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Analyst downgrades: MOT, CPKI and STX

Posted Mar 27th 2008 11:32AM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, Motorola (MOT), Juniper Networks (JNPR), Calif Pizza Kitchen (CPKI)

MOST NOTEWORTHY: Motorola, California Pizza, and Seagate were today's noteworthy downgrades:

Banc of America downgraded shares of Motorola (NYSE: MOT) to Neutral from Buy, despite believing the split into two businesses could ultimately unlock value, as they see few catalysts over the next year to lift shares. Banc of America also sees risk to Q1 earnings and lowered their target to $11 from $15.
Friedman Billings lowered California Pizza Kitchen (NASDAQ: CPKI) to Market Perform from Outperform citing sluggish trends in its core markets.
Seagate (NYSE: STX) was cut to Neutral from Outperform at Baird, citing weakening industry conditions throughout the month of March.

OTHER DOWNGRADES:

Goldman lowered the Communications Tech sector to Neutral from Attractive, and also downgraded Juniper Networks (NASDAQ: JNPR) and Starent Networks (NASDAQ: STAR) to Neutral from Buy, and Aruba Networks (NASDAQ: ARUN) to Sell from Neutral.

Analyst initiations: ARUN, BX and ESC

Posted Aug 13th 2007 12:24AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst reports, Analyst initiations, Blackstone Group L.P (BX), Stocks to Buy, Stocks to Sell

MOST NOTEWORTHY: Aruba Networks (ARUN), the aesthetic energy devices sector and Emeritus Corp (ESC) were today's noteworthy initiations:

JP Morgan initiated shares of Aruba Networks (NASDAQ: ARUN) with a Neutral rating. The firm believes Aruba shares are fully valued at these levels and reflects strong growth with operating leverage.Pacific Crest believes Aruba, initiated with a Sector Perform rating and $19 target, is a strong alternative to Cisco Systems (NASDAQ: CSCO) in the WLAN market and its strong position as a point vendor makes the company an attractive acquisition candidate.

Leerink Swann estimates the aesthetic energy devices sector is likely to experience 20% revenue growth over the next five years. The firm finds Thermage (NASDAQ: THRM) a turnaround-story which has a compelling mix of revenues from disposable tips while Cynosure (NASDAQ: CYNO) is capitalizing successfully on new product cycles with Affirm and SmartLipo. Palomar Medical Technologies (NASDAQ: PMTI) is viewed as the IP leader for hair removal products; Leerink initiated Thermage and Cynosure with Outperform ratings and Palomar with a Market Perform rating.

Emeritus Corp (AMEX: ESC) was initiated with a Buy rating and $33 target at Stifel, which believes ESC has one of the best cash earnings growth stories among any of the traded senior housing companies.

OTHER INITIATIONS:

CE Unterberg started shares of Synchronoss (NASDAQ: SNCR) with a Buy rating and $41 target.

Rodman & Renshaw started shares of Array Biopharma (NASDAQ: ARRY) and Tapestry Pharma (NASDAQ: TPPH) with Market Outperform ratings and an $18 target and $5 target, respectively.

Blackstone Group (NYSE: BX) was initiated with an Overweight rating and $41 target at Morgan Stanley.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 5-08-07: AHM, CSX, MA, UNP and SKS

Posted May 8th 2007 11:07AM by Kevin Shult (RSS feed)
Filed under: Before the bell, MasterCard Inc'A' (MA), Analyst initiations

MOST NOTEWORTHY: American Home Mortgage Investment Corp (AHM), MasterCard Inc (MA) and the selective railroad companies were today's more notable initiations:

JMP Securities started American Home Mortgage (NYSE: AHM) with a Market Perform frating citing the challenging mortgage market.

UBS started MasterCard (NYSE: MA) with a Buy and doesn't believe margin upside is fully reflected in the stock's valuation.

Morgan Stanley initiated five railroad companies: Union Pacific Corp (NYSE: UNP) and Norfolk Southern Corp (NYSE: NSC) with Overweight ratings and Burlington Northern Santa Fe Corp (NYSE: BNI), Canadian Natural Resource Ltd (NYSE: CNQ) and CSX Corp (NYSE: CSX) with Equal Weight ratings.

OTHER INITIATIONS:

Ceradyne, Inc (NASDAQ: CRDN) was initiated with a Neutral rating at First Albany.

United Therapeutics Corp (NASDAQ: UTHR) was started with a Buy rating and $81 target at Citigroup.

Goldman Sachs initiated shares of Aruba Networks, Inc (NASDAQ: ARUN) with a Neutral rating and $16.50 target.

