2012-11-13 16:20:02 -
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:
Barclays Capital reiterated its equalweight rating on shares of Hewlett-Packard
(NYSE: HPQ). They have a $14.00 price target on the stock, down previously from
Goldman Sachs reiterated its conviction buy rating on shares of Hershey (NYSE:
HSY). They have a $81.00 price target on the stock. They wrote, " (1) roughly
1.5%-2.5% contribution from its North American business (a potentially
conservative estimate), (2) 1%-1.5% from Brookside distribution build out and
(3) 2%-2.5% from continued momentum abroad."On gross margin, the firm said it is
difficult to bridge to anything less than 150 basis points of gross margin
expansion given: " (1) management's expectation of modest input cost deflation
year, (2) productivity gains that are likely to approach the high end of
its $55-$70mn range ($70mn productivity alone = 140 bps of margin) and (3)
volume leverage which offers an offset to mix headwinds abroad."
Maxim Group downgraded shares of Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX)
from a buy rating to a hold rating. Their analysts now have a $5.00 price target
on the stock, down previously from $11.00.
Zacks reiterated its neutral rating on shares of International Game Technology
(NYSE: IGT). They have a $14.00 price target on the stock.
Credit Suisse initiated coverage on shares of ImmunoGen, Inc. (NASDAQ: IMGN).
They issued a neutral rating on the stock and set a $12.00 price target.
Maxim Group initiated coverage on shares of Invensense Inc. (INVN). They issued
a buy rating on the stock and set a $14.00 price target.
Sidoti upgraded shares of j2 Global (JCOM) from a neutral rating to a buy
BMO Capital Markets reiterated its market perform rating on shares of J.C.
Penney Company, Inc. (JCP). They have a $18.00 price target on the stock, down
previously from $25.00. They wrote, "We significantly cut our FY2012 GAAP EPS
estimate to a loss of $1.52, which compares with our prior estimate of a loss
$0.88. On a non-GAAP basis and before pension expense, we estimate FY2012 EPS
estimate at a loss of $0.92 compared with our prior profit estimate of $0.17.
Including pension expense, our FY2012 continuing estimate now calls for a loss
of $1.48. We reduced our FY2013 GAAP EPS estimate from $1.00 to $0.01, or to
$0.25 on a non-GAAP basis."
Deutsche Bank reiterated its hold rating on shares of J.C. Penney Company, Inc.
(JCP). They have a $17.00 price target on the stock.
JMP Securities downgraded shares of Jefferies Group (JEF) from an outperform
rating to a market perform rating.
Morgan Stanley downgraded shares of Janus Capital Group Inc. (JNS) from an equal
weight rating to an underweight rating. They wrote, "Three reasons for the
downgrade: 1) challenged fundamental outlook including intensifying equity
outflows & continued fund underperformance, leading to negative performance
fees; 2) fading technical support as Dai-ichi has already bought 11.1% of its
minimum 15% stake and Morgan Stanley Dai-ichi analyst, Hideyasu Ban, views an
outright acquisition as unlikely near term due to Dai-ichi's M&A objectives; and
3) valuation (13.3x 2013e P/E), is high relative to peers."
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