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Bank of America Merrill Lynch is out with its report today on Juniper Networks (NASDAQ: JNPR), lowering its PO from $48 to $42.
In a note to clients, Bank of America Merrill Lynch writes, "We believe management will eliminate the 20% growth target for 2011, but also think this is already priced in and well expected by investors. With the stock down 32% from its 3/8/11 peak, we think long term investors should buy the stock on the current weakness and highlight solid long term potential, strong carrier trends, new product launches that grow the TAM, potential for share gains driven by technology excellence, and a new scenario model suggests the stock is attractive even on a negative scenario. We reduce our PO from $48 to $42 to reflect the sector's multiple contraction."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1197693/update-bank-of-america-merrill-lynch-lowers-po-on-junipe#ixzz1QCiEB3bm
Stifel Nicolaus is out with its report today on Micron Technology (NASDAQ: MU), lowering its PT from $17 to $11.
In a note to clients, Stifel Nicolaus writes, "We are reducing our MU 12-month price target to $11 from $17 based on the same 11x our revised FY12 EPS of $1.00. We believe 11x forward earnings is reasonable considering our expectations for 12% y/y top line growth and estimates for increasing profitability y/y."
At the time of posting,
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1197741/update-stifel-nicolaus-lowers-pt-on-micron-technology-to#ixzz1QCgpTi6x
Morgan Stanley upgraded its rating on Bristol Myers Squibb (NYSE: BMY) from Equal-weight to Overweight. At the same time, Morgan Stanley raised its price target on the company's stock from $28 to $34. In a research report published today, Morgan Stanley stressed the company's new product apixaban as the reason for its decision.
In the report, Morgan Stanley states, "We are upgrading BMY to OW and raising our PT from $28 to $34. The catalyst was news that apixaban (novel blood thinner) showed superiority to warfarin (gold standard) on both efficacy and bleeding in the Ph III atrial fibrillation study. Apixaban appears to have a superior profile to Xarelto and Pradaxa, which we believe is negative for JNJ/Bayer and privately-held BI, but we await details at ESC in Aug."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1195381/morgan-stanley-upgrades-bristol-myers-squibb-to-overweig#ixzz1Q6sPJE6N
Stifel Nicolaus is out with its report today on Five Star Quality Care (NYSE: FVE), upgrading FVE to Buy.
In a note to clients, Stifel Nicolaus writes, "FVE shares are down 39% from their 2011 intraday high of $8.95 reached on 4/6/11 versus down 3.6% for S&P 500. Sector-wide concerns about the impact of higher unemployment and weaker housing market on senior housing occupancy and the company's decision to complete a common equity offering at $5 per share in a weak market contributed to the sell-off. We see a trading opportunity back to at least $7 per share (28% upside potential from the company's current share price)."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1195687/update-stifel-nicolaus-upgrades-five-star-quality-care-t#ixzz1Q6puwBru
J.P. Morgan Chase & Co. is raising its price target on shares of Jabil Circuit (NYSE: JBL) to $24 from $23.50, and it is reiterating its Overweight rating on shares following earnings.
In a note to clients, J.P. Morgan writes, "Despite our concerns over recent weak performance by several large, high profile customers Jabil delivered solid FQ3 results and decent FQ4 guidance. The Diversified Manufacturing Services (36% of total revenue) is fulfilling its high growth, high margin promise and pockets of strength from storage and wireless infrastructure remain within the traditional Enterprise & Infrastructure (31% of total) business. We expect our new FQ4 and FY-12 forecasts to be adequately conservative, reflecting revenue growth slowing near the low end of Jabil's long-term 10-15% target range and believe any recovery by the high profile customers would represent incremental upside. With valuation near trough levels we believe the risk / reward remains compelling. We reiterate our Overweight rating."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1191212/update-j-p-morgan-raising-price-target-on-jabil-circuit-#ixzz1Q101IsCE
Benchmark is out with its report today on Travelzoo (NASDAQ: TZOO), raising its PT from $123 to $124.
