RatingChange posts
FeedPosted Mar 20th 2007 10:51AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst reports, Good news, Dow Chemical (DOW), Gilead Sciences (GILD)
MOST NOTEWORTHY: Today's notable upgrades include SanDisk Corp (SNDK), Cabela's Inc (CAB) and Knightsbridge Tankers Ltd (VLCCF):
- CIBC upgraded shares of SanDisk Corp (NASDAQ: SNDK) to Sector Outperformer from Sector Performer with a $50 target. The firm finds the risk/reward compelling due to a rebounding NAND outlook for Q4 and 2008 and the probability of Hynix signing a watershed licensing deal.
- Matrix USA upgraded Cabela's Inc (NYSE: CAB) Inc to Hold from Sell as retail operations have improved, providing a boost to fundamental trends.
- JP Morgan upgraded shares of Knightsbridge Tankers (NASDAQ: VLCCF) Ltd to Neutral from Underweight based on valuation and increased time-charter contract coverage.
OTHER UPGRADES:
- Merrill Lynch upgraded Gilead Sciences, Inc (NASDAQ: GILD) to Buy from Neutral to reflect improved prospects for long-term growth of the company's HIV-franchise.
- UBS resumed coverage of Express Scripts, Inc (NASDAQ: ESRX) with a Buy rating, up from its previous Neutral rating.
- Deutsche Bank upgraded Valspar Corp (NYSE: VAL) with a Buy from Hold and $34 target.
- HSBC upgraded Dow Chemical Co (NYSE: DOW) to Overweight from Neutral as the firm believes a joint venture with Reliance could trigger a valuation re-rating with a higher multiple, offsetting any EPS dilution.
- Caris upgraded Seagate Technology (NYSE: STX) to Above Average from Average as the firm believes Seagate has too many structural advantages over the competition.
- Buckingham upgraded TJX Cos (NYSE: TJX) to Strong Buy from Accumulate with a $33 target.
- Lehman Brothers upgraded Volkswagen ADS (OTC: VLKAY) to Equal-Weight from Underweight.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).Posted Mar 7th 2007 11:30AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst initiations
MOST NOTEWORTHY: In addition to Genomic Health (GHDX) and Intercontinental Hotels Group (IHG), airliners
Continental Airlines (CAL) and ExpressJet Holdings (XTJ) were some of today's most notable initiations:
- RBC Capital Markets started Genomic Health Inc (NASDAQ: GHDX) with an Underperform rating, with a $17 target. The firm views shares as fairly valued and believes competitive noise and FDA concerns will weigh on shares.
- HSBC started Intercontinental Hotels (NYSE: IHG) with an Overweight rating, believing asset sales and stronger than expected room growth could prove near-term positive catalysts.
- Soliel started both Continental Airlines (NYSE: CAL) and ExpressJet Holdings Inc (NYSE: XJT) with Sell ratings.
OTHER INITIATIONS:
- William Blair started Alexion Pharmaceuticals (NASDAQ: ALXN) with an Outperform rating. They believe Alexion's lead compound, Soliris, is the key driver of shareholder value, and they believe the company is well positioned to receive final FDA approval.
- Bear Stearns initiated Baldor Electric Company (NYSE: BEZ) with an Outperform rating.
- RBC initiated Hologic, Inc (NASDAQ: HOLX) with an Outperform rating.
- Citigroup started GMarket Inc (NASDAQ: GMKT) with a Sell rating and $18 target, citing valuation.
- Drew Industries, Inc (NYSE: DW) was initiated with a Buy rating and $35 target at Ferris Baker Watts.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Mar 6th 2007 10:45AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Good news, Advanced Micro Dev (AMD), Altria Group (MO), Novartis AG ADS (NVS),
MOST NOTEWORTHY: Novartis AG (NVS), Barnes & Noble, Inc (BKS), Altria Group (MO) and Advanced Micro Devices (AMD) were some of today's more notable upgrades:
- Credit Suisse upgraded Novartis AG (NYSE: NVS) to Neutral from Underperform on valuation and the approval of its drug Tekturna.
- Merrill Lynch upgraded shares of Barnes & Noble, Inc (NYSE: BKS) to Neutral from Sell on valuation.
- Deutsche Bank believes the recent weakness in Altria Group (NYSE: MO) presents a buying opportunity given the potential to unlock value, upgrading shares to Buy from Hold.
