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

Posted Sep 19th 2007 11:35AM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades, XM Satellite Radio (XMSR), 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 3-07-07: Continental Arilines & Intercontinental Hotels were initiated today

Posted Mar 7th 2007 11:30AM by Kevin Shult
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).

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

Posted Feb 5th 2007 11:05AM by Kevin Shult
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).

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Last updated: December 05, 2008: 01:10 AM

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