In a note to clients, Benchmark writes, "Travelzoo trades at 34x our 2011E EPS of $1.72 and 21x our 2012E EPS of $2.78. Travelzoo stands well-positioned to benefit from the global recovery in travel advertising and building consumer interest in Local Deals. Using a PEG of 1.4x, or 72x 2011E EPS of $1.72, our price target is $124 per share. We rate TZOO Buy."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1191348/update-benchmark-raises-pt-on-travelzoo-to-124#ixzz1Q0zE9auX
Sterne Agee is out with its report today on STEC (NASDAQ: STEC), initiating STEC at Neutral.
In a note to clients, Sterne Agee writes, "We believe STEC could be an attractive stock once consensus GMs are reset, given the growth in the overall market. There are also bull views that M&A could offer an exit for STEC, which is a potential outcome. However, the options are becoming limited with SanDisk buying Pliant, Samsung now working at EMC, Western Digital acquiring Hitachi's disk business and Micron making progress in the enterprise space. STEC currently trades at 11x CY12 Adj PE."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1187287/update-sterne-agee-initiates-stec-at-neutral#ixzz1Pv6e5VNi
Sterne Agee is out with its report today on F5 Networks (NASDAQ: FFIV), initiating FFIV at Buy.
In a note to clients, Sterne Agee writes, "We are initiating coverage of F5 Networks with a Buy rating and a $129 price target. Over the next two years, we believe F5 Networks has some of the most favorable revenue drivers in the data networking space that are expanding the company's historical use case outside of traditional server load balancing."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1187307/update-sterne-agee-initiates-f5-networks-at-buy#ixzz1Pv5bmnKD
Benchmark downgraded Oshkosh (NYSE: OSK) to Sell. At the same time, Benchmark reduced its price target on the company's stock to $20, following a downward revision of the company's earnings per share estimates.
In a research report published today, Benchmark states, "We are downgrading OSK to a SELL with a new price target of $20. Our PT is based on a 3.8x FY12 EV/EBITDA multiple. We believe OSK is facing challenges in ramping up FMTV production based on discussions with Washington sources and believe this will likely lead to downside in FY11/12 estimates. We are lowering our FY12 EPS estimate by $0.50 to $3.05 due to concerns about profitability on the FMTV program in FY12."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1183127/benchmark-downgrades-oshkosh-to-sell-reduces-pt-to-20#ixzz1PpHPT5gJ
Deutsche Bank downgraded its rating on Skyworks Solutions (NASDAQ: SWKS) from Buy to Hold. At the same time, Deutsche Bank reduced its price target on the company's stock from $40 to $30.
In a research report published today, Deutsche Bank states, "Our price target is based on a DCF analysis using a 10.5% discount rate and 5% growth rate, which is based on our estimate of long-term industry growth. Key downside risks are Skyworks' ability to garner design wins and the overall level of demand for handsets among consumers. Up/downside risks include unanticipated shifts in consumer sentiment, mobile handset demand, and consumer handset purchasing preferences as well as the potential for other entrants to use alternative technologies for Skyworks addressable market."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1183109/deutsche-bank-downgrades-skyworks-solutions-to-hold-redu#ixzz1PpGlQdNz
Goldman Sachs has a Sell rating and a $34 price target on shares of Research in Motion (NASDAQ: RIMM), down from $40 after the company reported earnings last night.