Saks Inc (NYSE: SKS) was started at Bear Stearns with a Peer Perform rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Newspaper wrap-up 5-8-07: Arcelor-Mittal eyeing AK Steel

Posted May 8th 2007 9:10AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Internet, Microsoft (MSFT), Alcoa Inc (AA), Chevron Corp (CVX), Federal Natl Mtge (FNM), U.S. Steel (X)

MAJOR PAPERS:

The Wall Street Journal (subscription required) reported that Microsoft Corporation (NASDAQ: MSFT) has launched a new, free Web-based email, called Windows Live Hotmail, available in 36 different languages.
The Wall Street Journal reported that House lawmakers will challenge a deal made by House Financial Services Chairman Barney Frank and the U.S. Treasury to overhaul the supervision of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).
The Wall Street Journal's "Heard on the Street" column wrote that investors are betting that dealmaking is not done in commodities, with United States Steel Corporation (NYSE: X) and Alcoa Inc (NYSE: AA) among those that could receive takeover offers.
The Financial Times (subscription required) "Alphaville" section reported that Arcelor-Mittal (NYSE: MT) is looking at AK Steel Holding Corporation (NYSE: AKS), with a offer of as mush as $40 a share.

OTHER PAPERS:

The New York Times reported, citing investigators, that Chevron Corporation (NYSE: CVX) is preparing to acknowledge that it should have known kickbacks were being paid to Saddam Hussein on oil the company bought in Iraq.

WEBSITES:

DigiTimes.com reported that Aruba Networks Inc (NASDAQ: ARUN) CEO Dominic Orr said that the company is expecting to nearly double its share in the global enterprise mobility solution market in 2008 from 10%-12% to around 20%.

Analyst initiations 5-07-07: BRKS, DAL and GR

Posted May 7th 2007 11:32AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst initiations, Delta Air Lines (DAL)

MOST NOTEWORTHY: Delta Air Lines, Inc (DAL), Goodrich Corp (GR), Opnext, Inc (OPXT), Terex Corp (TEX) and Aruba Networks (ARUN) topped today's most noteworthy initiations list:

UBS started shares of Delta Air Lines Inc (NYSE: DAL) with a Reduce rating and $17 target on valuation and management's overly optimistic outlook.

Deutsche Bank prefers to wait of a better entry point for Goodrich Corp (NYSE: GR) and initiated shares with a Hold rating.

Opnext Inc (NASDAQ: OPXT) was initiated at JP Morgan with a Neutral rating citing concerns regarding new transceiver margins.

Prudential believes Terex Corp (NYSE: TEX) is well positioned to take advantage of strong sustainable growth in the global infrastructure and mining markets over at least the rest of the decade, starting shares with an Overweight rating.

RBC Capital started Aruba Networks (NASDAQ: ARUN) with a Sector Perform rating while Lehman Bros initiated Aruba with an Overweight rating.

OTHER INITIATIONS:

Deutsche Bank started Delta Petroleum Corp (NASDAQ: DPTR) with a Buy rating and $27 target.

JMP Securities started Hersha Hospitality Trust (AMEX: HT) with an Outperform rating and $14 target.

Credit Suisse assumed coverage of Interline Brands, Inc (NYSE: IBI) with an Outperform rating and $34 target.

Credit Suisse reinstated Brooks Automation, Inc (NASDAQ: BRKS) with a Neutral rating.

Goldman Sachs started CenturyTel, Inc (NYSE: CTL) with a Sell rating and $42 target on valuation.

B. Riley initiated Insteel Industries, Inc (NASDAQ: IIIN) with a Buy rating and $24 target.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 4-23-07: AET, ALU and UNH initiated today

Posted Apr 23rd 2007 11:13AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Aetna Inc (AET), Alcatel-LucentADS (ALU), Analyst initiations

MOST NOTEWORTHY: UnitedHealth Group Inc (UNH), Aetna Inc (AET), Hercules Inc (HPC) and Alcatel-Lucent (ALU), were today's noteworthy initiations:

Jefferies started UnitedHealth Group inc NYSE: UNH) with a Hold rating and $48 target and said near-term risk is still present due to unfavorable reserve adjustments to the company's commercial risk business and high expectations for improvement in the company's commercial medical care ratio.

Aetna Inc (NYSE: AET) was also initiated by Jefferies with a Hold rating based on valuation.

Credit Suisse started Hercules Inc (NYSE: HPC) with an Outperform rating and $24 target.

Matrix USA initiated Alcatel-Lucent (NYSE: ALU) with a Hold rating on valuation...

OTHER INITIATIONS:

Cowen is positive on MIPS Technologies, Inc (NASDAQ: MIPS), starting the company with an Outperform rating, and expects a deal with Microchip Technology Inc (MCHP) to be announced soon.

JP Morgan initiated shares of Headwaters Inc (NYSE: HW) with a Neutral rating.

Needham assumed coverage of Harris Interactive Inc (NASDAQ: HPOL) with a Hold rating.

ThinkEquity started Aruba Networks, Inc (NASDQ: ARUN) with an Accumulate rating and $15 target.

Lazard initiated shares of Cyclacel Pharmaceuticals Inc (NASDAQ: CYCC) with a Buy rating and $11 target.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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