Benzinga's Initiation Summary for June 26, 2012
Listed below are today's Top Initiations covered by Benzinga:
Benchmark notes, “Move is a small-cap digital advertising company in the later stages of a turnaround. We believe 2012 will mark a return to revenue growth, as new product initiatives increase monetization opportunities, primarily through Realtor.com. Move is a high-quality business positioned for a return to growth. We initiate coverage with a Buy rating and $11 price target.”
Cantor Fitzgerald notes, "We are initiating coverage on Xyratex shares with a HOLD rating and $12 price target, or an expected +12% return including dividend yield. While the shares appear inexpensive if we were to assume now is the cycle trough, we view there to be too many obstacles impeding a recovery with the market -- the latter of which remains in doubt. This view is reflected in our below-consensus estimates from 3Q:12E forward."
Sterne Agee notes, "While our 2012E EPS is below consensus and capital markets are a risk to executing the $10+b of buybacks expected in 2H12, our longer-term estimates are well above consensus and we find valuation compelling. While we view AIG as an event-driven stock in the near term, we view it as an ROE improvement / free cashflow story longer-term.
Piper Jaffray notes, "We believe the recent pullback in the shares presents an attractive entry point. We see multiple catalysts for sustained sales and profit growth over the next 12-18 months, in spite of growing investor concerns around the ag equipment cycle. We are introducing FY13 and FY14 (January) EPS estimates that are above consensus owing to internal initiatives to boost the mix of higher margin revenue streams as well as previously completed acquisitions that extend Titan's geographic footprint into the Bakken shale region for construction equipment and the farm equipment market in Eastern Europe."
All of Benzinga's Initiation coverage can be viewed here.
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