Stock Upgrades Downgrades to consider
By Yaser Anwar, CSC of Equity Investment Ideas
Nokia "hold" target price reduced- Analyst Gareth Jenkins of Deutsche Bank maintains his "hold" rating on Nokia (NOK). The target price has been reduced from €18.5 to €16.5.
In a research note published this morning, the analyst mentions that the company's ASPs are expected to be adversely affected in 2Q by unfavourable currency valuations and the company's initiatives to win market share from Motorola. Handset volumes are weakening across the industry in the emerging markets and the 3G ramp in Europe has been slow, the analyst says. Deutsche Bank expresses its optimism regarding the company's long-term growth prospects.
Genentech downgraded to "hold"- Analysts at Deutsche Bank Securities downgrade Genentech Inc (DNA) from "buy" to "hold." The target price has been reduced from $100 to $90.
In a research note published yesterday, the analysts mention that sales of the company’s Avastin and Herceptin have been short of expectations. The key product sales forecast has been reduced and there are limited near- to medium-term catalysts for Genentech, the analysts say.
Chico's FAS "outperform" estimates raised- Analyst Margaret B Whitfield of Ryan Beck & Co maintains her "outperform" rating on Chico's FAS Inc (CHS), while raising her estimates for the company. The target price is set to $36.
In a research note published yesterday, the analyst mentions that the company has reiterated its target of achieving mid-single digit comps for the Chico's brand. Chico's FAS has recently announced the completion of its stock buyback programme worth $200 million. The EPS estimates for 2006 and 2007 have been raised from $1.20 to $1.21 and from $1.45 to $1.48, respectively.
Franklin Resources "overweight" target price reduced- Analyst Christopher J Spahr of Prudential Financial reiterates his "overweight" rating on Franklin Resources Inc (BEN.NYS), while reducing his estimates for the company. The target price has been reduced from $101 to $99.
In a research note published yesterday, the analyst mentions that the company has reported sequentially flat AUM for June. Franklin Resources' AUM growth in F3Q is being adversely affected by declines in domestic and international equities and a dip in taxable-domestic fixed income, the analyst says.
Marathon Oil "neutral weight" estimates raised - Analyst Jason D Gammel of Prudential Financial reiterates his "neutral weight" rating on Marathon Oil Corp (MRO), while raising his estimates for the company. The target price is set to $72.
In a research note published yesterday, the analyst mentions that the company’s upstream sales volumes are expected to rise by 4% q/q in 2Q06. Margins at the US mid-continent, where two-thirds of Marathon Oil’s refining capacity is located, averaged $22.89/bbl during the quarter, up $7.13/bbl q/q and $8.17/bbl y/y, the analyst says. The EPS estimates for 2Q06 and 2006 have been raised from $2.90 to $3.25 and from $10.29 to $10.65, respectively.
Citrix Systems "buy"- Analysts at Canaccord Adams maintain their "buy" rating on Citrix Systems (CTXS). The target price is set to $45.
In a research note published this morning, the analysts mention that the company is expected to post robust 2Q revenues and adjusted EPS, scheduled to be reported on July 19, ahead of the consensus. According to the analysts, Citrix Systems’ robust revenue growth in the quarter is likely to have been driven by the GoTo segment’s double-digit growth and the presentation server segment’s modest growth.
Ericsson "buy"- Analysts at Dresdner Kleinwort maintain their "buy" rating on Ericsson.
In a research note published this morning, the analysts mention that Sony-Ericsson has reported 2Q shipments and profits significantly ahead of the consensus. Sony-Ericsson’s results translate to a profit contribution of almost SEK1 billion for Ericsson, the analysts say. Dresdner Kleinwort expects the company to generate about €10 billion in revenues and 10% income margins in 2006.
Inmet Mining initiated with "buy" - Analyst Orest Wowkodaw of Canaccord Adams initiates coverage of Inmet Mining Corporation (IMN) with a "buy" rating. The target price is set to C$63.
In a research note published this morning, the analyst mentions that the company is likely to increase its zinc production by 17% in 2007 and is expected to double copper production by 2008. According to the analyst, Inmet Mining's cash position is expected to improve from $6.62 per share in 1Q06 to $27.20 per share by end-2008. Cash growth would enable the company to return excess cash to its shareholders and/or pursue a significant acquisition, Canaccord Adams adds.
