AnalystInitaitions posts
FeedPosted Jan 12th 2009 12:36PM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, Pfizer (PFE), Agilent Technologies (A), AutoZone Inc (AZO), Harley-Davidson (HOG), Analyst initiations
.gif)
Analyst upgrades:
- Baird upgraded Agilent (NYSE:A) to Outperform from Neutral and raised its target to $24 from $22. The firm expects Agilent's YoY order declines to bottom in 1H09 and for growth to return in 1Q10.
- Despite downgrading the Equity REIT industry to Underweight from Market Weight, Friedman Billings upgraded Home Properties (NYSE:HME) to Outperform from Market Perform to reflect the company's exposure to Washington, D.C. The firm thinks Washington has the potential for stable demand fundamentals.
- Keefe Bruyette raised Education Realty (NYSE:EDR) to Outperform from Market Perform to reflect the company's improved liquidity outlook.
- Cullen/Frost (NYSE:CFR) was upgraded to Overweight from Equal Weight at Barclays.
- Pfizer (NYSE:PFE) was raised to Neutral from Sell at Goldman.
- FPIC Insurance (NASDAQ:FPIC) was lifted at Piper Jaffray to Buy from Neutral.
Analyst downgrades:
- Credit Suisse downgraded Deutsche Telekom (NYSE:DT) to Neutral from Outperform and France Telecom (NYSE:FTE) to Underperform from Neutral in conjunction with cutting the European Telecommunications Services sector to Market Weight from Overweight.
- Goldman downgraded Harley-Davidson (NYSE:HOG) to Sell from Neutral and added shares to its Conviction Sell List. The firm, which lowered its target to $11 from $30, said HOG shares do not fully reflect the impact from unprecedented headwinds in global luxury motorcycle demand and credit.
- Jefferies downgraded Precision Cast (NYSE:PCP) to Hold from Buy following the recent rally as they believe near-term EPS growth will be challenging. The firm lowered its target to $72 from $75.
- AutoZone (NYSE:AZO) was downgraded to Market Perform from Outperform at Bernstein.
- Tenneco (NYSE:TEN) was cut to Market Perform from Outperform at Wachovia.
- Burlington Northern (NYSE:BNI) was lowered to Underweight from Equal Weight at Morgan Stanley.
- Friedman Billings downgraded the Equity REIT sector to Underweight from Market Weight.
Analyst initiations:
- Ladenburg initiated Pentair (NYSE:PNR) with a Buy rating and $32 target. The firm believes the company's cost reduction and growth strategies will limit earnings declines from weak end markets.
- Fiat (Other OTC:FIATY) was initiated with a Hold rating at ING Group.
- Raymond James resumed coverage of Tailsman Energy (NYSE:TLM) with a Market Perform rating.
Posted Dec 17th 2008 12:38PM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, Apple Inc (AAPL), Amazon.com (AMZN), American Express (AXP), Allegheny Technologies (ATI), Analyst initiations
.gif)
Analyst upgrades:
- UBS upgraded Kansas City Southern (NYSE:KSU) to Buy from Neutral and lowered its target to $26 from $35 citing valuation.
- Gabelli upgraded Media General (NYSE:MEG) to Hold from Sell because the firm thinks that Harbinger Capital has sold most of its shares in the company. As a result, the firm thinks the stock will be under less selling pressure.
- Eagle Bulk Shipping (NASDAQ:EGLE) was upgraded to Neutral from Underperform at Merrill Lynch.
- Centene (NYSE:CNC) was raised to Buy from Neutral at Goldman.
- Ralcorp (NYSE:RAH) was upgraded at Credit Suisse to Outperform from Neutral.
- Interpublic Group (NYSE:IPG) was upgraded to Equal Weight from Underweight at Morgan Stanley.
Analyst downgrades:
- Keefe Bruyette downgraded Healthcare Realty(NYSE:HR) to Market Perform from Outperform on concerns the company's development activity could be dilutive to near-term earnings.
- Citigroup downgraded Satyam (NYSE:SAY) to Sell from Buy as they believe the company's acquisition plans, and subsequent cancellation of the deals, will lessen investor confidence in the name.
- Oppenheimer downgraded Apple (NASDAQ:AAPL) to Perform from Outperform citing Steve Jobs cancellation of his annual key note speech at Macworld on January 6. The analyst said the unexpected announcement underscores Apple's long-term dependence on Job's health and its lack of succession plan.