- JMP Securities upgraded shares of Advanced Micro Devices Inc (NYSE: AMD) to Market Outperform from Market Perform following checks that indicate the company's next-generation "Barcelona" quad-core server chip and next-generation low-power mobile PC processor chip is exhibiting excellent power, performance, scalability, and price/performance characteristics at key OEM customers.
OTHER UPGRADES:
- ThinkEquity upgraded Microchip Technology Inc (NASDAQ: MCHP) to Accumulate from Source of Funds following the company's improved guidance.
- Morgan Stanley upgraded Eni SpA (NYSE: E) to Equal-Weight from Underweight as they believe management made it clear that the dividend is sustainable and a large-scale acquisition is not forthcoming.
- JP Morgan upgraded Deutsche Telekom AG (NYSE: DT) to Neutral from Underweight citing management's new focus on customer service and expectation's for modest growth for the upgrade.
- AG Edwards upgraded Anheuser-Busch Companies Inc (NYSE: BUD) to Buy from Hold.
- Morgan Joseph upgraded Boyd Gaming Corp (NYSE: BYD) to Buy from Hold based on key markets the company operating in and its diversification.
- Bernstein upgraded Cablevision Systems Corp (NYSE: CVC) upgraded to Outperform from Market Perform.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Mar 2nd 2007 11:26AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst initiations, Time Warner Cable (TWC)
MOST NOTEWORTHY: Petrohawk Energy Corp (HAWK), Time Warner Cable Inc (TWC) and GameStop Corp (GME) were today's notable initiations:
- Jefferies initiated Petrohawk Energy Corp (NASDAQ: HAWK) with a Buy rating and $14.50 target, as the firm believes Petrohawk has the right assets to pursue the "acquire-exploit-self" strategy well.
- Bear Stearns started Time Warner Cable (NYSE: TWC) with a Peer Perform rating.
- GameStop Corp (NYSE: GME) was initiated with a Buy rating and $67 target at Nollenberger.
OTHER INITIATIONS:
- AG Edwards initiated Venoco, Inc (NYSE: VQ) with a Buy rating on valuation.
- Credit Suisse started CarMax, Inc (NYSE: KMX) with a Neutral rating and $55 target.
- Jefferies considers Ultra Petroleum Corp (AMEX: UPL) the most dominant company in the Pinedale Anticline, the nation's second largest natural gas field and they expect 2007 to be a pivotal year. The firm initiated Ultra Petroleum with a Buy rating and $64 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
Posted Mar 2nd 2007 11:20AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Bad news, Dell (DELL),
MOST NOTEWORTHY: Today's more notable downgrades included Dell Inc (DELL), Deutsche Telekom ADS (DT) and the Nasdaq Stock Market Inc (NDAQ):
- Needham downgraded Dell inc (NASDAQ: DELL) to Hold from Buy after the Q4 results as they now believe the company is unlikely to outperform for "at least" several quarters. They considered Dell's notebook shipments to be the biggest disappointment in the quarter.
- Deutsche Telecom ADS (NYSE: DT) was cut to Sell from Neutral at Merrill Lynch.
- JP Morgan downgraded the Nasdaq Stock Market Inc (NASDAQ: NDAQ) to Neutral from Overweight following the company's price cuts as they feel the new prices negatively impact the U.S. cash equity business.
OTHER DOWNGRADES:
- Baird cut Xerium Technologies Inc (NYSE: XRM) to Underperform from Neutral, citing increased spending plans and pressure from the underlying paper market that raised dividend sustainability concerns.
- First Albany downgraded Hyperion Solutions Corp (NASDAQ: HYSL) to Neutral from Buy.
- Sanders Morris cut Crosstex Energy (NASDAQ: XTEX) to Hold from Buy. Raymond James downgraded shares of Crosstex to Market Perform from Outpeform.
- Bernstein downgraded TXU Corp (NYSE: TXU) to Market Perform from Outperform as the firm believe the current bid from Kohlberg Kravis Roberts and Texas Pacific Group will succeed.
- Merrill Lynch cut Altera Corp (NASDAQ: ALTR) to Neutral from Buy.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Mar 1st 2007 11:38AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Bad news, Exxon Mobil (XOM), , Harrah's Entertainment (HET)
MOST NOTEWORTHY: Take-Two Interactive Software Inc (TTWO), Circuit City Stores Inc (CC) and Exxon Mobil Corp (XOM) are today's more notable downgrades:
- Both Soleil and Citigroup downgraded Take-Two Interactive Software Inc (NASDAQ: TTWO) to Sell from Hold following the company's earnings shortfall and reduced guidance.
