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Analyst downgrades: FFBC, TZIX and GE

MOST NOTEWORTHY: First Financial, TriZetto and General Electric were today's noteworthy downgrades:
  • Keefe Bruyette downgraded shares of First Financial (NASDAQ: FFBC) to Underperform from Market Perform on valuation, as they believe the stock trades at a premium to the group despite limited upside to normalized earnings and near term revenue headwinds.
  • TriZetto (NASDAQ:TZIX) was cut at Jefferies to Hold from Buy based on Friday's go-private announcement, as they view the $22 deal price as fair.
  • General Electric (NYSE: GE) was downgraded to Peer Perform from Outperform at Bear Stearns and to Perform from Outperform at Oppenheimer following the company's earnings miss and reduced guidance.
OTHER DOWNGRADES:
  • Deustche Bank downgraded SPX Corp (NYSE: SPW) to Hold from Buy.
  • Morgan Stanley cut British Airways (OTC:BAIRY) to Underweight from Equal Weight.
  • Cymer (NASDAQ: CYMI) was lowered at Credit Suisse to Underperform from Neutral.

Analyst initiations: FNM, FRE, RVBD and SSTI

MOST NOTEWORTHY: Riverbed Technology (RVBD), Silicon Storage (SSTI), Regal Entertainment (RGC), Fannie Mae (FNM) and Freddy Mac (FRE) were today's more noteworthy initiations:
  • CIBC initiated shares of Riverbed Technology (NASDAQ: RVBD) with a Sector Performer rating, citing valuation. The firm believes the mobile opportunity is a wild card, and cites increased Cisco Systems (CSCO) risk.
  • Silicon Storage (NASDAQ: SSTI) as announced several new products in late 2006 and 1H07 with shipments expected to start in 2H07 along with significant revenues in 2008; Barrington initiated shares with a Market Perform rating.
  • Ferris Baker Watts initiated Regal Entertainment (NYSE: RGC) with a Neutral rating, seeing annual top-line growth only in the low- to mid-single digits.
  • Fox-Pitt Kelton believes both Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) are finally set to emerge from restatement issues with new accounting procedures and operating systems in place, initiating both companies with an Outperform rating...
OTHER INITIATIONS:
  • Needham initiated Tennant (NYSE: TNC) with a Buy rating.
  • CIBC started Centene (NYSE: CNC) with a Sector Performer rating.
  • Deutsche initiated Thomson (NYSE: TOC) with a Buy rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 6-19-07: BIG, DIS, NWS, TWX and VIA.B

MOST NOTEWORTHY: Atheros Communications (ATHR), Analog Devices (ADI), Omniture (OMTR) and TriZetto Group (TZIX) were today's noteworthy initiations:
  • Oppenheimer expects a seasonally stronger 2H07 out of Atheros Communications (NASDAQ: ATHR) given continued growth from 802.11n design wins and started shares with a Buy rating.
  • AG Edwards believes Analog Devices (NYSE: ADI) has plenty of room to gain additional market share and started shares with a Buy rating.
  • Jefferies believes Omniture (NASDAQ: OMTR) is positioned to benefit from the rapid growth of Web analytics, but has near-term valuation concerns, and started shares with a Hold rating.
  • Deutsche Bank started TriZetto (NASDAQ: TZIX) with a Buy rating, citing the company's diversified product mix and opportunities to drive adoption rate of consumer-driven health plans for their Buy rating...
OTHER INITIATIONS:
  • The Banc of America assumed the entertainment sector with a Market Weight rating and assumed coverage of Time Warner (NYSE: TWX) and News Corp (NYSE: NWS.A) with Buy ratings and a $25 target and $26 target, respectively, as well as The Walt Disney Co (NYSE: DIS) and Viacom (NYSE: VIA.B) with Neutral ratings and a $37 target and $43 target, respectively.
  • JP Morgan started Big Lots (NYSE: BIG) with a Neutral rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 11, 2012: 08:10 AM

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