Analyst calls: LVS, GM, DELL, JCP, PALM, AXP, CHIC, STZ, AMP, BOBE
Posted Nov 13th 2008 11:00AM by Eric Buscemi
Filed under: Analyst upgrades and downgrades, Dell (DELL), General Motors (GM), Penney (J.C.) (JCP), American Express (AXP), Palm Inc (PALM), Analyst initiations, Las Vegas Sands (LVS)
.gif)
Analyst upgrades:
- Roth Capital upgraded Charlotte Russe (NASDAQ: CHIC) to Hold from Sell. The firm is positive on management's strategy to drive improved operating performance and is encouraged by the company's longer-term growth prospects.
- Banc of America upgraded shares of Las Vegas Sands (NYSE: LVS) to Neutral from Sell following the company's capital raise as they see a more balanced risk/reward at current levels. The firm lowered their target to $5 from $12.
- Constellation Brands (NYSE: STZ) was raised to Buy from Neutral at UBS.
- Credit Suisse upgraded Ameriprise (NYSE: AMP) to Outperform from Neutral.
- Bob Evans (NASDAQ: BOBE) was upgraded to Hold from Underweight at KeyBanc.
- J. Sainsbury (OTC: JSAIY) was upgraded to Buy from Hold at ING and to Neutral from Underweight at JP Morgan after the company topped earnings expectations.
Analyst downgrades:
- JP Morgan downgraded General Motors (NYSE: GM) to Neutral from Overweight citing the "ambiguity of government aid structure" and the likely dilution to equity. The analyst said GM needs money now to get past December 2008 and will need at least $15B to get through 2009, with the total bailout potentially reaching $30B.
- Goldman downgraded Dell (NASDAQ: DELL) to Sell from Neutral and added shares to the Conviction Sell List.
- J.C. Penney (NYSE: JCP) was lowered to Equal Weight from Overweight at Morgan Stanley.
- William Blair cut Donaldson (NYSE: DCI) to Market Perform from Outperform as they see downward revisions to management guidance given the recent deterioration in the global economic outlook.
- Macquarie Infrastructure (NYSE: MIC) was downgraded at Citigroup to Hold from Buy.
- Jefferies downgraded shares of Tibco (NASDAQ: TIBX) to Underperform from Hold to reflect Tibco's exposure to the slowing financial services sector and their belief there is little chance of a company sale in the near-term. The company's target was lowered to $3 from $5.
Analyst initiations:
- Goldman initiated Palm (NASDAQ: PALM) with a Sell rating and $2.60 target citing weaker revenues and intense smartphone competition.
- American Express (NYSE: AXP) was assumed with an Underperform rating and $17 target at Jefferies. Jefferies sees downside to shares from higher funding costs and deteriorating credit performance. Stanford thinks InterActiveCorp has quality assets but the firm believes the company's strategy for achieving growth is unclear. Shares were initiated with a Hold rating and $18 target.
- BMP Sunstone (NASDAQ: BJGP) was initiated with a Hold rating at Roth Capital.
- Atheros (NASDAQ: ATHR) was started with a Neutral rating and $14.50 target at JP Morgan.
Tags: amp, athr, axp, bjgp, bobe, chic, dci, dell, gm, inthenews, jcp, jsaiy, lvs, mic, palm, stz, tibx
Get the latest on
cars and
trucksfrom GM and all brands at AOL Autos.
Twitter finally reveals revenue ambition, wants to be Google -- but not yet
Google says: Chrome for Christmas
Why is gold marching higher? Ask the central bankers
