns about the company's ability to hit expectations and drive margin expansion in the face of an eroding CDMA revenue stream. The firm lowered their target to $7.25 from $11.
- B. Riley cut Charlotte Russe (NASDAQ: CHIC) to Neutral from Buy on concerns about how well the company can perform with the interim management team, especially in light of the current retail environment. The firm lowered their target to $14 from $17. Roth Capital downgraded shares to Sell from Hold to reflect the management uncertainty and lowered their target to $9 from $14.
- Goldman cut Warner Music (NYSE: WMG) to Sell from Neutral and Deere (NYSE: DE) to Neutral from Buy.
Analyst initiations:
- Banc of America expects top-line growth at Amgen (NASDAQ: AMGN) to be driven by Denosumab and for investors to look to the stock for biotech exposure following the potential acquisition of Genentech (NYSE: DNA). The firm started shares with a Buy rating and $70 target.
- Sirius Satellite (NASDAQ: SIRI) was initiated at JP Morgan with a Neutral rating.
Tags: akam, amgn, byd, chic, de, dna, mco, nt, siri, wmg
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