- Baird downgraded Carlisle NYSE:CSL)to Neutral from Outperform.
- Gibraltar Industries (NASDAQ:ROCK) was downgraded at Piper Jaffray to Sell from Buy.
- NetApp (NASDAQ:NTAP) was cut to Accumulate from Buy at ThinkPanmure.
Analyst initiations:
- Citigroup believes the acquisition of Barr enhances Teva's (NASDAQ:TEVA) growth. The firm started shares with a Buy rating and $52 target.
- Suntrust initiated American Express (NYSE:AXP) with a Reduce citing slowing growth and greater-than-industry deterioration in credit quality.
- Roth Capital initiated The Buckle (NYSE:BKE) with a Hold rating and $17 target citing the deteriorating macro environment.
- Amazon.com (NASDAQ:AMZN) and Allegheny Tech (NYSE:ATI) were assumed with Neutral ratings and targets of $52 and $26, respectively, at UBS.
- Digital Realty (NYSE:DLR) was initiated at Piper Jaffray with a Buy rating.
- Mylan (NYSE:MYL) was started with an Overweight rating and $15 target at JP Morgan.
Posted Dec 4th 2008 1:28PM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, Amazon.com (AMZN), Schlumberger Limited (SLB), Red Hat Inc (RHT), Analyst initiations, YRC Worldwide (YRCW), BHP Billiton Ltd ADR (BHP), Rio Tinto plc ADS (RTP)
Analyst upgrades:
- Jefferies upgraded shares of Red Hat (NYSE:RHT) to Buy from Hold after their checks indicated Red Hat's November quarter results will be in-line due to solid Jboss sales. The firm also believes a potential new partnership with Cisco (NASDAQ:CSCO) could provide share upside.
- Barclays upgraded Amazon.com (NASDAQ:AMZN) to Overweight from Equal Weight as they believe the company's competitive position will strengthen during the current downturn and that the company will gain share.
- JP Morgan upgraded YRC Worldwide (NASDAQ:YRCW) to Neutral from Underweight following the announcement that the company and the Teamsters will vote on contract modifications.
- Del Monte Foods (NYSE:DLM) was raised to Overweight from Equal Weight at Stephens.
- Thomson Reuters (NYSE:TRI) was upgraded at Morgan Stanley to Equal Weight from Underweight.
- Reliant Energy (NYSE:RRI) was lifted to Outperform from Market Perform at Wachovia.
Analyst downgrades:
- B. Riley downgraded shares of Hot Topic (NASDAQ:HOTT) to Neutral from Buy to reflect a lack of visibility into 2009 and valuation but raised their target price to $9.30 from $8.20.
- Citigroup cut KLA-Tencor (NASDAQ:KLAC) to Hold from Buy to reflect their more offensive stance on the semi group as they view KLA-Tencor as a more defensive name. The firm lowered their target to $22 from $31.
- KeyBanc downgraded Arch Chemicals (NYSE:ARJ) to Underweight from Hold citing global economic headwinds, the stronger dollar, pension costs, and continued weakness in North American housing, among other reasons.
- Jo Ann Stores (NYSE:JAS) was cut to Hold from Buy at Soleil.
- Calyon downgraded Schlumberger (NYSE:SLB) to Outperform from Buy.
- Amdocs (NYSE:DOX) was downgraded to Neutral from Buy at Goldman.
Continue reading Analyst upgrades, downgrades and initiations: RHT, AMZN, DLM, BHP, RTP
Posted Nov 3rd 2008 12:24PM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, Boeing Co (BA), D.R.Horton (DHI), Analyst initiations
.gif)
Analyst upgrades:
- Stephens upgraded shares of Ann Taylor (NYSE: ANN) to Overweight from Equal Weight to reflect the company's restructuring program, reductions in inventory and share repurchase program.
- AIMCO (NYSE: AIV) was upgraded to Buy from Hold at Deutsche Bank.
- UBS upgraded D.R. Horton (NYSE: DHI) to Neutral from Sell.
- Argus believes BigBand Networks (NASDAQ: BBND) is succeeding by adding new customers and driving new business with existing customers. Shares were upgraded to Buy from Hold.
- ThinkPanmure expects Capella Education (NASDAQ: CPLA) to attract students at a faster rate in the coming quarters and to improve operating margins. The firm raised shares to Buy from Accumulate and raised its target to $60 from $62.