In a note to clients, Goldman writes, "The delay of RIM's BlackBerry OS 7.0 products meant that RIM was not able to secure placement with carriers for the key back to school season, which is causing accelerating share loss and ASP declines as RIM is forced to compete with aging 1+ year-old products in a rapidly moving market. We estimate that RIM's smartphone market share declined to 14% in F1Q (from 19% a year ago), and will drop further to 10% in F2Q. While some may be tempted to conclude that this is just a one-quarter push-out and upcoming releases such as BB 7.0 or QNX (in C1Q12) may reverse RIM's trajectory, we would caution that past precedents in the smartphone market (e.g. Palm, Windows, Symbian) point to precipitous declines in share once a platform gets marginalized. Moreover, our analysis suggests that RIM's hardware operating margins will dip to 1% this quarter, which, coupled with its announced headcount reduction, suggests reduced ability to invest in improving its competitive position. We are lowering our Street-low FY12/13/14 EPS further to $5.31/5.46/5.04 from $5.77/5.65/5.85."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1178498/update-goldman-sachs-has-sell-rating-on-research-in-moti#ixzz1PXqGklJP
Bank of America Merrill Lynch is out with its report today on Boyd Gaming (NYSE: BYD), lowering its PO from $14 to $12.
In a note to clients, Bank of America Merrill Lynch writes, "We've viewed BYD's strategic optionality (capacity to do a significantly deleveraging/accretive deal, hidden asset value in Dania and 85 LV Strip acres) as being underappreciated, but IP doesn't really add to our conviction level. We maintain our Buy rating, but lower our PO from $14 to $12 based on a lower target multiple (7.0x mid-cycle EBITDA plus Borgata vs. 8x prior) as credit flexibility is now reduced in a decelerating macro environment."
Bank of America Merrill Lynch Maintains Buy on BYD.
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1178536/update-bank-of-america-merrill-lynch-lowers-po-on-boyd-g#ixzz1PXoHTg00
Dahlman Rose is out with its report today on Georgia Gulf (NYSE: GGC), reiterating Buy.
In a note to clients, Dahlman Rose writes, "We remain positive on GGC shares as we expect the company to benefit from better pricing and margins as it moves beyond the PVC force majeure and chlor/alkali operating issues. While 2Q11 results are likely to be weak, we see exports supporting volumes and margin gains despite a muted US housing recovery."
Dahlman Rose maintains a $40 PT on GGC.
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1174835/dahlman-rose-reiterates-buy-on-georgia-gulf#ixzz1PRwtI050
Dahlman Rose is out with its report today on CVR Energy (NYSE: CVI), maintaining Buy.
In a note to clients, Dahlman Rose writes, "After attending CVR's analyst day in Houston earlier this week, we maintain conviction of our sum-of-the-parts valuation of $30. As the coming earnings season illuminates the extent of the mid-con advantage, we believe CVI shares will remain among the top performers in the group."
Dahlman Rose maintains a $30 PT on CVI.
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1174848/dahlman-rose-maintains-buy-on-cvr-energy#ixzz1PRvQiPJd
Stifel Nicolaus is out with its report today on Berry Petroleum (NYSE: BRY), initiating BRY at Buy.
In a note to clients, Stifel Nicolaus writes, "We believe that Berry Petroleum is well positioned for strong margin, low risk, oil weighted, 14% CAGR production growth over the next few years. The impact of this will be production growth rates increasing and margins improving, resulting in above average CFPS growth and strong free cash generation. This will result in meaningful debt reduction and valuation compression, which should move the name higher toward our 12-month target price of $57/share, which reflects a 5.5x 2012E EV/EBITDA multiple and 85% of our risked NAV."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1170458/update-stifel-nicolaus-initiates-berry-petroleum-at-buy#ixzz1PM96yFcP
Stifel Nicolaus is out with its report today on Cimarex Energy (NYSE: XEC), initiating XEC at Hold.
In a note to clients, Stifel Nicolaus writes, "Cimarex's 44% liquids weighting and relatively unhedged production growth makes XEC exposed to crude oil movements. This exposure, combined with our negative short-term (1-2 months) bias on crude oil prices makes XEC's stock price vulnerable for further corrections and is the key reason for our Hold rating."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1170538/update-stifel-nicolaus-initiates-cimarex-energy-at-hold#ixzz1PM86q2AX
Goldman Sachs is out with its report today on Evercore Partners (NYSE: EVR), lowering its PT from $43 to $42.
