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Analyst upgrades, downgrades and initiations: FCX, MOT, CHK, MON ...

Analyst upgrades:
  • Deutsche Bank upgraded Freeport McMoRan (NYSE: FCX) to Buy from Hold to reflect the company's better than expected Q3 results and improved volume outlook. Deutsche raised its target on shares to $100 from $72.
  • Thomas Weisel upgraded Motorola (NYSE: MOT) to Overweight from Market Weight and raised its target to $11 from $7 and said they expect Motorola to benefit from several upcoming catalysts that include new Android-based smartphone products and they believe the handset division could break even by year end of 2010.
  • Janney Montgomery upgraded Regal Entertainment (NYSE: RGC) and Cinemark (NYSE: CNK) to Buy from Neutral on expectations both companies will benefit from a strong box office in Q4. The firm has a $14 price target on Regal shares and a $13.50 target on Cinemark shares.
  • Marshall & llsley (NYSE: MI) was upgraded to Neutral from Underweight at JPMorgan.
  • F5 Networks (NASDAQ: FFIV) was upgraded to Neutral from Sell at UBS.
  • William Blair upgraded Lindsay Corporation (NYSE: LNN) to Outperform from Market Perform.

Continue reading Analyst upgrades, downgrades and initiations: FCX, MOT, CHK, MON ...

Analyst upgrades, downgrades and initiations: APC, BWA, CCL, KR, NUE, SNDA, TSO ...

Analyst upgrades:

  • Citigroup upgraded Nucor (NYSE: NUE) to Buy from Hold to reflect its positive outlook for steel and expectations the company will return to profitability in Q4. Citi raised its target price on shares to $57 from $46.
  • Oppenheimer upgraded Given Imaging (NASDAQ: GIVN) to Outperform from Perform to reflect solid PillCam Colon data and expected margin improvement. The firm has a $25 target on shares.
  • Deutsche Bank upgraded Genworth (NYSE: GNW) to Buy from Hold following the $600M capital raise as it believes liquidity at the holding company has improved. The firm raised its target on shares to $18 from $7.
  • Washington Federal (NASDAQ: WFSL) was upgraded to Outperform from Underperform at FBR Capital.
  • Carnival (NYSE: CCL) was upgraded to Sell from Conviction Sell at Goldman.
  • Anadarko Petroleum (NYSE: APC) was upgraded to Buy from Hold at Weeden.

Continue reading Analyst upgrades, downgrades and initiations: APC, BWA, CCL, KR, NUE, SNDA, TSO ...

The week in preview: Alcoa, GE kick off earnings season

Alcoa Inc. (NYSE: AA) kicks off the new earnings seasons when it reports third quarter results on Tuesday. The Pittsburgh-based aluminum producer, which celebrated its 120th anniversary with the launch of its website, is expected to post a profit of 54 cents per share, down 15.6% from the same quarter of last year, on revenue of $7.2 billion, down 2.1%. While Alcoa has tended to fall short of estimates in recent quarters, in the second quarter it did offer a positive surprise of almost 3%. Its long-term earnings per share growth forecast is 14.8%, a little less than the S&P 500, and analysts polled by Thomson Financial on average recommend buying Alcoa, and have for more than 90 days. Shares reached a new 52-week low last week, and are down 48.9% from a year ago.

General Electric Co. (NYSE: GE) is also expected to report a slip in earnings this week. Analysts anticipate that the conglomerate will post a third-quarter profit of 45 cents per share, down just 6.3% from a year ago, on revenue of $47.7 billion, which is up 12.1%. GE has tended to eke out small positive surprises in recent quarters, by less than 1% in the second quarter. GE's long-term earnings per share growth forecast is only 11.0%, which is less than the sector average and the S&P 500. The consensus recommendation has recently swung to hold GE, but Warren Buffett has bought in to the tune of $3 billion. GE also reached a new 52-week low last week as the markets tumbled. GE shares are down 48.1% from a year ago.

Continue reading The week in preview: Alcoa, GE kick off earnings season

Earnings highlights: Goldman Sachs, Best Buy, General Mills, Carnival and others

Here are some highlights from this past week's earnings coverage from BloggingStocks:

More earnings highlights from this week: Morgan Stanley, FedEx, Ford, GE, Circuit City and others

Continue reading Earnings highlights: Goldman Sachs, Best Buy, General Mills, Carnival and others

Lindsay Corporation (LNN) dripping in profits; share price taking a bath

At least drought is good for somebody, especially irrigation equipment manufacturer and installer Lindsay Corporation (NYSE: LNN). Lindsay's 3Q total revenues increased 54% to $143.6 million. And this is before the extensive flooding in the Midwest damaged so many irrigation systems that will require repair or replacement as soon as the waters recede. Net earnings also just about doubled to $14.1 million or $1.15 per diluted share. Lindsay boosted irrigation equipment domestic revenues 46% and international revenues a staggering 95%. Infrastructure revenues increased 30%. Operating income increased 50% and backlog of unshipped orders increased 53%. This is a company that literally cannot ship product out the door quickly enough to satisfy customer demand.

The story is the same for the first nine months of fiscal 2008. Total revenues increased 57% to $328 million. Irrigation revenues both domestic and international were up a total of 58% and infrastructure revenues rose 55%. CEO Rick Parod predicts that demand for comprehensive irrigation systems, including pump station controls and designs, will continue strong for the foreseeable future. Lindsay systems help farmers stabilize crop yield while also conserving water.

Given the good numbers right now and for the future, it is difficult to explain the recent plunge in share price. Currently the stock is trading at just under $100, down 18% in 2 days. The 52-week low is $34.84. The 52-week high is $131.14. Pickings for strong growth stocks are slim right now. This one would well repay some investor due diligence.

Lindsay Corporation (LNN): Shares define bullish 'flag'

Lindsay Corporation (NYSE: LNN) manufactures automated agricultural irrigation systems. Offerings include center pivot and lateral move systems, as well as hose reel travelers and mini-pivots. The firm also makes chemical injection systems, remote monitoring products and irrigation controls. Lindsay's systems are sold through a worldwide network of dealers to farmers in more than 90 countries. Wholly owned Lindsay subsidiaries make movable barriers for traffic management and crash cushions for improved highway safety.

The company pleased investors earlier in the month, when it reported fiscal Q2 EPS of 79 cents and revenues of $108.4 million. The Street had been expecting 47 cents and $83.4 million. The CEO noted, "With the current USDA forecast of a second consecutive year of record net cash farm income in 2008, we believe domestic demand for our irrigation products will remain robust. International demand is also expected to increase on the strength of higher agricultural commodity prices and global agricultural development." Boenning & Scattergood subsequently upgraded the shares to "market outperform".

Continue reading Lindsay Corporation (LNN): Shares define bullish 'flag'

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DJIA+38.3910,285.36
NASDAQ+12.452,163.53
S&P 500+4.841,097.85

Last updated: November 11, 2009: 11:45 AM

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