Equity Brief: Ratings Changes for November 15th: ORB, P, PAYX, PC, PII, PRU, RTN, SAVE, SLXP
2012-11-15 16:15:53 -
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:
Stifel Nicolaus initiated coverage on shares of Orbital Sciences Corp. (NYSE:
ORB). They issued a buy rating on the stock and set a $17.00 price target.
National Alliance Securities initiated coverage on shares of Pandora Media
(NYSE: P). They issued a market perform rating on the stock and set a $7.83
price target. They wrote, "We're initiating on Pandora Media with a Market
Perform rating, and $7.83 price target, with a 1% share price to target return
opportunity. The Company's product portfolio offers a pure play on the online
web / mobile advertising market, over PC, Tablet, Smartphone and connected
platforms. We view the Company's near term share price risk / reward profile
balancing neutral, with strong online advertising sales growth more than offset
by content acquisition expense and emerging competitive threats, particularly
from Apple and Spotify. We would look more favorably on the Company's risk /
reward profile under $7 per share."
Credit Suisse downgraded shares of Paychex, Inc. (NASDAQ: PAYX) from an
outperform rating to a neutral rating. Their analysts now have a $35.00 price
target on the stock, down previously from $36.00.
Goldman Sachs downgraded shares of Panasonic Co. (NYSE: PC) from a conviction
buy rating to a neutral rating.
Wedbush upgraded shares of Polaris Industries Inc (NYSE: PII) from a neutral
rating to an outperform rating. Wedbush now has a $100.00 price target on the
stock. They wrote, "Upcoming new models and development of revolutionary
technologies gives us a more bullish outlook for ORV segment, despite increased
competition in side-by-sides (SxS). Following our visit to Polaris' Wyoming, MN
R&D facility, we came away with a more confident outlook for continued strong
growth in the core off-road vehicle (ORV) segment, driven by: 1. upcoming new
performance models in 2013 should enable Polaris to maintain leading market
shares, despite competitor introductions such as the Can Am Maverick and Arctic
Cat Wildcat, and 2. expansion of revolutionary new technologies into ORVs, such
as non-pneumatic tires, electric motors, and diesel engines."
RBC Capital upgraded shares of Prudential Financial, Inc. (PRU) from an
outperform rating to a top pick rating.
Zacks reiterated its neutral rating on shares of Raytheon Company (RTN). They
have a $59.00 price target on the stock. Zacks' analyst wrote, "Raytheon is one
of the best-positioned companies among the large-cap defense players because of
its non-platform-centric focus. Looking forward, the company enjoys strong order
bookings and order backlog, an improving balance sheet, growing cash flow,
operational improvements and an above industry average ROE. Future growth will
be driven by its focus on ISR unmanned systems, training, cyber security,
Standard Missile-6, Patriot, Zumwalt and THAAD. This is, however, offset by
apprehensions over the future growth of the U.S. defense budget, the fate of
high-cost programs, risks related to key project executions and order
cancellations. Thus in the absence of any positive triggers, we maintain our
market Neutral recommendation on the company."
Raymond James upgraded shares of Spirit Airlines Incorporated (SAVE) from a
market perform rating to an outperform rating. Raymond James now has a $21.00
price target on the stock.
Zacks reiterated its neutral rating on shares of Salix Pharmaceuticals, Ltd.
(SLXP). They have a $43.00 price target on the stock. Zacks' analyst wrote,
"Salix posted third quarter earnings of $0.95 per share, well above the Zacks
Consensus Estimate of $0.64, the year-ago earnings of $0.77 and the company's
earnings guidance of $0.69 per share. Third quarter revenues increased 27% to
$185 million, missing the Zacks Consensus Estimate of $188 million, but in line
with the company's guidance. Xifaxan continues to perform well and should keep
driving growth. We believe Salix will continue seeking suitable in-licensing
opportunities in order to grow revenues. However, we still have low visibility
on the path forward for Relistor's label expansion and we expect investor focus
to remain on the company's plans for Relistor. We maintain a Neutral
recommendation on the stock."
Zacks reiterated its neutral rating on shares of Strayer Education, Inc. (STRA).
They have a $49.00 price target on the stock. Zacks' analyst wrote, "Strayer
Education's third quarter 2012 earnings of $0.36 per share, beat the Zacks
Consensus Estimate of $0.32. However, earnings plunged significantly from $1.20
reported in the year-ago period due to top-line decline. Total revenue dropped
9% from the prior-year quarter to $124.3 million due to 5% decline in
enrollments. Total revenue, however, beat the Zacks Consensus Estimate of $123
million. We are encouraged by Strayer's strong brand position and its geographic
expansion strategy of opening new campuses every year, both in new states and
markets. Further, the company's corporate alliances give it a competitive
advantage and contribute significantly to growth. On the flip side, the company
continues to suffer from a difficult regulatory environment as well as weak
student demand. We thus prefer to remain on the sidelines until we see
substantial enrollment growth and improvement in the overall industry
environment. We have a Neutral recommendation on the stock with a target price
of $49.00 "
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