In a note to clients, Goldman Sachs writes, "We lower our 2Q and 2011/2012/2013 EPS estimates to $0.42 and $1.60/$2.50/$3.20 from $0.57 and $1.85/$2.60/$3.30 to reflect guidance, the impact of the Lexicon transaction, inclusion of primary share issuance, and a more conservative revenue/banker estimate. Our 12-month price target goes to $42 (from $43), and we see 21% upside over that time period."
Goldman Sachs maintains Buy on EVR.
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1165790/update-goldman-sachs-lowers-pt-on-evercore-partners-to-4#ixzz1PGFCogv4
Wedbush is out with its report today on Ceradyne (NASDAQ: CRDN), downgrading CRDN from Outperform to Neutral.
In a note to clients, Wedbush writes, "We are downgrading shares of Ceradyne to NEUTRAL from OUTPERFORM and lowering our price target to $42 from $54 following our recent meeting with management. Our downgrade is based on (i) our increased concern over lower demand and margin pressure in recent higher growth markets, (ii) a likely permanent reduction in body armor production volume as the completion of several legacy orders draws near, and (iii) the uncertainty associated with the contribution of new growth markets, including oil and gas."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1166355/update-wedbush-downgrades-ceradyne-to-neutral#ixzz1PGDYmZpm
Morgan Stanley is reiterating its Overweight rating and is raising its price target from $105 to $115 on Air Products and Chemicals Inc. (NYSE: APD) following the company's Investor Day, held last week.
In the report, Morgan Stanley writes, “Last week, Air Products hosted its 2011 investor day in New York. Management gave new long-term goals of $15 billion in revenue and 20% EBIT margin by 2015, and, perhaps most important, targeted a 150 bps improvement in return on capital. The company also announced a new contract to supply an additional 200mn cubic ft/day of hydrogen to a large US refiner. This will increase the company's sales to this market by 9% in 2013, or ~$160-170 million.”
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1161029/morgan-stanley-reiterates-rating-ups-pt-on-apd#ixzz1PAU7Ccl0
Jefferies reiterated its Buy on Smithfield Foods (NYSE: SFD). At the same time, Jefferies lowered its price target on the company's stock from $26 to $24. In a research report published today, Jefferies stressed that Smithfield's traders are currently undervalued, in spite of the company's problems.
In the report, Jefferies states, "SFD shares have dropped 20% over the last 6 weeks as industry pork processing margins saw unprecedented contraction - the result of a 15% jump in live hog & 3% drop in pork prices. While we acknowledge that the FY12 Street estimate needs to come down, SFD's current valuation (5X EBITDA) implies FY12 margins will be cut almost in half - unlikely in our view."
Soucre: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1161370/jefferies-reiterates-buy-on-smithfield-foods-reduces-pt-#ixzz1PATKoHGp
Gabelli is out with its report today on J.M. Smucker (NYSE: SJM), downgrading SJM from Buy to Hold.
In a note to clients, Gabelli writes, "SJM faces several challenges going into FY2012, although the earnings guidance is achievable, we are changing our recommendation to a Hold based on valuation and potential 2H challenges."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1157137/update-gabelli-downgrades-j-m-smucker-to-hold#ixzz1OssZRNZk
Wells Fargo is out with its report today on Micron Technology (NYSE: MU), upgrading MU to Outperform.
In a note to clients, Wells Fargo writes, "We are upgrading Micron to Outperform from Market Perform. Our valuation range of $10-12, based on 10-12x our FY2012 EPS estimate of $1.01, implies good upside potential from Micron's current stock price."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1157150/update-wells-fargo-upgrades-micron-technology-to-outperf#ixzz1OsrFLcJs
Citi reiterated its Buy rating on Texas Instruments (NYSE: TXN). At the same time, Citi reduced its price target on the company's stock from $42 to $40.