- Piper Jaffray downgraded Circuit City Stores Inc (NYSE: CC) to Market Perform from Outperform and a $20 target, based on checks that indicate weak sales trends following Christmas.
- AG Edwards removed Exxon Mobil Corp (NYSE: XOM) from its Focus Portfolio, believing the company offers less upside potential than other companies in the energy sector...
OTHER DOWNGRADES:
- Harrah's Entertainment Inc (NYSE: HET) was cut to Neutral from Buy at Buckingham Research.
- Sasol Limited ADR (NYSE: SSL) was downgraded to Hold from Buy at Citigroup based on the persistent regulator risk.
- ThinkEquity cut Syniverse Holdings Inc (NYSE: SVR) to Source of Funds from Accumulate citing expectations for increased competition and price pressures.
- Citigroup downgraded Barr Pharmaceuticals Inc (NYSE: BRL) to Hold from buy.
- First Albany cut Shuffle Master Inc (NASDAQ: SHFL) to Neutral from Buy.
- Jefferies downgraded Omnicare Inc (NYSE: OCR) to Hold from Buy with a $44 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Mar 1st 2007 11:27AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Good news, Apple Inc (AAPL), Exxon Mobil (XOM), Krispy Kreme Doughnuts (KKD), Abbott Laboratories (ABT), Bristol-Myers Squibb (BMY)
MOST NOTEWORTHY: Bristol Myers Squibb Co (BMY), Krispy Kreme Doughnuts Inc (KKD), Martha Stewart Living Omnimedia Inc (MSO) and New Century Financial Corp (NEW) were some of today's more notable upgrades:
- UBS upgraded shares of Bristol Myers Squibb Co (NYSE: BMY) to Buy from Neutral. The firm finds the recent pullback an attractive buying opportunity given the possibility of a takeover approach. The broker also believes BMY will likely win its Plavix patent case.
- CIBC resumed coverage of Krispy Kreme Doughnuts Inc (NYSE: KKD) with a Sector Performer rating, up from its recent Underperformer rating, citing resolutions to numerous accounting and legal issues for the upgrade.
- Morgan Stanley upgraded Martha Stewart Living Omnimedia Inc (NYSE: MSO) to Equal Weight from Underweight.
- Bear Stearns upgraded New Century Financial Corp (NYSE: NEW) to Peer Perform from Underperform saying downside risk is limited to $10-$11, but sees upside if business stabilizes and liquidity improves...
OTHER UPGRADES:
- JP Morgan raised Eaton Vance Corp (NYSE: EV) to Neutral from Underweight to reflect the company's strong fund sales and continued capital returns to shareholders.
- AG Edwards replaced Exxon Mobil Corp (NYSE: XOM) on its Focus Portfolio, adding Chevron Corp (CVX) to reflect the company's improved financial strength and attractive valuation.
- Lehman Brothers upgraded Apple Inc (NASDAQ: AAPL) to Overweight from Equal-Weight with a $105 target based on the recent pullback in shares.
- Friedman Billings raised Hess Corp's (NYSE: HES) rating to Outperform from Market Perform, based on growth reserves and an improving outlook.
- Merrill Lynch upgraded Logitech International SA (NASDAQ: LOGI) to Buy from Neutral.
- Matrix upgraded Abbott Laboratories (NYSE: ABT) to Buy from Hold on valuation.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Feb 27th 2007 11:10AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Tiffany and Co (TIF), OfficeMax Inc (OMX), Analyst initiations
MOST NOTEWORTHY: The more notable initiations today included THQ Inc (THQI), LaSalle Hotel Properties (LHO) and OfficeMax Inc (OMX):
- William Blair started THQ Inc (NASDAQ: THQI) with an Outperform rating, as they are positive on shares based on earnings upside potential from the new video game cycle.
- RBC initiated shares of LaSalle Hotel Properties (NYSE: LHO) with an Outperform rating and $52 target, as the firm expects growth to be driven by portfolio repositioning efforts and renovations.
- OfficeMax Inc (NYSE: OMX) was initiated at Bear Stearns with a Peer Perform rating citing a balanced risk/reward.
OTHER INITIATIONS:
- Lehman Brothers initiated both AK Steel Holding Corp (NYSE: AKS) and Steel Dynamics Inc (NASDAQ: STLD) with Equal Weight ratings.