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Nokia "hold" target price reduced- Analyst Gareth Jenkins of Deutsche Bank maintains his "hold" rating on Nokia (NOK). The target price has been reduced from €18.5 to €16.5.
In a research note published this morning, the analyst mentions that the company's ASPs are expected to be adversely affected in 2Q by unfavourable currency valuations and the company's initiatives to win market share from Motorola. Handset volumes are weakening across the industry in the emerging markets and the 3G ramp in Europe has been slow, the analyst says. Deutsche Bank expresses its optimism regarding the company's long-term growth prospects.
Genentech downgraded to "hold"- Analysts at Deutsche Bank Securities downgrade Genentech Inc (DNA) from "buy" to "hold." The target price has been reduced from $100 to $90.
In a research note published yesterday, the analysts mention that sales of the company’s Avastin and Herceptin have been short of expectations. The key product sales forecast has been reduced and there are limited near- to medium-term catalysts for Genentech, the analysts say.
Chico's FAS "outperform" estimates raised- Analyst Margaret B Whitfield of Ryan Beck & Co maintains her "outperform" rating on Chico's FAS Inc (CHS), while raising her estimates for the company. The target price is set to $36.
In a research note published yesterday, the analyst mentions that the company has reiterated its target of achieving mid-single digit comps for the Chico's brand. Chico's FAS has recently announced the completion of its stock buyback programme worth $200 million. The EPS estimates for 2006 and 2007 have been raised from $1.20 to $1.21 and from $1.45 to $1.48, respectively.
Franklin Resources "overweight" target price reduced- Analyst Christopher J Spahr of Prudential Financial reiterates his "overweight" rating on Franklin Resources Inc (BEN.NYS), while reducing his estimates for the company. The target price has been reduced from $101 to $99.
In a research note published yesterday, the analyst mentions that the company has reported sequentially flat AUM for June. Franklin Resources' AUM growth in F3Q is being adversely affected by declines in domestic and international equities and a dip in taxable-domestic fixed income, the analyst says.
Marathon Oil "neutral weight" estimates raised - Analyst Jason D Gammel of Prudential Financial reiterates his "neutral weight" rating on Marathon Oil Corp (MRO), while raising his estimates for the company. The target price is set to $72.
In a research note published yesterday, the analyst mentions that the company’s upstream sales volumes are expected to rise by 4% q/q in 2Q06. Margins at the US mid-continent, where two-thirds of Marathon Oil’s refining capacity is located, averaged $22.89/bbl during the quarter, up $7.13/bbl q/q and $8.17/bbl y/y, the analyst says. The EPS estimates for 2Q06 and 2006 have been raised from $2.90 to $3.25 and from $10.29 to $10.65, respectively.
Citrix Systems "buy"- Analysts at Canaccord Adams maintain their "buy" rating on Citrix Systems (CTXS). The target price is set to $45.
In a research note published this morning, the analysts mention that the company is expected to post robust 2Q revenues and adjusted EPS, scheduled to be reported on July 19, ahead of the consensus. According to the analysts, Citrix Systems’ robust revenue growth in the quarter is likely to have been driven by the GoTo segment’s double-digit growth and the presentation server segment’s modest growth.
Ericsson "buy"- Analysts at Dresdner Kleinwort maintain their "buy" rating on Ericsson.
In a research note published this morning, the analysts mention that Sony-Ericsson has reported 2Q shipments and profits significantly ahead of the consensus. Sony-Ericsson’s results translate to a profit contribution of almost SEK1 billion for Ericsson, the analysts say. Dresdner Kleinwort expects the company to generate about €10 billion in revenues and 10% income margins in 2006.
Inmet Mining initiated with "buy" - Analyst Orest Wowkodaw of Canaccord Adams initiates coverage of Inmet Mining Corporation (IMN) with a "buy" rating. The target price is set to C$63.
In a research note published this morning, the analyst mentions that the company is likely to increase its zinc production by 17% in 2007 and is expected to double copper production by 2008. According to the analyst, Inmet Mining's cash position is expected to improve from $6.62 per share in 1Q06 to $27.20 per share by end-2008. Cash growth would enable the company to return excess cash to its shareholders and/or pursue a significant acquisition, Canaccord Adams adds.
http://www.equityinvestmentideas.blogspot.com/
posted by douglas mcintyre at 7:27 AM
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