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Analyst initiations: Google, Boyd Gaming, Microsoft

MOST NOTEWORTHY: Google, Boyd Gaming and Microsoft were today's noteworthy initiations:

  • Kaufman Bros. believes Google (NASDAQ: GOOG) has "only begun to scratch the surface" of its local market opportunity. Shares were assumed with a Buy rating and $680 target.
  • Banc of America believes Boyd Gaming (NYSE: BYD) will face financing challenges with its Echelon resort, and initiated shares with a Sell rating and $14 target.
  • Lehman reinstated Microsoft (NASDAQ: MSFT) with an Equal Weight rating and $34 target based on peaking Vista/Office 2007 cycles, uncertain online strategy, and increased investment.

OTHER INITIATIONS:

Analyst downgrades: RFMD, WDC and BYD

MOST NOTEWORTHY: RF Micro Devices, Western Digital and Boyd Gaming were today's noteworthy downgrades:
  • Jefferies downgraded shares of RF Micro Devices (NASDAQ: RFMD) to Hold from Buy to reflect the continued softness in the China Market after Asian channel checks suggested the March quarter will be weak.
  • Citigroup downgraded shares of Western Digital (NYSE: WDC) to Hold from Buy, as they believe the HDD industry is nearing a cyclical peak. They also view the likelihood of consolidation as less likely given the current conditions.
  • Boyd Gaming (NYSE: BYD) was lowered to Neutral from Add at Calyon following its Q4 report.
OTHER DOWNGRADES:

Analyst downgrades 5-15-07: AMAT, AMGN, CC, FD and UL

MOST NOTEWORTHY: Three food companies, TiVo Inc (TIVO), Circuit City Stores, Inc (CC) and AutoZone, Inc (AZO) were today's most noteworthy downgrades:
  • Deutsche Bank downgraded Groupe Danone (NYSE: DA), Unilever (NYSE: UL) and Nestle (OTC: NSRGY) to Hold from Buy as the firm believes the three food producers will suffer from rising prices for agricultural commodities.
  • SMH Capital downgraded shares of TiVo (NASDAQ: TIVO) to Sell from Hold on valuation as the firm believes the market has already priced in considerable penetration of the new TIVO/Comcast bundled DVR into Comcast's (CMCSK) core digital sub base.
  • Matrix downgraded Circuit City Stores (NYSE: CC) to Strong Sell from Hold as the firm believes increasing competition is leading to lower selling prices and decreasing profits.
  • BMO Capital cut AutoZone (NYSE: AZO) to Underperform from Market Perform on expectations that higher gas prices will be a drag on discretionary product sales...
OTHER DOWNGRADES:
  • STEC, Inc (NASDAQ: STEC) was cut to Neutral from Buy at Merrill Lynch and to Sector Perform from Outperform at CIBC after weak Q1 results.
  • Baird downgraded Amgen, Inc (NASDAQ: AMGN) to Neutral from Outperform.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst downgrades 2-12-07: Embarq, Garmin & Boyd Gaming all downgraded

MOST NOTEWORTHY: Embarq Corp (EQ) and Boston Scientific Corp (BSX) were today's most notable downgrades:
  • Goldman Sachs downgraded Embarq Corp (NYSE: EQ) to Sell from Neutral based on valuation and potential margin dilution.
  • Boston Scientific Corp (NYSE: BSX) was downgraded to Peer Perform from Outperform at Bear Stearns based on regulatory and competitive challenges.
OTHER DOWNGRADES:
  • Despite expectations of strong Q4 results and 2007 guidance, Needham downgraded Garmin Ltd (NASDAQ: GRMN) to Hold from Buy based on valuation, as they believe the multiple the market is willing to give the stock is likely to decline as PNDs continue to increase as a percentage of revenue.
  • Roth Capital downgraded China BAK Battery Inc (NASDAQ: CBAK) to Hold from Buy.
  • DA Davidson downgraded Weyerhaeuser Co (NYSE: WY) to Neutral from Buy.
  • BMO Capital Markets downgraded Brady Corp (NYSE: BRC) to Market Perform from Outperform.
  • Wachovia downgraded Boyd Gaming Corp (NYSE: BYD) to Market Perform from Outperform, expecting weakness in 2007 from the Las Vegas locals market and Atlantic City.
  • Penn National Gaming Inc (NASDAQ: PENN) was downgraded to Hold from Buy at Deutsche Bank citing valuation.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst downgrades 1-19-07: Fortune Brands lowered to Neutral

MOST NOTEWORTHY: Fortune Brands (FO) and Altria Group (MO) were today's more notable downgrades:
  • JP Morgan downgraded Fortune Brands (NYSE: FO) to Neutral from Overweight on valuation and the weak outlook for home and hardware sales.
  • Altria Group (NYSE: MO) was downgraded by Deutsche Bank to Hold from Buy with a $95 target, citing its valuation, ex-Kraft, is more in line with its tobacco peers.

OTHER DOWNGRADES:

  • CheckPoint Software Tech (NASDAQ: CHKP) was downgraded to Underperform from Market Perform with a $19 target at Freedman Billings, with expectations that 2007 will be a difficult transition year.
  • Matrix USA downgraded shares of Boyd Gaming (NYSE: BYD) to Hold from Buy on valuation.
  • Goldman Sachs downgraded TRW Automotive Hldg (NYSE: TRW) to Sell from Neutral and was added to the America's Sell List; they believe rising costs, a less favorable product mix and commercial steering business headwinds will weigh on revenue growth and margins in 2007.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA+203.5210,226.94
NASDAQ+41.622,154.06
S&P 500+23.781,093.08

Last updated: November 10, 2009: 07:57 AM

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