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Equity Brief: Ratings Changes for December 13th: ACGL, ACS, ADI, AGCO, AKAM, ALB, ALLT, APC


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Copyright © Thomson Reuters 2012. All rights reserved.
2012-12-13 16:11:13 -

A number of stocks were upgraded and downgraded by equities research analysts
today, as reported by Analyst Ratings Network ( bit.ly/equitybriefdaily)
and Equity Brief:

Goldman Sachs initiated coverage on shares of Arch Capital (ACGL). They issued a
neutral rating on the stock and set a $43.00 price target.

AlphaValue reiterated its buy rating on shares of ACS Actividades de Construccio
(ACS). They have a $31.17 price target on the stock.

Citigroup downgraded shares of Analog Devices, Inc. (ADI) from a buy rating to a
neutral rating. Their analysts now have a $45.00 price target on the stock. They
wrote, "We downgrade ADI to Neutral from Buy - on valuation and as the 10% ETR
no longer justifies a Buy rating. Our thesis on ADI as a core quality analog
holding has 
played out with ADI stock outperforming SOX and SP500 by ~1500bps and ~600bps on YTD basis respectively. . We maintain a consistent valuation framework and maintain our $45 target price based on our forecasts and target multiples." Jefferies Group reiterated its buy rating on shares of AGCO Corp. (AGCO). They have a $55.00 price target on the stock, up previously from $52.00. They wrote, "AGCO hosted its annual analyst meeting where it gave initial 2013 guidance. Sales guidance of $10.2-$10.4 bln and EPS of $5.50-$5.75 were ahead of street expectations of $10.1 bln and EPS of $5.50. Still, the regional outlooks appear conservative, and we believe upside remains. Maintain BUY and increased our PT to $55 from $52." Goldman Sachs initiated coverage on shares of Akamai Technologies (AKAM). They issued a neutral rating on the stock and set a $44.00 price target. They wrote, "We resume coverage of Akamai with a Neutral rating and a $44, 12-month price target. CDN price declines are expected to be ongoing in 2012/13 (we estimate 15-20% declines in each) and we think traffic growth will increase at a slower rate in 2013. As such, we see AKAM's content delivery business (42% of sales in 2012) decelerating despite market share gains, which we think were a key driver of segment revenue growth acceleration in 2012 (we estimate 20% yoy in CY12 vs 5% in 2011). Further, we think the Cloud Infrastructure segment will continue to decelerate, especially as Amazon.com's dynamic site acceleration (DSA) solution matures in 2H13." Robert W. Baird initiated coverage on shares of Albemarle Co. (ALB). They issued an outperform rating on the stock and set a $72.00 price target. Wunderlich downgraded shares of Allot Communications Ltd. (ALLT) from a buy rating to a hold rating. Their analysts now have a $21.00 price target on the stock, down previously from $27.00. Jefferies Group reiterated its buy rating on shares of Anadarko Petroleum (APC). They have a $96.00 price target on the stock. Goldman Sachs upgraded shares of Avago Technologies (AVGO) from a neutral rating to a buy rating. Goldman Sachs now has a $44.00 price target on the stock, up previously from $40.00. Stay on top of analysts' coverage with Analyst Ratings Network's free daily email newsletter that provides a concise list of analysts' upgrades, downgrades and initiations. Register at bit.ly/equitybriefdaily Content and Media Contact: newseditor@equitybrief.net This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Equity Brief via Thomson Reuters ONE [HUG#1664780]


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