Equity Brief: Ratings Changes for November 13th: ESV, EV, FCS, FFIV, FIO, FMX, GCO, GILD, GNRC
(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:
Deutsche Bank raised its price target on shares of ENSCO PLC (NYSE: ESV) from
$59.00 to $66.00. They have a buy rating on the stock. They wrote, "Both the
deepwater and the high spec jackup market continue to improve and ESV's earnings
power is following suit. With additional newbuilds slated enter the fleet in the
coming years, earnings and cash flow should continue to grow from here. Despite
recent chatter regarding Brazil we continue to believe that market will have
higher (not lower) rig needs from here. As such, we believe ESV remains one of
the most complete and thereby compelling offshore drilling stories. We reiterate
our BUY rating."
Bank of America upgraded shares of Eaton Vance Corp. (NYSE: EV) from an
underperform rating to a neutral rating. Bank of America now has a $32.00 price
target on the stock. They wrote, "[We] are raising Eaton Vance to Neutral from
Underperform because of improving net flows, an emphasis on tax-managed products
at a time of greater attention to taxes ahead of the Fiscal Cliff; and a new
acquisition of Clifton Group Asset Management ($34 billion under management)
which should be modestly accretive (perhaps ~$0.04/sh) and add to EV's
institutional overlay business. We are also raising our PO to $32 from $30 on a
higher target multiple."
Susquehanna initiated coverage on shares of Fairchild Semiconductor
International (NYSE: FCS). They issued a positive rating on the stock.
Goldman Sachs upgraded shares of F5 Networks (NASDAQ: FFIV) from a neutral
rating to a buy rating. Goldman Sachs now has a $106.00 price target on the
stock, up previously from $104.00. They wrote, "F5's shares have lagged the
S&P/NASDAQ by 29%/30% year-to-date as product revenue yoy growth has decelerated
and consensus estimates have been cut. . We estimate that three FY13
opportunities will drive an incremental approximately 7% percentage points yoy
product revenue growth, on top of consensus FY13 product revenue growth
estimates of 9%. The three opportunities are: (1) fixed (BIG-IP) application
delivery controller (ADC) product refresh (we estimate an incremental 3% yoy),
(2) share gains from Cisco's ADC market exit (3% benefit), and (3) security
software module growth (1% benefit)."
Craig Hallum upgraded shares of Fusion-Io Inc. (NYSE: FIO) from a sell rating to
a buy rating. Craig Hallum now has a $32.00 price target on the stock.
Scotia Capital upgraded shares of Fomento Economico Mexicano (FMX) from a sector
perform rating to an outperform rating.
CL King upgraded shares of Genesco Inc (GCO) from a neutral rating to a strong-
Deutsche Bank reiterated its buy rating on shares of Gilead Sciences, Inc.
(GILD). They have a $95.00 price target on the stock, up previously from $75.00.
BMO Capital Markets reiterated its outperform rating on shares of Gilead
Sciences, Inc. (GILD). They have a $89.00 price target on the stock.
Lazard raised its price target on shares of Gilead Sciences, Inc. (GILD) from
$89.00 to $100.00. They have a buy rating on the stock.
Stifel Nicolaus raised its price target on shares of Gilead Sciences, Inc.
(GILD) from $80.00 to $85.00. They have a buy rating on the stock.
BMO Capital Markets raised its price target on shares of Generac Holdlings
(GNRC) from $39.00 to $42.00. They have an outperform rating on the stock. They
wrote, "We believe Generac remains undervalued as a result of significant near-
term product demand stemming from recent storm activity coupled with strong
long-term organic growth from new product launches, channel development
initiatives, and facility, and geographic expansion. Even without any additional
unusual storm activity during the winter season, we believe demand from
Hurricane Sandy and Athena along with base level demand will drive solid sales
growth in portable, standby, and mobile generators through 2014."
Wells Fargo & Co. initiated coverage on shares of Hittite Microwave (HITT). They
issued an outperform rating on the stock.
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Source: Equity Brief via Thomson Reuters ONE
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