- Wachovia started Beazer Homes USA Inc (NYSE: BZH) with a Market Perform rating, saying the company has few discernible competitive advantages over other public homebuilders and lacks catalysts.
- Cowen initiated Rackable Systems Inc (NASDAQ: RACK) with a Neutral rating.
- Bear Stearns re-initiated Tiffany & Co (NYSE: TIF) with a Peer Perform rating.
- Leerink Swann started Align Technology (NASDAQ: ALGN) with an Outperform rating, with a range of $21-$23, believing the company's Invisalign technology is well positioned for renewed growth.
- Bernstein initiated Murphy Oil Corp (NYSE: MUR) with an Outperform rating.
- Cascade Financial Corp (NASDAQ: CASB) was initiated with a Hold rating and $19 target at Sandler.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).Posted Feb 27th 2007 10:59AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Bad news, Bed Bath and Beyond (BBBY), NYSE Euronext (NYX), Marvell Technology Group (MRVL)
MOST NOTEWORTHY: NYSE Group Inc (NYX), Patterson-UTI Energy (PTEN) and HomeBanc Corp (HMB) were today's more notable downgrades:
- JP Morgan downgraded shares of the NYSE Group Inc (NYSE: NYX) to Underweight from Neural to reflect their belief that the company's float will increase significantly in March due to the acquisition of Euronext and the lockup expiration. JP Morgan believes this could bring selling pressure.
- Credit Suisse downgraded shares of Patterson-UTI Energy (NASDAQ: PTEN) citing negative earnings impact from share losses and industry capacity additions.
- Shares of HomeBanc Corp (NYSE: HMB) were downgraded to Underperform from Market Perform with a $2.60 target at Friedman Billings based on continued losses and an unlikely sale given market conditions.
OTHER DOWNGRADES:
- Wachovia downgraded Hub International Ltd (NYSE: HBG) to Market Perform from Outperform following news of a private-equity acquisition for $40 a share.
- UBS downgraded Bed Bath & Beyond Inc (NASDAQ: BBBY) to Neutral from Buy on valuation.
- Citigroup downgraded Burlington Northern Santa Fe Corp (NYSE: BNI) to Hold from Buy.
- AG Edwards cut Teekay LNG Partners (NYSE: TGP) and Teekay Offshore Partners (NYSE: TOO) to Hold from Buy citing valuation.
- Raymond James downgraded shares of Marvel Entertainment Inc (NYSE: MVL) to Market Perform from Outperform.
- Lazard downgraded Thoratec Corp (NASDAQ: THOR) to Sell from Hold with a $15 target. They recommend selling shares ahead of a likely FDA decision to call an advisory panel for HeartMate II.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Feb 27th 2007 10:44AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Good news, General Electric (GE), Marvell Technology Group (MRVL)
MOST NOTEWORTHY: General Electric Co (GE), Brocade Communications Systems Inc (BRCD) and Netease.com Inc ADS (NTES) rounded out today's more notable upgrades:
- UBS upgraded General Electric Co (NYSE: GE) to Buy from Neutral with a $14 target based on valuation and expectations for strong earnings in its gas turbine business.
- Brocade Communications Systems Inc (NASDAQ: BRCD) was upgraded by Goldman Sachs to Buy from Neutral with an $11 target to reflect the cost savings associated with the McData acquisition. Bear Stearns also upgraded Brocade to Outperform from Peer Perform following its Q1 report and $200 buyback; Raymond James upgraded shares to Outperform from Market Perform.
- Deutsche Bank upgraded Netease.com Inc ADS (NASDAQ: NTES) to Hold from Sell with a $23 target following the company's Q4 report.
OTHER UPGRADES:
- Credit Suisse upgraded Reuters Group ADS (NASDAQ: RTRSY) to Outperform from Neutral citing the company's favorable outlook.
- Citigroup upgraded Moody's Corp (NYSE: MCO) to Buy from Hold with a $77 target as they believe weakness surrounding the company's quarter has created a buying opportunity.
- William Blair upgraded Career Education Corp (NASDAQ: CECO) to Market Perform from Underperform.
- BWS Financial upgraded shares of CuraGen Corp (NASDAQ: CRGN) to Strong Buy from Buy with an $8 target following its recent sell-off. The firm believes the concerns that CuraGen will not be able to sell its 454 Life Science stake are baseless.