In a research report published today, Citi states, "In general, we view TI's mid-quarter as a non-event, leaving our non-Nokia views unchanged and sector outlook unchanged. As such, we expect typical seasonal weakness to dominate near-term chip trading, perhaps exacerbated by the de-risking evident in the market. We look forward to improved conditions for chip shares in 2H11, albeit we continue to favor a stock-picking strategy."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1153022/citi-retierates-buy-on-texas-instruments-reduces-pt-to-4#ixzz1On3HjZpz
J.P. Morgan is out with its report today on Brigham Exploration (NASDAQ: BEXP), raising its PT from $20 to $21.50.
In a note to clients, J.P. Morgan writes, "We rate BEXP Neutral. BEXP appears more fairly valued than most other stocks in the group, and the shares trade at a premium to small-cap peers and other oily companies. We are increasing our Dec 2011 price target to $21.50 (from $20.00), which approximates our estimate of current NAV, which we calculate using a discounted cash flow model."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1153254/update-j-p-morgan-raises-pt-on-brigham-explorations-to-2#ixzz1On2F7lra
Jefferies downgraded its rating on SunPower Corporation (NASDAQ: SPWRA) from Buy to Hold. At the same time, Jefferies lowered its price target on the company's stock from $26 to $19. In a research report published today, Jefferies explained its decision by arguing the company's stock will be weak after the takeover by Total is completed.
In the report, Jefferies states, "We remain optimistic on the Total synergy longer term, but the current state of the industry does not warrant a Buy on SPWR at this time. We are confident the acquisition will close soon, and believe the stock will be weak afterwards in light of lowered FY11 guidance."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1148683/jefferies-downgrades-sunpower-corporation-to-hold-reduce#ixzz1Oh8zDoiW
Oppenheimer is out with its report today on The Talbots (NYSE: TLB), lowering its PT from $11 to $4.
In a note to clients, Oppenheimer writes, "Reducing PT to $4 from $11. PT assumes 8x EV/EBITDA, a 50% discount to historical average. Peer group trading at a 30% discount. Believe this multiple is appropriate given TLB is in the very early stages of a multi-year turnaround and expect ongoing near-term fits and starts."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1149026/update-oppenheimer-lowers-pt-on-the-talbots-to-4#ixzz1Oh83VH00
Oppenheimer is out with its report today on The Talbots (NYSE: TLB), lowering its PT from $11 to $4.
In a note to clients, Oppenheimer writes, "Reducing PT to $4 from $11. PT assumes 8x EV/EBITDA, a 50% discount to historical average. Peer group trading at a 30% discount. Believe this multiple is appropriate given TLB is in the very early stages of a multi-year turnaround and expect ongoing near-term fits and starts."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1149026/update-oppenheimer-lowers-pt-on-the-talbots-to-4#ixzz1Oh83VH00
Morgan Keegan is out with its report today on Research in Motion (NASDAQ: RIMM), downgrading RIMM to Market Perform.
In a note to clients, Morgan Keegan writes, "We are lowering our EPS expectations for RIM to take a stab at the competitive impact of iMessage to $6.23/$6.14 for calendar 2011/12. We still expect a substantial bump in EPS as BB7 is launched in FY12, but are now factoring in less follow through due to iMessage. Our price target is now $49, which is 8x our calendar 2012 P/E, a 20% discount to its peers, and we are downgrading to Market Perform."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1145061/update-morgan-keegan-downgrades-research-in-motion-to-ma#ixzz1ObKYlXgY
Compass Point is out with its report today on KeyCorp (NYSE: KEY), upgrading KEY to Buy.
In a note to clients, Compass Point writes, "We are upgrading shares of KEY from Neutral to Buy. Trading at .93x TBV and with 10.7% Tier 1 common, we believe the recent sell-off provides an attractive risk/reward at the current level. Due to our expectation for continued contraction in their loan portfolio through 3Q11, we expect KEY's Tier 1 common ratio will grow to over 11.5% by year-end. Thus, with the stock trading below TBV and the prospect for continued growth in TBV and excess capital, we believe shares have sufficient downside protection."
