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Analyst upgrades: GM, AYI, PPS, MAN and IMAX

MOST NOTEWORTHY: General Motors, Acuity Brands, Post Properties, Manpower and IMAX Corp were today's noteworthy upgrades:
  • UBS upgraded General Motors (NYSE: GM) to Buy from Sell citing a potential $3B in cost savings from the "transformational contract" with the UAW.
  • Acuity Brands (NYSE: AYI) was upgraded to Outperform from Neutral at Baird based on valuation and management's ability to execute.
  • Post Properties (NYSE: PPS) was raised to Neutral from Sell at Merrill Lynch following its Q3 report and guidance.
  • Citigroup upgraded shares of Manpower (NYSE: MAN) to Buy from Hold as they like the company's business model and balance sheet.
  • Soleil upgraded shares of IMAX Corporation (NASDAQ: IMAX) to Buy from hold with digital IMAX set to launch in Q208, to reflect the attractive economics of the company's new joint venture model.
OTHER UPGRADES:
  • Verizon Communications (NYSE: VZ) was upgraded to Market Perform from Underperform at Raymond James.
  • JMP Securities upgraded Actuate Corporation (NASDAQ: ACTU) to Outperform from Market Perform.
  • Citigroup upgraded FormFactor (FORM) to Buy from Hold and added shares to their Global Tech Conviction List.
  • CIBC upgraded Northgate Minerals Corporation (NYSE: NXG) to Sector Performer from Sector Underperformer.

Gold and silver mining speculations

Gold and silver"The technical picture for gold is getting better by the day," says Eric Roseman. In his Commodity Trend Alert, he notes, "The last 16 months have been painfully boring for gold bugs. But every asset class has its day, and right now it's time for gold to shine once again."

The advisor considers Eldorado Gold (ASE: EGO) a speculative favorite. He explains, "Eldorado Gold is a $1.7 billion dollar company with operations in Brazil, China and Turkey. Management is strong, and despite a recent political spat with the Turkish government in July, earnings are booming."

He continues, "The stock is a perfect addition to our mining portfolio because it earns a net profit, has tangible reserves and has boosted its free cash flow."

In August, he observes, EGO reported strong Q2 results with net income rising to a record $26.7 million dollars, or $0.08 per share compared to $0.00 a year earlier. He states, "During the second quarter, Eldorado sold 112,702 ounces at an average price of $664 an ounce – one heck of a healthy margin."

Continue reading Gold and silver mining speculations

Symbol Lookup
IndexesChangePrice
DJIA-154.4810,309.92
NASDAQ-37.612,138.44
S&P 500-19.141,091.49

Last updated: November 27, 2009: 11:34 PM

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