- Caris upgraded Marvell Technology Group (NASDAQ: MRVL) to Above Average from Average following its solid quarter as they believe Marvell has worked through the excess inventory in storage and wireless LAN. Needham also upgraded Marvell Tech to Buy from Hold with a $26 target following its Q4 results.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Feb 26th 2007 12:08PM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst initiations, SanDisk Corp (SNDK)
MOST NOTEWORTHY: SanDisk Corp (SNDK) was the only notable company initiated today:
- Nollenberger believes SanDisk Corp (NASDAQ: SNDK) is going through a "tough patch" due to oversupply in the market and feels Micron Technology (MU) offers a better risk/reward at current levels; the firm started SanDisk with a Neutral rating and $42 target.
OTHER INITIATIONS:
- WR Hambrecht started Universal Electronics (NASDAQ: UEIC) with a Hold on valuation.
- CIBC initiated Iron Mountain Inc (NYSE: IRM) with a Sector Performer.
- SuperValu (NYSE: SVU) was initiated at Credit Suisse with an Outperform rating. The firm expects investors to not fully appreciate SuperValu's robust earnings power and free cash flow following acquisition of Albertson's stores.
- RBC initiated Kayne Anderson Energy Development (NYSE: KED) with a Sector Perform as the firm believes limited publicly-available information on private investments makes valuations problematic.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Feb 26th 2007 11:50AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Good news, Coca-Cola (KO), Penney (J.C.) (JCP), Research in Motion (RIMM), Oracle Corp (ORCL), Merck and Co (MRK)
MOST NOTEWORTHY: The Coca-Cola Co (KO), Merck & Co (MRK) and National Semiconductor (NSM) were some of today's more notable upgrades:
- The Coca-Cola Co (NYSE: KO) was upgraded to Buy from Hold with a $57 target at Deutsche Bank based on valuation.
- Merck & Co (NYSE: MRK) was upgraded to Buy from Hold at Citigroup to reflect the firm's bullish outlook for the company's diabetes drug, Januvia. Citigroup believes the drug will help drive above-consensus earnings following its recent diabetes survey.
- National Semiconductor (NYSE: NSM) was upgraded to Strong Buy from Market Perform at Raymond James.
OTHER UPGRADES:
- Robert W. Baird upgraded shares of Comverse Technology (NASDAQ: CMVT) to Outperform from Neutral based on valuation and potential catalysts that include a possible break-up of the company.
- RBC upgraded Research in Motion (NASDAQ: RIMM) to Outperform from Sector Perform with a $180 target, as checks indicate shipment and sub-momentum from the company's product cycle will be significantly greater than anticipated.
- Kellogg (NYSE: K) was added to Lehman Brothers' Favorites List.
- Stanford upgraded Brooks Automation (NASDAQ: BRKS) to Buy from Hold with a $20 target on improved industry conditions, cash generation and valuation.
- Cowen added Ericsson Telephone Co (NASDAQ: ERIC) and Oracle Corp (NASDAQ: ORCL) to its Focus List.
- Matrix USA upgraded J.C. Penney Co Inc (NYSE: JCP) to Strong buy from Buy with an intrinsic value of $115.
- Wedbush upgraded LSI Logic Corp (NYSE: LSI) to Buy from Hold with a $13 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).Posted Feb 26th 2007 12:00AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Bad news, Nokia Corp. (NOK), New York Times'A' (NYT), ,
MOST NOTEWORTHY: The New York Times Co (NYT), Moody's Corp (MCO), Nokia Corp ADS (NOK) and Circuit City Stores (CC) were some of today's most notable downgrades:
- Lehman Brothers cut the New York Times Co (NYSE: NYT) to Underweight from Equal-Weight as they believe the company's recent cost cuts reflect management's concerns over its top-line.
- Moody's Corp (NYSE: MCO) was downgraded to Underperform from Neutral at Credit Suisse based on the potential to impact from a slowdown in collateralized debt obligation issuance on growth.
- Nokia Corp ADS (NYSE: NOK) was removed from Goldman Sachs's Conviction Buy List based on its recent strength.
- William Blair cut Circuit City Stores (NYSE: CC) to Underperform from Market Perform as the firm has concerns over the slowing of the advanced TV cycle and challenges to the company's turnaround plans.
OTHER DOWNGRADES:
- UBS lowered Cypress Semiconductor Corp's (NYSE: CY) rating to Neutral from Buy based on valuation.
- Citigroup cut BAE Systems plc ADR (OTC: BAESY) to Hold from Buy.
- Raymond James downgraded Caremark RX (NYSE: CMX) to Market Perform from Outperform.
