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Deutsche Bank made a number of updates to rating, EPS and price target on a number of companies in a research report published today.
Deutsche Bank initiated coverage of Boingo Wireless
WIFI with Buy and price target of $15.
In the report, Deutsche Bank states, " Positive view on Boingo (
WIFI),
a leading provider of Wi-Fi services, is based on 3 key factors. (1) WIFI stands to
benefit from key secular trends such as the rapid adoption of smart phones and
tablets. (2) An attractive recurring revenue model with low customer acquisition
costs and low core capex. (3) Attractive valuation: WIFI is trading at a 30%
discount to key Internet IaaS comps despite EBITDA growth that is 60% faster
with half the capital intensity." On Friday, Boingo lost 0.26% to close the week at $7.65.
Cablevision Systems
CVC had its rating left unchanged at Buy and its price target raised from $41 to $44.
The report states, "CVC enjoys a unique cable footprint with
dominant market shares, leading network density / efficiency, attractive NYC
market, and the greatest relative SME opportunity... The Rainbow spin-off should
simplify the company and enhance valuation. It is sustaining higher-than-peer debt
leverage (4x post-spin), and is promising discipline on M&A. 26% upside to new
target." On Friday, Cablevision closed the week at $35.26.
Darden Restaurants
DRI had its rating maintained at Hold and its price target reduced from $50 to $47.
The report states, "Sales were off to a decent start in March (per
mgmt.) and compares were easy in April due to the Easter shift. Food cost
inflation also doesn't really pick up until FY12. Cost inflation will pick up materially
in coming quarters. DRI will need to pass along higher menu prices (targeting +2-
3%), while also generating at least flattish same store guest traffic and mix to
achieve consensus earnings expectations." On Friday, Darden closed the week at $46.96.
Goldman Sachs
GS had its earnings per share estimates lowered from $13.60 to $12.30, while Morgan Stanley
MS had its earnings per share estimates reduced from $2.35 to $2.00.
The report states, "The change in EPS is primarily due to moving trading rev
expectations to down 20-30% q/q vs. -10% previously, though there are still a few
weeks til quarter end for further adj. While the stocks could be a bit weak as
estimates come down, given valuations near BV/TBV, risks are viewed as priced
in, & macro/reg clarity is seen as the major catalysts." On Friday, Goldman Sachs closed the week at $135.92. In today's pre-market trading, Goldman Sachs added 0.43% to its value to trade around $136.50. Morgan Stanley closed the week at $22.69. Its shares added 0.57% in today's pre-market trading, however, rising $22.82.
Dendreon
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had its rating maintained at Buy and its price target reiterated at $54.
The report states, "5 key points that Provenge will remain reimbursed as a Drug. Clarity around this debate will arise in the
final NCD and the 2012 HOPPS rule. Maintain Buy, TP: USD54." On Friday, Dendreon lost 1.79% to close the week at $39.05.
Hexcel Corporation
HXL had its rating left unchanged at Buy and its price target maintained at $27.
The report states, "A350 entry into service (
EIS) is
officially scheduled for 2H13, but our sense is market expectations are more like
2H14/early 2015. More important for Hexcel than actual first delivery is how fast
Airbus can ramp production. HXL has about $3M+ of content/aircraft, with $2-3M yet
to be awarded (we est. final HXL content/aircraft will be somewhere in the $4-$4.5M
range)." On Friday, Hexcel closed the week at $19.22.
Intel
INTC had its rating left unchanged at Buy and its price target maintained at $27.
The report states, "Over the last five years Intel has dramatically improved its cost structure while still leading the industry in
transistor technology. Lower costs & a growing scale advantage suggest Intel is well positioned to defend its core business
and expand into lower ASP markets as well. Intel is poised to grow aggregate revenue more than the combined revenue of
the Top 10 listed US semiconductor vendors and AMD." On Friday, Intel lost 1.75% of its value to close the week at $21.38. Its shares regained some of its Friday's losses in today's pre-market trading, however, rising 0.09% to $21.40.
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date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
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Posted In: Analyst ColorUpgradesPrice TargetInitiationAnalyst Ratingsboingo wirelesscablevision systemsDarden RestaurantsDendereonDeutsche BankGoldman SachsHexcelIntelMorgan Stanley
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