- Advanced Medical (NYSE:EYE) was lifted to Hold from Underperform at Jefferies.
Analyst downgrades:Continue reading Analyst calls: ANN, AIV, DHI, BA, BT, LINTA, B, WW ...
Posted Jan 25th 2008 11:32AM by Eric Buscemi (RSS feed)
Filed under: Best Buy (BBY), , Analyst initiations
.gif)
MOST NOTEWORTHY: Best Buy, Circuit City and FTI Consulting were today's noteworthy initiations:
- Best Buy (NYSE:BBY) and Circuit City (NYSE:CC) were initiated with Hold ratings and a $45-$47 and $3.50-$4.50 target, respectively, at Jefferies. The firm expects shares to be range bound as the company struggles with its turnaround and investor concerns about pressure on big ticket consumer purchases persists.
- FTI Consulting (NYSE:FCN) was initiated with an Outperform at William Blair. The firm believes the company is well-positioned in the high-growth derivatives market and has attractive financial characteristics.
OTHER INITIATIONS:
- Thomas Weisel started Micrel (NASDAQ:MCRL) with an Overweight rating and $9 target.
- Ceva (NASDAQ:CEVA) was started with an Outperform rating and $13 target at RBC Capital.
- Verisign (NASDAQ:VRSN) was initiated with a Hold rating and $35 target at Stifel.
Posted Jan 18th 2008 11:59AM by Eric Buscemi (RSS feed)
Filed under: Analyst initiations
MOST NOTEWORTHY: ProAssurance, Sonic Automotive and Interstate Hotels & Resorts were today's noteworthy initiations:
- Suntrust initiated ProAssurance (NYSE:PRA) with a Buy rating and $66 target and said the company has a strong position in the Midwest and Southeastern markets where it targets solo practitioners and small groups, where competition is less intense.
- Sonic Automotive (NYSE:SAH) was assumed with a Buy rating and $20 target at UBS, as they are positive on the company's diversified business mix.
- Baird is believes Interstate Hotels & Resorts (NYSE:IHR) will leverage its operating experience through its growing ownership portfolio and views valuation as attractive. The firm started shares with an Outperform rating.
OTHER INITIATIONS:
Posted Jan 15th 2008 11:22AM by Eric Buscemi (RSS feed)
Filed under: Analyst initiations
MOST NOTEWORTHY: On Semiconductor, 8x8 Inc and Exide were today's noteworthy initiations:
- On Semiconductor (NASDAQ:ONNN) was initiated with a Buy rating and $10 target at Kaufman Bros, as they believe the company is positioned to drive continued growth across its diversified end markets and benefit from a benign pricing environment.
- B. Riley assumed coverage of 8x8 Inc (NASDAQ:EGHT) with a Buy rating and $3 target and expects accelerating top-line growth and improving profits and cash flows as Virtual Office increases as a percentage of revenues.
- Merriman believes Exide's (NASDAQ:XIDE) significant smelting assets could become more valuable given recent changes in international environmental regulation and feels current levels provide an attractive entry point. The firm started shares with a Buy rating.
OTHER INITIATIONS:
- Deutsche Bank started HealthSpring (HS) with a Hold rating and $23 target.
- Sigma Designs (SIGM) was initiated with a Neutral rating and $47 target at Piper Jaffray.
- Jefferies initiated ARYx Therapeutics (ARYX) with a Buy rating and $17 target.
Posted Jan 8th 2008 11:32AM by Eric Buscemi (RSS feed)
Filed under: Analyst initiations
MOST NOTEWORTHY: Greenfield Online, Simpson Manufacturing and Cooper Industries were today's noteworthy initiations:
- Merriman assumed coverage of Greenfield Online (NASDAQ:SRVY) with a Buy rating. The firm's sum-of-parts valuation implies 50% upside to the stock and they believe the current valuation does not reflect the fast growing, high margin Comparison Shopping segment.
- CIBC initiated Simpson Manufacturing (NYSE:SSD) with a Sector Performer rating and sees near-term earnings risk given the company's exposure to the U.S. housing market.
- Cooper Industries (NYSE:CBE) was initiated at UBS with a Buy rating and $58 target. The firm expects Cooper to benefit from positive secular trends in energy efficiency and infrastructure investment.
OTHER INITIATIONS:
- Baird initiated Large/Mid-Cap Banks with an Evenweight view, starting Comerica (NYSE:CMA) and PNC Financial (NYSE:PNC) with Outperform ratings and a $50 target and $75 target, respectively.
