Analyst calls: PEP, FIG, PUK, BEN, ASML, X, RDS.A, CHU, SVR ...
Posted Oct 27th 2008 10:13AM by Laurie Pasternack
Filed under: Analyst reports, Analyst upgrades and downgrades, PepsiCo (PEP), U.S. Steel (X), Analyst initiations
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Analyst upgrades:
- PepsiCo (NYSE: PEP) was upgraded to Buy from Hold at Deutsche Bank.
- Fortress (NYSE: FIG) was upgraded at Citigroup to Hold from Sell.
- Prudential (NYSE: PUK) was lifted to Overweight from Neutral at JP Morgan.
- Keefe Bruyette upgraded Franklin Resources (NYSE: BEN) to Outperform from Market Perform and added shares to their Best Ideas List on valuation as they see an attractive risk/reward at current levels.
- UBS upgraded ASML Holding (NASDAQ: ASML) to Buy from Neutral on valuation as they believe the company remains a market leader.
- Oppenheimer raised Seattle Genetics (NASDAQ: SGEN) to Outperform from Perform on valuation following the recent weakness as they expect positive clinical news flow beginning in December.
Analyst downgrades:
- UBS downgraded U.S. Steel (NYSE: X) to Sell from Buy and lowered its target to $30 from $60 citing deteriorating U.S. conditions and concerns about the company's high fixed costs in a falling steel price environment.
- Royal Dutch Shell (NYSE: RDS.A) was downgraded to Underperform from Neutral at Credit Suisse.
- China Unicom (NYSE: CHU) was lowered to Underweight from Neutral at JP Morgan.
- Merriman downgraded Rick's Cabaret (NASDAQ: RICK) to Neutral from Buy to reflect the tough economic environment, potential weakness in Las Vegas and potential delays in acquisitions.
- B. Riley cut Cache (NASDAQ: CACH) to Neutral from Buy and lowered its target to $3.40 from $11 on concerns that comp declines have accelerated in October and will not get better for the holiday season.
- Old Second Bancorp (NASDAQ: OSBC) was cut to Underperform from Market Perform at Keefe Bruyette.
Analyst initiations:
- B. Riley initiated EnerSys (NYSE: ENS) with a Buy rating and $16.50 target. The firm believes the company's core business is gaining strength due to product innovation and continued expansion into new commercial and renewable energy applications.
- Oppenheimer believes Syniverse (NYSE: SVR) is well positioned with rising mobile services penetration given its leverage to roaming and data. Shares were assumed with an Outperform rating and $19 target.
- MAG Silver (AMEX: MVG) and Northern Dynasty (AMEX: NAK) were initiated with Speculative Buy ratings at Canaccord.
Tags: ASML, ASML Holding, AsmlHolding, BEN, CACH, Cache, China Unicom, ChinaUnicom, CHU, EnerSys, ENS, FIG, Fortress, franklin resources, FranklinResources, inthenews, MAG Silver, MagSilver, MVG, NAK, Northern Dynasty, NorthernDynasty, Old Second Bancorp, OldSecondBancorp, OSBC, PEP, Pepsi, PepsiCo, Prudential, PUK, RDS.A, RDS.B, RICK, Ricks Cabaret, RicksCabaret, Royal Dutch Shell, RoyalDutchShell, Seattle Genetics, SeattleGenetics, SGEN, SVR, Syniverse, U.S. Steel, U.s.Steel, X
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