Equity Brief: Ratings Changes for December 14th: FITB, FMC, FTNT, GFIG, GGC, GLF, GMED, GOL
2012-12-14 16:19:12 -
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:
Keefe, Bruyette & Woods upgraded shares of Fifth Third Bancorp (FITB) from a
market perform rating to an outperform rating. Keefe, Bruyette & Woods now has a
$18.00 price target on the stock, up previously from $17.00.
SunTrust initiated coverage on shares of FMC Corp. (FMC). They issued a neutral
rating on the stock and set a $55.00 price target.
Pacific Crest upgraded shares of Fortinet, Inc. (FTNT) from a sector perform
rating to an outperform rating. Pacific Crest now has a $28.00 price target on
Keefe, Bruyette & Woods upgraded shares of GFI Group Inc. (GFIG) from a market
perform rating to an outperform rating. Keefe, Bruyette & Woods now has a $3.50
price target on the stock.
SunTrust initiated coverage on shares of Georgia Gulf (GGC). They issued a
reduce rating on the stock and set a $40.50 price target.
Citigroup initiated coverage on shares of Gulfmark Offshore (GLF). They issued a
buy rating on the stock and set a $50.00 price target. They wrote, "We are
initiating coverage of GulfMark Offshore, Inc. (GLF) with a Buy rating and $50
price target, implying a 52% estimated total return. Our price target of $50 is
12% higher than the FactSet consensus price target of $44.56. The stock has
pulled back dramatically, by 41%, from a 52-week high of $56.41 in February
2012, driven by three consecutive negative-surprise quarters, but we attribute
the earnings misses to transition-year factors."
Canaccord Genuity raised its price target on shares of Globus Medical Inc (GMED)
from $20.00 to $22.00. They have a buy rating on the stock.
Zacks reiterated its neutral rating on shares of Gol Linhas Aereas Inteligentes
SA (GOL). They have a $5.25 price target on the stock. Zacks' analyst wrote,
"GOL in 3Q12 recovered slightly sequentially as loss incurred by the company
lessened in comparison with 2Q12. The results still suffered to some extent
because of increasing prices of fuel as well as a hike in landing fees at
Brazilian airports. Increased competition, lower demand and appreciation of US
dollars against Brazilian real pose a threat to the expansion of the company.
Moreover, a rise in the prices of fuel and increasing operating expenses add to
the woes. However, despite the near-term weaknesses, bright long-term prospects
force us to stay on the sidelines concerning the stock and maintain a Neutral
recommendation. We are, however, still optimistic about GOL's long-term business
strategy of route expansion, strategic acquisitions and codeshare agreements
with market leaders, which are expected to create significant operational
synergies. Moreover, the company's efforts in curbing the effect of fuel price
increases as well as maintaining a low cost structure are likely to increase
Zacks reiterated its neutral rating on shares of Goodyear (GT). They have a
$14.00 price target on the stock. Zacks' analyst wrote, "Goodyear Tire & Rubber
Company is one of the largest tire manufacturing companies worldwide. The
company saw a 26.4% decline in profits to $0.53 per share in the third quarter
of 2012 and missed the Zacks Consensus Estimate by $0.07 per share. Revenues
dipped 13.0% to $5.3 billion and went below the Zacks Consensus Estimate of $5.9
billion due to weak tire volumes and unfavorable foreign currency translation.
However, we are optimistic about Goodyear due to its focus on the emerging
markets of Latin America, Eastern Europe and Asia. The company has targeted an
additional $1 billion of gross savings by 2012 and achieve $1.6 billion of
segment operating income in 2013. Due to these factors, we continue to recommend
the shares of the company as Neutral and set a target price of $14.00."
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