Analyst calls: DVN, RSG, ECA, KGC, AIV, DB, DLTR, CVS, PETM, S, MU ...
Posted Dec 8th 2008 12:12PM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades, Sprint Nextel Corp (S), CVS Corp (CVS), Analyst initiations, Kinross Gold (KGC)
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Analyst upgrades:
- Jefferies upgraded shares of Devon Energy (NYSE: DVN) to Buy from Hold on expectations that Haynesville results could be a catalyst in 2009. The firm raised their target to $100 from $94.
- Friedman Billings upgraded shares of Republic Services (NYSE: RSG) to Outperform from market Perform following the completed merger with Allied Waste (NYSE: AW).
- KeyBanc upgraded NorthWestern (NYSE: NWE) to Buy from HOld as they expect the Montana commission to grant the company's pending request for an accounting order to smooth pension expenses over five years.
- EnCana (NYSE: ECA) was upgraded to Neutral from Sell at Goldman.
- Goldman also upgraded Questar (NYSE: STR) to Buy from Neutral.
- Kinross Gold (NYSE: KGC) was raised to Outperform from Neutral at Credit Suisse.
Analyst downgrades:
- Keefe Bruyette downgraded shares of REITs on concerns the economic outlook and heavier jobs losses will weaken apartment demand into 2009. The firm cut AvalonBay (NYSE: AVB) and BRE Properties (NYSE: BRE) to Underperform from Market Perform and AIMCO (NYSE: AIV) to Market Perform from Outperform.
- Jefferies downgraded shares of Goodrich Petroleum (NYSE: GDP) to Hold from Buy on valuation as they believe the recent outperformance relative to peers is overdone. The firm lowered their target to $29 from $36.
- ING downgraded Deutsche Bank (NYSE: DB) to Sell from Hold as they believe the bank may be forced to raise capital in the first quarter of 2009.
- Noble Energy (NYSE: NBL) was removed from Goldman's Conviction Buy List.
- Clearwire (NASDAQ: CLWRD) was lowered to Neutral from Buy at Merrill Lynch.
- Dollar Tree (NASDAQ: DLTR) was downgraded to Market Perform from Outperform at Friedman Billings.
Analyst initiations:
- Standpoint Research initiated CVS Caremark (NYSE: CVS) with a Buy rating and $45 target. The firm does not expect front end sales to suffer in the weakening economy and believes consumer traffic will steadily increase with the addition of the consumers served under the CVS PBM.
- PetSmart (NASDAQ: PETM) was assumed with an Equal Weight rating and $18 target at Barclays.
- Sprint Nextel (NYSE: S) was initiated at Morgan Stanley with an Underweight rating.
- Goldman reinstated Micron (NYSE: MU) with a Sell rating.
- CIBC started Royal Gold (NASDAQ: RGLD) with a Sector Performer.
- Aegon (NYSE: AEG) was initiated with a Buy rating at ING Group.
Tags: aeg, aiv, avb, aw, bre, cvs, dvn, eca, kgc, mu, nwe, petm, rgld, rsg, s, str
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