Equity Brief: Ratings Changes for November 9th: CSC, CSCO, CTXS, CXO, D, DIOD, DIS, DNDN, DTSI
(Thomson Reuters ONE Via Acquire Media NewsEdge)
A number of stocks were upgraded and downgraded by equities research analysts
today, as reported by Analyst Ratings Network (http://bit.ly/equitybriefdaily)
and Equity Brief:
Zacks reiterated its neutral rating on shares of Computer Sciences (NYSE: CSC).
They have a $38.00 price target on the stock. Zacks' analyst wrote, "Computer
Sciences is one of the leading players in the information technology (IT)
services industry. CSC reported decent second quarter 2013 results, with the
bottom line way ahead of the Zacks Consensus Estimate, but revenue declining
marginally on a year-over-year basis. The operating performance of the company
improved substantially on a year-over-year basis, whereas the new business
awards improved to a considerable extent. Intense competition in the IT and
cloud computing space from both small and big players such as Accenture plc. and
Hewlett-Packard Company coupled with a challenging macroeconomic condition in
European coupled and strained federal budgets may weigh on the stock. We
therefore have a Neutral recommendation on CSC."
JPMorgan Chase downgraded shares of Cisco Systems, Inc. (NASDAQ: CSCO) from an
overweight rating to a neutral rating. They wrote, "To be clear, we're not
making a call on FQ1'13, but do believe FQ2'13 guidance is likely to disappoint
and expect 2013 to be a tough year as macro pressures persist (weak enterprise
and gov't spending, Europe, etc.). We also believe longer term SDN and
competitive risks will keep a lid on Cisco's P/E multiple. With the shares
likely range bound for the foreseeable future, we see little reason to be
Overweight and are moving to the sidelines. We believe battered telco equipment
names like Ciena and smartphone and tablet geared Qualcomm look incrementally
better for 2013."
Barclays Capital downgraded shares of Citrix Systems, Inc. (NASDAQ: CTXS) from
an overweight rating to an equal weight rating.
Stifel Nicolaus upgraded shares of Concho Resources Inc. (NYSE: CXO) from a hold
rating to a buy rating. Stifel Nicolaus now has a $115.00 price target on the
Goldman Sachs upgraded shares of Concho Resources Inc. (NYSE: CXO) from a
neutral rating to a buy rating. Goldman Sachs now has a $111.00 price target on
the stock. They wrote, "CXO currently trades at 6.4x/5.3x 2013E/14E EV/EBITDA,
vs. 5.1x/4.7x average for peers. In our view, the premium is justified given
CXO's superior oil growth/returns vs. peers and strong Delaware Basin results
which raise confidence in CXO's resource life. We highlight that on 2016
estimates, valuation is at par with peers. We see 38% upside to our $111 DCF-
/multiplesbased 6-month target price, lowered from $112 on lower EBITDA (we
update 2012E -14E EPS after 3Q results on changes to production/costs/prices)."
ISI Group upgraded shares of Dominion Resources, Inc. (NYSE: D) from a hold
rating to a buy rating.
Needham & Company downgraded shares of Diodes (DIOD) from a buy rating to a hold
Janney Montgomery Scott downgraded shares of Walt Disney (DIS) from a buy rating
to a neutral rating.
Zacks reiterated its neutral rating on shares of Dendreon Co. (DNDN). They have
a $4.25 price target on the stock. Zacks' analyst wrote, "Dendreon's third
quarter 2012 loss of $0.86 per share was narrower than the year-ago loss of
$0.89 per share. However, loss was wider than the Zacks Consensus Estimate by 3
cents. We are concerned about the sequential decline in Provenge sales in the
third quarter. The successful commercialization of Provenge is crucial for the
financial performance of Dendreon as it can drive the company to profitability.
We are also concerned about competition in the prostate cancer market given the
presence of J&J's Zytiga and the new entrant in the form of Medivation's Xtandi.
We remain on the sidelines until we see a meaningful improvement in Provenge
sales. We currently have a Neutral recommendation on the stock."
Barrington Research downgraded shares of DTS (DTSI) from an outperform rating to
a market perform rating.
JMP Securities downgraded shares of DTS (DTSI) from an outperform rating to a
market perform rating.
Piper Jaffray downgraded shares of DTS (DTSI) from a neutral rating to an
ISI Group upgraded shares of Duke Energy Co. (DUK) from a hold rating to a buy
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Source: Equity Brief via Thomson Reuters ONE
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