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Equity Brief: Ratings Changes for December 21st: FLS, FOLD, GG, GIS, GLF, GSM, HAL, HAR


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Copyright © Thomson Reuters 2012. All rights reserved.
2012-12-21 16:24:00 -

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:

Zacks reiterated its neutral rating on shares of Flowserve Corp (FLS). They have
a $152.00 price target on the stock. Zacks' analyst wrote, "Flowserve develops
and manufactures precision-engineered flow control equipment. We are reaffirming
our Neutral recommendation on the company with a $126.00 target price. The
company reported strong results for the third quarter of 2012 with earnings up
9.5% year over year. Profits were driven by improvement in short cycle
businesses stemming from increased volumes. In addition, both booking and
aftermarket activity remained strong, driven by demand for oil & energy and
power. The company also generated strong cash flow due to efficient working
capital management. However, 
margins are impacted by less favorable pricing in existing long cycle backlog and incremental charges from certain projects that are delayed." Wedbush downgraded shares of Amicus Therapeutics, Inc. (FOLD) from a neutral rating to an underperform rating. Their analysts now have a $1.50 price target on the stock, down previously from $6.00. They wrote, "FOLD announced the ongoing migalastat monotherapy Phase III trial did not meet the primary and a pre-defined secondary endpoint. . We do not believe that this Phase III study can be rescued with additional substrate reduction data at 12 months, due to our belief that there is an inadequate level of baseline GL-3 in many patients. . Furthermore, we note that even if there is an improvement in the net number of responders from the 4 noted with this analysis, we do not envision this improving to a level that would make the product commercially viable." Credit Suisse downgraded shares of Goldcorp Inc. (GG) from an outperform rating to a neutral rating. Their analysts now have a $45.00 price target on the stock, down previously from $58.00. Barclays Capital raised its price target on shares of General Mills (GIS) from $43.00 to $45.00. They have an overweight rating on the stock. Zacks reiterated its neutral rating on shares of General Mills (GIS). They have a $43.00 price target on the stock. Zacks' analyst wrote, "General Mills' second quarter fiscal 2013 adjusted earnings rose 13% year on year to $0.86 per share. The quarterly earnings handsomely beat the Zacks Consensus Estimate by almost 9%. The upside was driven by recent acquisitions, better-than-expected sales and profits in the U.S. retail business and solid overall margin expansion. The company also delivered solid revenue growth and upped its full year earnings outlook. Overall, we are encouraged by the company's strong market share position in some leading food categories, its growing international presence, strategic acquisitions and focus on innovation and brand support. These growth initiatives combined with the cost saving efforts bode well for the company's long-term growth. However, we prefer to remain on the sidelines until the U.S. retail volumes improve substantially, the Yoplait yogurt business delivers and the macroeconomic environment recovers. Thus, we maintain a Neutral recommendation on the stock with a target price of $43.00." Zacks upgraded shares of Gulfmark Offshore (GLF) from an underperform rating to a neutral rating. Zacks now has a $36.10 price target on the stock. Sidoti downgraded shares of Globe Specialty Metals, Inc. (GSM) from a buy rating to a neutral rating. Their analysts now have a $15.00 price target on the stock. Deutsche Bank reiterated its buy rating on shares of Halliburton (HAL). They have a $53.00 price target on the stock, down previously from $58.00. Guggenheim initiated coverage on shares of Harman International Industries Inc. (HAR). They issued a neutral rating on the stock and set a $46.00 price target. Zacks downgraded shares of HSBC (HBC) from a neutral rating to an underperform rating. Their analysts now have a $48.00 price target on the stock. Zacks' analyst wrote, "We are downgrading our long-term recommendation on HSBC to Underperform to reflect the penalty to be paid to settle money laundering charges and its credit ratings downgrade by Fitch. Moreover, the company's third quarter net income was significantly down from the year-ago period and included additional provision for various investigations faced by it. Quarterly core results were adversely impacted by higher operating expenses. Nevertheless, improved top line and growth in total operating income were the positives. We believe HSBC is well positioned to benefit from its restructuring initiatives, extensive global network, diversified revenue sources and strong capital position. However, there are concerns related to the impact of the Euro-zone crisis, weak revenue growth in its mature markets and regulatory restrictions." 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#1667146]


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