Compass Point maintains a $10 PT on KEY.
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1145154/update-compass-point-upgrades-keycorp-to-buy#ixzz1ObJnv0oR
Sterne Agee downgraded its rating on Skyworks Solutions (NASDAQ: SWKS) to Neutral from Buy. In a research report published today, Sterne Agee suggested the company will face stiff competition from its rivals.
In the report, Sterne Agee states, "We are downgrading SWKS from a Buy to a Neutral. While SWKS has a dominant position in 3G, we believe the market is starting to get more competitive with RFMD (Buy, $6.05, PT$10) and AVGO (Buy, $33.52, PT$45) getting some of the newer handset design wins. Also we believe margin leverage could start to slow."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1136325/sterne-agee-downgrades-skyworks-solutions-to-neutral#ixzz1OVUwm3Sd
J.P. Morgan Chase & Co. is lowering its price target on shares of Newell Rubbermaid Inc. (NYSE: NWL) to $17.50 from $21.50, but it is keeping its Overweight rating on shares.
In a note to clients, J.P. Morgan writes, "Newell reduced guidance for Q2 and 2011 on Friday, possibly in advance of the announcement of a new CEO this week. While it seems odd that a 3-4% reduction in guidance would result in a double-digit percentage drop for a stock that was already getting pummeled, we believe it highlights the lack of confidence investors have in the business, particularly with 2H '11 numbers viewed as too high. Guidance is for earnings of $1.60-$1.67, but we are going below that guidance range. We point out that this still works out to MSD EPS growth. Despite the recent reductions in guidance, we reiterate our Overweight rating as we believe NWL is turning into a better company than in the past, which is not reflected at 8.5x our 2012 estimate."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1140139/update-j-p-morgan-lowering-price-target-on-newell-rubber#ixzz1OVSP5P3J
Bank of America Merrill Lynch is out with its report today on Check Point Software Technologies (NASDAQ: CHKP), raising its PO from $55 to $59.
In a note to clients, Bank of America Merrill Lynch writes, "CHKP is benefiting from adoption of its network security appliances and cross-sell opportunities of its software blade architecture. We reiterate our Neutral rating and are raising our PO to $59 (from $55) implying a premium to an average of C12E EV/FCF and EV/E vs. peer group (SYMC, VRSN, ORCL), justified in our opinion given CHKP's better growth profile."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1136118/update-bank-of-america-merrill-lynch-raises-po-on-check-#ixzz1OE1GRjrl
Lazard Capital is out with its report today on Veeco Instruments (NASDAQ: VECO), raising its PT from $58 to $64.
In a note to clients, Lazard Capital writes, "Based on our new estimates we believe a higher price target is justified using the higher end of the historical multiple range for the cycle of 11-13x. Our $64 PT is based on 12x our new FY11 EPS. With $17 in net cash per share the stock remains very attractively valued at 6x (ex cash). The biggest risk is the MOCVD order cycle in China and the timing of the cycle."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1136616/update-lazard-capital-raises-pt-on-veeco-instruments-to-#ixzz1OE0DOafQ
According to Bank of America, Citrix Systems (NASDAQ: CTXS) PO is raised to $94.
Bank of America said that it hosted Al Monserrat, SVP World Wide Sales, who gave an upbeat presentation. “With continued traction in app networking, server/desktop virt, it is increasingly becoming a cloud infrastructure supplier. We see parallels to VMW albeit slower growth vs. VMW. We're raising our PO to $94 (from $86) based on a 26.3x (up from 23.5x) our CY11 FCF est of $616mn. The 26.3x multiple is based on a discount to VMware at 32.5x to account for the slower rev growth rate of CTXS at ~20% yet recognizing future growth opportunities vs. VMW at 27%.”
