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Equity Brief: Ratings Changes for December 6th: C, CBL, CCI, CIE, CINF, CP, CPE, CPWR


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Copyright © Thomson Reuters 2012. All rights reserved.
2012-12-06 16:13:24 -

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 Citigroup (C). They have a
$36.00 price target on the stock. Zacks' analyst wrote, "Citigroup's third
quarter 2012 results comfortably surpassed the Zacks Consensus Estimate on lower
loan loss provisions, higher Global Consumer Banking revenues and a drop in
expenses. Moreover, there was a sudden change in its top management within a few
days after the earnings release. Nevertheless, we believe that Citigroup's
global footprint and attractive core business are impressive and its expansion
in the emerging markets is a strategic fit. Restructuring efforts are
encouraging and the new CEO's significant experience in the company is likely to
benefit Citigroup 
over the long term. Yet, revenues have continuously been under pressure for the past several quarters and a low interest rate environment, regulatory issues along with litigation risks remain the headwinds. Hence, we remain Neutral on the stock." UBS AG downgraded shares of CBL & Associates Properties, Inc. (CBL) from a neutral rating to a sell rating. Deutsche Bank initiated coverage on shares of Crown Castle (CCI). They issued a buy rating on the stock and set a $82.00 price target. Deutsche Bank raised its price target on shares of Cobalt International Energy (CIE) from $38.00 to $39.00. They have a buy rating on the stock. They wrote, "CIE's successful discovery at the North Platte prospect in the US Gulf of Mexico is an outstanding start to a very active 12-15 month drilling program. Our thesis at CIE has been its unique position in US E&Ps in its ability to accrete value via the drill bit, and the most attractive risk reward in our coverage universe. Key to the long term thesis has been the potential of a GOM program which has been underappreciated by the market, and our view that eventual success rates, both in the US GoM and West Africa will be far higher than the market currently assumes. Today's announcement is key in highlighting the first point, while increasing market confidence and momentum into the 10-12 wells ($65-$70/sh unrisked) to be drilled over the next 12-15 months. Maintain BUY and top pick. Target price to $39/sh." Goldman Sachs reiterated its buy rating on shares of Cobalt International Energy (CIE). Zacks reiterated its neutral rating on shares of Cincinnati Financial (CINF). They have a $42.00 price target on the stock. Zacks' analyst wrote, "Cincinnati's' third quarter earnings came in significantly ahead of the Zacks Consensus estimate on the back of stronger underwriting income. The company has shown a favorable performance in the first nine months of 2012 and we expect the trend to continue led by favorable trends in the Commercial segment. Management is appointing agencies and expanding product offerings to compensate the decline in businesses. Low leverage, solid capital, consistent cash flow generation, favorable reserve release, share repurchases and dividend increase are among the other positives. However, its Personal line business remains prone to low earnings. Cincinnati is likely to witness limited investment growth owing to regular low yields for investment options. We expect pressure on the top line until the soft insurance market cycle reverses completely. Exposure to catastrophe also imparts earnings volatility. " Morgan Stanley reiterated its overweight rating on shares of Canadian Pacific Railway Limited (CP). They have a $127.00 price target on the stock. They wrote, "Since resuming coverage with an OW rating in September, CP has been our top pick in freight as we believe the turnaround has the potential to be the most compelling railroad investment opportunity over the next 3 years. The arrival of Mr. Hunter Harrison as CEO should catalyze change on a network that is certainly not broken and arguably has strong potential. While we acknowledge that key man risk and weakening macro are concerns, we see significant opportunity for OR improvement at CP with non-economic drivers to growth and productivity." Stifel Nicolaus upgraded shares of Canadian Pacific Railway Limited (CP) from a hold rating to a buy rating. Stifel Nicolaus now has a $138.00 price target on the stock. Brean Murray initiated coverage on shares of Callon Petroleum Company (CPE). They issued a buy rating on the stock. Jefferies Group reiterated its buy rating on shares of Compuware (CPWR). They have a $11.00 price target on the stock, up previously from $10.00. They wrote, "Recent activities surrounding CPWR have provided updated inputs and have drawn greater attention to potential value creation opportunities. We believe the fundamentals could remain inconsistent but the stock has been somewhat resilient given the building presence of higher growth revenue, a nearing event timeline to isolate Covisint and potential outside shareholder influence. We have refreshed our SOTP and adjust our target to $11." Imperial Capital initiated coverage on shares of Crocs (CROX). They issued an outperform rating on the stock and set a $16.00 price target. They wrote, "We believe Crocs is well positioned to generate sales and EBITDA growth in the 15%+ range over the coming years given continued efforts to broaden its product assortment, aggressively grow its specialty retail store footprint, further develop its internet business, and move into new geographies globally. In our view, valuation looks attractive with the stock trading at a significant discount to its peers and its historical average. Near-term risks include the difficult external environment in Japan and Europe which could limit upside to earnings in 2013." 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#1663158]


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