- Wachovia started Henry Jack & Associates (NASDAQ:JKHY) with a Market Perform rating.
Posted Dec 28th 2007 11:06AM by Eric Buscemi (RSS feed)
Filed under: Analyst upgrades and downgrades, Analyst initiations
.gif)
MOST NOTEWORTHY UPGRADES:
- There were no notable upgrades today.
MOST NOTEWORTHY DOWNGRADES:
- Bear Stearns downgraded MSC Industrial (NYSE:MSM) shares to Peer Perform from Outperform following yesterday's durable goods data as they believe the U.S. maintenance, repair and overhaul market could modestly slow in the near-term.
- Citigroup downgraded shares of Golden Telecom (NASDAQ:GLDN) to Hold from Buy and lowered their target to $105, equal to the takeout offer from VimpelCom.
- Chicago Bridge & Iron (NYSE:CBI) was downgraded to Neutral from Add at Capital One Southcoast.
MOST NOTEWORTHY INITIATIONS:
Posted Dec 14th 2007 10:58AM by Eric Buscemi (RSS feed)
Filed under: Analyst initiations
MOST NOTEWORTHY: Ariad Pharma, FNB Corp. and Fortune Brands were today's noteworthy initiations:
- Jefferies finds Ariad Pharma (NASDAQ:ARIA) compelling as they believe the market potential for deforolimus in cancer is being underappreciated. Jeffieries initiated Ariad with a Buy rating and $8 target.
- B. Riley assumed coverage of FNB Corp. NYSE:FNB) with a Neutral rating and $15 target and sees limited viable lending opportunities in the current economic environment.
- Wachovia initiated Fortune Brands (NYSE:FO) with an Outperform rating and is positive on the company's position in Spirits. The firm believes its Home business is weighted towards the less cyclical remodels business.
OTHER INITIATIONS:
Posted Dec 11th 2007 11:02AM by Eric Buscemi (RSS feed)
Filed under: United Parcel'B' (UPS), Analyst initiations
MOST NOTEWORTHY: Danaher, United Parcel Service and Atmel were today's noteworthy initiations:
- Danaher (NYSE:DHR) was initiated with a Buy rating and $100 target at Banc of America. The firm believes the stock's premium valuation is warranted given the company's free cash flow performance and feels DHR's Emerging Medical platform is likely underappreciated by the Street.
- United Parcel Service (NYSE:UPS) was assumed with a Market Perform rating at William Blair, as they believe the company is positioned favorably for long-term price appreciation.
- Friedman Billings expects Atmel (NASDAQ:ATML) to pursue various actions to unlock shareholder value that include mix shift towards high-margin microcontroller products, reduced exposure to expensive manufacturing sites, and rationalizing its most profitable opportunities. The firm started shares with an Outperform rating and $6 target.
OTHER INITIATIONS:
- Morgan Stanley assumed coverage of AutoZone (NYSE:AZO) with an Equal Weight rating.
- Credit Suisse initiated Deltek (NASDAQ:PROJ) with an Overweight rating and $22 target.
- Lehman started CME Group (NYSE:CME) with an Equal Weight rating.
Posted Dec 7th 2007 11:20AM by Eric Buscemi (RSS feed)
Filed under: Analyst initiations
MOST NOTEWORTHY: RadNet, ArthroCare and E.W. Scripps were today's noteworthy initiations:
- Stanford initiated RadNet (NASDAQ:RDNT) with a Hold rating and $10.40 target and believes shares are fairly valued at current levels and that it will take time for the company's strategy of consolidating market share in select geographic areas to generate meaningful benefits.
- Oppenheimer said ArthroCare's (NASDAQ:ARTC) technologies improve surgical precision and control, reduce operative time, create less painful and more rapid recoveries, and aid in making more surgeries minimally invasive. The firm started shares with a Buy rating and $70 target.
- E.W. Scripps (NYSE:SSP) was initiated with a Hold rating and $45-$47 target at Jefferies. Jefferies believes the company's traditional media assets will weigh on operating results and are cautious ahead of company split in Q208.
OTHER INITIATIONS:
Ray of light: U.S. temp worker hiring increased by 34k in October
Closing Bell: Bulls gutting bears (ATVI, EWBC, GE, JASO, ENZN, MCD)
Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview
