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Analyst downgrades: Process control sector, RHD, VG, CCE and RIG

Posted Sep 19th 2007 11:35AM by Eric Buscemi (RSS feed)
Filed under: Analyst reports, Analyst upgrades and downgrades, , Sirius Satellite Radio (SIRI), Coca-Cola Enterprises (CCE), Vonage Holdings (VG)

MOST NOTEWORTHY: The process control sector, R.H. Donnelley, Vonage, Coca-Cola Enterprises and Transocean were today's noteworthy downgrades:
  • Baird reduced estimates across the board in the process control sector due to lower expectations for North American industrial and residential construction. The firm downgraded Roper Industries (NYSE: ROP), Regal-Beloit Corp (NYSE: RBC) and Baldor Electric (NYSE: BEZ) to Neutral from Outperform and AO Smith Corporation (NYSE: AOS) to Underperform from Neutral.
  • Goldman downgraded shares of R.H. Donnelley Corporation (NYSE: RHD) to Neutral from Buy after the company updated its 2007 guidance to reflect deteriorating trends in local advertising.
  • Vonage Holdings Corp (NYSE: VG) was downgraded to Sell from Hold at Soleil due to liquidity concerns.
  • Coca-Cola Enterprises (NYSE: CCE) was downgraded to Hold from Buy at Deutsche Bank on valuation and mixed near-term trends.
  • Transocean Inc (NYSE: RIG) was downgraded to Hold from Buy at Gabelli. Even though the deepwater market continues to be strong, the firm is concerned regarding the continuing weakness in the jackup market as well as the limited upside potential due to the company's ships being in use through 2009.
OTHER DOWNGRADES:

Analyst initiations 2-05-07: Baldor Electric started with an Outperform

Posted Feb 5th 2007 11:05AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst initiations

MOST NOTEWORTHY: Baldor Electric Co (BEZ) was today's most notable initiation:
  • Shares of Baldor Electric Co (NYSE: BEZ) were initiated by Baird with an Outperform rating and $42 target. The firm believes that Baldor's already-premium market position is strengthened by their acquisition of Rockwell's Power Systems. The firm believes that as the company starts to realize integration synergies, management's initial earnings accretion forecast of $0.10 in 2007 is conservative, earnings surprises will be likely and the company should be able to sustain their current valuation.

OTHER INITIATIONS:
  • Harris Interactive Inc (NASDAQ: HPOL) was initiated with a Buy rating and $7 target at Roth Capital. The firm believes Harris Interactive is positioned to take market share in market research as the company operates one of the largest online survey panels with more than 6 million members.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

IPO and Secondary Preview schedule for the week of Jan 22, 2007

Posted Jan 19th 2007 5:28PM by Joseph Lazzaro (RSS feed)

Wall Street's equity market has a full plate of offerings on its the table, with 16 deals on the docket, including 5 IPOs.

Those deals tentatively scheduled to price include:

IPOs:
  • AeroViroment (AVAV), a 6.7M-share IPO for ths unmanned aircraft manufacuturer. AVAV has a $14.00-$16.00 filing range
  • Converted Organics (COIN), a 2M-share IPO for this fertilyzer company. COIN has a $5.00-$6.00 filing range.
  • Meruelo Maddux Properties (MMPI), a 40M-share IPO to pay-off debt and for other corporate purposes. MMPI has a $12.00-$14.00 filing range.
  • Oculus Innovative Sciences (OCLS), a 3.5M-share IPO for this developer of wound/infection treatments. OCLS has a $8.00-$10.00 filing range. This IPO was re-scheduled from December 2006.
  • Oritani Financial (ORIT), a 10.575M-share IPO for this savings & loan holding company.
Secondaries:
  • Alllis-Chambers Energy (ALY), a 4.5M-share Secondary. ALY is engaged in oilfield services.
  • Baldor Electric (BEZ), a 6.25M-share Secondary. BEZ designs and manufactures electric motors.
  • Covanta (CVA), a 5.77M-share Secondary for this diversified utility.
  • Edge Petroleum (EPEX), a 9.2M-share Secondary to finance the pending acquisition of oil and gas properties from Smith Production Inc. and to refinance Edge's existing revolving credit facility.
  • Inverness Medical Innovations (IMA), a 5M-share Secondary to repay outstanding debt and for
  • working capital and other general corporate purposes.
  • J Crew Group (JCG), a 7.5M-share Secondary to fund the business growth/development.

Continue reading IPO and Secondary Preview schedule for the week of Jan 22, 2007

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Last updated: November 14, 2009: 01:25 PM

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