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1131955/bank-of-america-raises-price-target-on-citrix-to-94
According to Wedbush, Exide Technologies (NASDAQ: XIDE) is downgraded to Underperform.
Wedbush said that it is downgrading Exide to UNDERPERFORM from NEUTRAL on a large 4Q11 miss on input cost issues significantly worse than we feared, which will likely persist as an operating challenge. “Exide reported revenue and operating EPS of $774.5m/$0.15 and adjusted EBITDA of $56.3m, vs. our forecast of $759.3m/ $0.30 with adjusted EBITDA of $75.2m. The company's operating performance deteriorated most significantly in Transport-NA.”
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1132360/wedbush-downgrades-exide-to-underperform#ixzz1O84PlX00
Goldman Sachs is out with its report today on H.J. Heinz (NYSE: HNZ), downgrading HNZ to Sell.
In a note to clients, Goldman Sachs writes, "We are downgrading Heinz to Sell as we believe the shares will underperform relative to our coverage universe over the next 12 months. HNZ trades at a premium to its peers but its organic growth has begun to lag – a recent phenomenon that we expect to continue. Its core developed market business (around 85% of profits) looks vulnerable given slowing innovation and marketing under-investment. Its emerging market business is growing, but still nascent and faces execution risk. We see the stock's recent strength as an opportunity to take profits and believe the shares will lag peers going forward as growth lags and its relative premium fades."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1127032/update-goldman-sachs-downgrades-h-j-heinz-to-sell#ixzz1O2CH5zQb
Citi, which lowered its PT on shares of American Superconductor Corporation (NASDAQ: AMSC), is providing some color on the stock.
“In announcing it will miss its 10-K filing deadline, AMSC lowered revs expectations yet again for the yet-to-be-annc'd March Q,” Citi writes.
“Following its 4/5/11 neg pre that FY2010 (March '11) revs would be ‘less than $355 million' it now sees revs ‘materially' less than $355M. While undoubtedly, there will be more restatements, it also sets the stage that Sinovel-related revs for FQ4 could be close to zero, down from >$80M the prior Q and the neg pre implying something in the $10M range. Additionally it announced a 10% headcount reduction as it scrambles to conserve cash.”
American Superconductor closed Tuesday at $10.69.
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1127274/update-citi-comments-on-american-superconductor-pt-decre#ixzz1O2BjJ8zt
J.P. Morgan Chase & Co. is upgrading shares of Novatel Wireless (NASDAQ: NVTL) to Neutral from Underweight, and it has a $5.50 price target on shares.
In a note to clients, J.P. Morgan writes, "We are upgrading NVTL to Neutral from Underweight on valuation. We are not changing estimates, which remain below consensus. NVTL has traded down 48% YTD (S&P 500 up 6%) and is now approximately 10% below our price target, approximating fair value, in our view. We believe further downside is now limited with LTE newsflow increasing, and we believe the stock could trade up from here on improving sentiment, though we remain long-term skeptics regarding NVTL's core mobile computing business. Our December 2011 price target remains $5.50."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1122010/j-p-morgan-upgrading-novatel-wireless#ixzz1NwMIpnfp
J.P. Morgan Chase & Co. is downgrading shares of TASER International Inc. (NASDAQ: TASR) to Underweight from Neutral, and it has a $5 price target on shares.
In a note to clients, J.P. Morgan writes, "We are downgrading TASR to Underweight from Neutral on valuation and what we view as a lack of catalysts. There is no change to our estimates, and we remain constructive regarding the firm's long-term prospects, so we do not view this as a good stock to short. That said, municipal budgets remain constrained, adoption of the Axon/Evidence.com product is taking longer than we anticipated, and we see limited upside leverage in this business model in the next 18 months. Our December 2011 price target remains $5.00."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1122070/j-p-morgan-downgrading-taser-international-inc#ixzz1NwKuzl3G