Friday, March 26, 2010

Market Digest 3-26-10





 Ann Taylor upgraded at JP Morgan
ANN upgraded at JP Morgan. Rating raised to Neutral from Underweight. Price target raised to $22 from $14. Raises 2010 EPS estimates to $0.86 from $0.55.

 Alliant Techsystems rated new Neutral at Suntrust
ATK was initiated with a Neutral rating, Suntrust Robinson Humphrey said. Company faces uncertainty in its NASA programs.

 Best Buy target, estimate increased at Barclays
BBY price target raised by a dollar to $48 after posting solid 4Q10 results, Barclays said. 2011 EPS estimate lifted to $3.54. Maintain Overweight rating.

 Best Buy estimates, target boosted at Goldman
BBY estimates were raised through 2011, Goldman Sachs said. Company should continue to benefit from higher TV sales. Buy rating and new $49 price target.

 Best Buy downgraded at FBR
BBY was downgraded from Market Perform to Underperform, FBR Capital Markets said. $36 price target. Company faces difficult comparisons and will ultimately face decelerating sales growth.

 Buckle downgraded at JP Morgan
BKE downgraded at JP Morgan. Rating lowered to Underweight from Neutral. Maintains $35 price target and 2010 EPS estimates of $3.05.

 Calpine upgraded at Argus
CPN was upgraded from Hold to Buy, Argus Research said. Company is on track to produce a strong recovery in earnings and cash flow over the next several years.

 Genzyme upgraded at Leerink
GENZ was upgraded to Outperform, Leerink Swann said. Concerns about a consent decree have been overblown.

 lululemon athletic downgraded at BofA/Merrill
LULU downgraded to Neutral from Buy as growth is already priced into shares, Bank of America/Merrill Lynch said. Price target increased to $43 from $38.

 Motorola initiated at JP Morgan
MOT initiated at JP Morgan. Initiated with an Underweight rating and $6 price target. Introduces 2010 EPS estimates of $0.20.

 Palm upgraded at BMO
PALM was upgraded from Underperform to Market Perform, BMO Capital Markets said. $4 price target. Stock is already pricing in a challenging operating environment.

 Progressive upgraded at FBR
PGR was upgraded from Market Perform to Outperform, FBR Capital Markets said. $23 price target. Company is gaining market share.

 Qualcomm estimates, target boosted at UBS
QCOM estimates were increased through 2011, UBS said. Company boosted guidance, because of strength in licensing and its chipset business. Buy rating and new $50 price target.

 Qualcomm downgraded at Calyon
QCOM was downgraded from Outperform to Underperform, Calyon Securities said. $44 price target.

 Research in Motion upgraded at JP Morgan
RIMM upgraded at JP Morgan. Rating raised to Overweight from Neutral. Price target raised to $84 from $70. 2010 EPS estimates raised to $5.25 from $4.92.

 Rue21 initiated at Barclays
RUE coverage initiated with an Overweight rating and $42 price target, Barclays said. 2010 and 2011 EPS estimates set at $1.20 and $1.50, respectively.

 GT Solar upgraded at Credit Suisse
SOLR upgraded to Outperform from Neutral on revised demand estimates, Credit Suisse said. Price target increased to $7.50 from $6. 2010 and 2011 EPS estimates jumped to 60 cents and 57 cents, respectively.

 Stanley Black & Decker initiated at Credit Suisse
SWK initiated at Credit Suisse with an Outperform rating and $69 price target. Analysts noted upside from Black & Decker Acquisition and attractive valuation. 2010 and 2011 EPS estimates set at $0.21 and $4, respectively.

 Symetra Financial rated new Neutral at UBS
SYA was initiated with a Neutral rating, UBS said. $14 price target. Company can deliver double-digit earnings growth.


 Apple target, estimates boosted at Credit Suisse
AAPL price target surged to $300 from $275 as the company is running well ahead of expectations, Credit Suisse said. 2010 and 2011 EPS estimates lifted to $12.53 and $14.55, respectively. Maintain Outperform rating.

 Accenture estimates lowered at UBS
ACN estimates were cut through 2011, UBS said. Company is seeing lower margins and its backlog is not being converted to revenue as quickly. Neutral rating and $41 price target.

 Accenture target, estimates lowered at Barclays
ACN price target cut by a dollar to $44 on lower guidance, Barclays said. 2010 and 2011 EPS estimates sunk to $2.63 and $2.95, respectively. Maintain Equal Weight rating.

 CVS Caremark price target higher at BofA/Merrill
CVS price target improved to $40 from $36, Bank of America/Merrill Lynch said. 2010 and 2011 EPS estimates set at $2.65 and $3, respectively. Maintain Buy rating.

 General Dynamics numbers boosted at Goldman
Shares of GD now seen reaching $87, Goldman Sachs said. Estimates also increased, based on higher award activity for Combat Systems. Buy rating.

 Massey Energy price target boosted at BofA/Merrill
MEE price target increased to $64. Upbeat on pending acquisition of Cumberland Resources, Bank of America/Merrill Lynch said. Maintain Buy rating. 2010 and 2011 EPS estimates set at $2.60 and $4.75, respectively.

 Massey Energy numbers boosted at FBR
Shares of MEE now seen reaching $68, according to FBR Capital Markets said. Estimates also raised, as the Cumberland acquisition appears to be a winner.

 Oracle estimates, target raised at Goldman
Shares of ORCL now seen reaching $32, according to Goldman Sachs. Estimates also boosted, as the company should see higher margins following the Sun acquisition. Buy rating.

 Qualcomm target, estimates raised at Credit Suisse
QCOM price target increased to $45 from $40 following positive preannouncement, Credit Suisse said. 2010 and 2011 EPS estimates jumped to $2.32 and $2.46, respectively. Neutral rating.

 Shaw Group estimates cut, target upped at UBS
Shares of SHAW now seen reaching $39, UBS said. On the other hand, estimates were lowered, because of a weaker construction backlog in the Power group. Neutral rating.

 SLM estimates, target increased at FBR
Shares of SLM now seen reaching $23, FBR Capital Markets said. Estimates also upped, because of lower expected costs. Outperform rating.

 Tibco Software estimate, target upped at FBR
TIBX estimates were raised through 2011, FBR Capital Markets said. Business appears to be gaining momentum. Market Perform rating and new $12 price target.

Courtesy of thestreet.com