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Equity Brief: Ratings Changes for November 21st: CBSH, CELG, CNQ, CRMT, CSX, CTRN, DDR, DELL, DSX


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Copyright © Thomson Reuters 2012. All rights reserved.
2012-11-21 16:12:34 -

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:

Morgan Stanley downgraded shares of Commerce Bancshares, Inc. (NASDAQ: CBSH)
from an equal weight rating to an underweight rating. Their analysts now have a
$40.00 price target on the stock, down previously from $43.00. They wrote, "We
are 9% below consensus in 2013 and 20% below in 2014. Aside from the Street
still not having adjusted EPS for the recent 5% stock dividend, we are below due
to our expectation for more material NIM compression and lack of balance sheet
growth. As consensus estimates decline, we expect the shares to underperform its
midcap bank peers."

Brean Murray initiated coverage on shares of Celgene (NASDAQ: CELG). They issued
a 
buy rating on the stock. Zacks reiterated its neutral rating on shares of Canadian Natrl Res (NYSE: CNQ). They have a $29.00 price target on the stock. Zacks' analyst wrote, "We retain our Neutral recommendation on Canadian Natural Resources. The company presented lackluster third-quarter 2012 results, with both revenue and earnings missing our projection. The quarterly performance was impacted by poor contributions from North Sea and Offshore Africa and higher operating expense. Moreover, the effects of the volatile natures of the energy sector, cost escalations at projects and international business risks are expected to keep the company's shares under pressure. However, these negative aspects will be negated by the company's favorable oil and natural gas asset mix, strong infrastructural base, low-cost operational business model and healthy financial profile. Hence, Canadian Natural, at current levels, has limited upside potential and will perform at par with its peers." CL King downgraded shares of America's Car-Mart (NASDAQ: CRMT) from a buy rating to a neutral rating. Avondale Partners downgraded shares of CSX Corp. (NYSE: CSX) from an outperform rating to a market perform rating. Zacks reiterated its neutral rating on shares of CSX Corp. (NYSE: CSX). They have a $21.00 price target on the stock. Citigroup upgraded shares of Citi Trends Inc. (CTRN) from a neutral rating to a buy rating. Citigroup now has a $18.00 price target on the stock. Zacks reiterated its neutral rating on shares of DDR Corp. (DDR). They have a $16.00 price target on the stock. Zacks' analyst wrote, "DDR Corp. reported modest third quarter 2012 results with recurring FFO beating the Zacks Consensus Estimate by $0.01. DDR Corp. has a well-diversified portfolio, which is concentrated mostly in the high-growth areas of the country. In addition, its top tenants are large discount chains including Wal-Mart, Home Depot, Lowe's and Target who are likely to fare comparatively better than specialty retailers as consumers become more and more price conscious in the aftermath of recession. However, a significant development pipeline undermines the long-term growth potential of the company. We maintain our Neutral rating on DDR Corp. as we expect it to perform in line with the broader market. " Zacks reiterated its neutral rating on shares of Dell Inc. (DELL). They have a $9.50 price target on the stock. Zacks' analyst wrote, "Dell reported mediocre third quarter results with earnings per share in line with the Zacks Consensus Estimate, but revenue and operating income taking a massive hit. Revenue across the entire business segment declined annually. The major issue faced by the company is the cannibalization of the PC/notebook business. Moreover, the company is facing tough challenges due to cut-throat competition, low business growth in Europe and restricted spending environment. Some analysts also expect further decline in PC shipments. Moreover, competition faced by the company in the SMB and server segments from players like Hewlett-Packard Company and Cisco Systems Inc. is also a concern. " Dahlman Rose lowered its price target on shares of Diana Shipping Inc. (DSX) from $11.00 to $10.00. They have a buy rating on the stock. Zacks upgraded shares of DeVry Inc. (DV) from an underperform rating to a neutral rating. Zacks now has a $27.00 price target on the stock. Zacks' analyst wrote, "We recently upgraded our recommendation on DeVry from Underperform to Neutral due to its better-than-expected first quarter 2013 results. Earnings of $0.49 per share beat the Zacks Consensus Estimate by 58%. Higher-than-expected cost savings and revenues drove the earnings beat. Revenues also beat the Zacks Estimate primarily driven by better-than-expected new enrollment growth at the healthcare institutions, though overall enrollments continued to decline. The sequential improvement in new enrollments at the flagship DeVry University is also an encouraging sign. Continued progress on its performance improvement plan to align costs, regain enrollment growth and make growth investments helped the company to turnaround from the past few weak quarterly results. Though near-term results are expected to remain choppy due to continued enrollment declines at DeVry University, we believe that the company's performance improvement plan will drive attractive earnings growth in the 2014-2016 period." 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#1659871]


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