- Matrix USA downgraded The Goodyear Tire & Rubber Co (NYSE: GT) to Hold from Buy and removed the company from its Focus List as they see little upside from its recent rally.
- Nollenberger downgraded shares of Station Casinos (NYSE: STN) to Neutral from Buy after the company accepted a revised buyout offer from Fertitta Colony Partners as they feel the chance for a higher offer to emerge is unlikely.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Feb 22nd 2007 11:30AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Bad news, ValueClick Inc (VCLK)
MOST NOTEWORTHY: Pharmion Corp (PHRM), Genesis Microchip (GNSS) and SanDisk Corp (SNDK) were some of today's most notable downgrades:
- Pharmion Corp (NASDAQ: PHRM) was downgraded to Sell from Source of Funds at ThinkEquity, citing valuation.
- Matrix USA downgraded Genesis Microchip Inc (NASDAQ: GNSS) to Strong Sell from Hold to reflect a share decline in revenues; they also believe shares are overvalued relative to the sector.
- SanDisk Corp (NASDAQ: SNDK) was cut to Hold from Buy at WR Hambrecht. The firm said it has learned that a crack in the IP story has occurred, as Samsung has found a way to significantly reduce its royalty payments to SanDisk on its finished SD cards that it is currently shipping. The firm said this step by Samsung puts at risk ~15% of SanDisk royalty revenues as early as Q2:07, as Samsung is no longer willing to pay the 8% royalty rate to SanDisk on NAND MLC SD cards.
OTHER DOWNGRADES:
- Stephens downgraded Group 1 Automotive Inc (NYSE: GPI) to Equal Weight from Overweight following disappointing Q1 results.
- JMP Securities downgraded Flanders Corp (NASDAQ: FLDR) to Market Perform from Outperform.
- Oppenheimer cut ValueClick Inc (NASDAQ: VCLK) to Neutral from Buy on valuation.
- Matrix USA downgraded L-1 Identity Solutions (NYSE: ID) to Sell from Buy on valuation.
- Goldman took Medco Health Solutions Inc (NYSE: MHS) off its Conviction Buy List, citing valuation.
- Raymond James lowered Hiland Holdings (NASDAQ: HPGP) rating to Outperform from Strong Buy.
- JP Morgan cut Waters Corp (NYSE: WAT) to Neutral from Overweight based on valuation.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required). Posted Feb 22nd 2007 11:15AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Good news, Whole Foods Market (WFMI), Goldcorp Inc (GG)
MOST NOTEWORTHY: Seagate Technology (STX), Analog Devices inc (ADI) and Whole Foods Market Inc (WFMI) were some of today's notable upgrades:
- AG Edwards upgraded Seagate Technology (NYSE: STX) to Buy from Hold citing improving fundamentals as the company ramps 1.8" drives in the first quarter, with a potential Apple (AAPL) qualification, and market share gains in notebooks.
- ThinkEquity upgraded Analog Devices Inc (NYSE: ADI) to Accumulate from Source of Funds, with a target of $38, as they believe the improvement in bookings are sustainable; Citigroup also upgraded Analog Devices, to Buy from Hold, to reflect the company's earnings expectations.
- William Blair upgraded Whole Foods Market Inc (NASDAQ: WFMI) to Outperform from Market Perform based on valuation and the benefits of the Wild Oats Markets (NASDAQ: OATS) acquisition; HSBC upgraded shares of Whole Foods to Neutral from Underweight, with a $52 target, and UBS upgraded shares to Buy from Neutral based on the acquisition.
OTHER UPGRADES:
- Prudential upgraded Goldcorp inc (NYSE: GG) to Neutral from Underweight citing the increase in gold prices and a potential increase in Penasquito mine reserves.
- Stifel upgraded QMed Inc (NASDAQ: QMED) to Buy from Hold on improved revenue visibility.
- IHOP Corp (NYSE: IHP) was upgraded at Raymond James to Outperform from Market Perform with a $64 target.
- Bernstein upgraded Commerce Bancorp Inc (NYSE: CBH) to Outperform from Market Perform.
- Stereotaxis Inc (NASDAQ: STXS) was upgraded to Neutral from Sell at Goldman Sachs following its better-than-expected fourth quarter.
- RBC upgraded Labopharm Inc (NASDAQ: DDSS) to Outperform from Sector Perform.
- Morgan Stanley upgraded National Semiconductor Corp (NYSE: NSM) to Overweight from Equal Weight citing improving fundamentals and valuation.
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