Market Overview

Equity Brief: Ratings Changes for November 9th: DVN, DVN, DY, ECM, ED, ENB, EONGY, EPAY, EXP, FAST


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:

Tudor Pickering downgraded shares of Devon Energy Co. (NYSE: DVN) from an accumulate rating to a hold rating.

Howard Weil downgraded shares of Devon Energy Co. (NYSE: DVN) from a focus stock rating to an outperform rating.

BB&T upgraded shares of Dycom Industries, Inc. (NYSE: DY) from a hold rating to a buy rating.

RBC Capital reiterated its sector perform rating on shares of Electrocomponents (LON: ECM). They have a $3.36 price target on the stock.

ISI Group upgraded shares of Consolidated Edison, Inc. (NYSE: ED) from a sell rating to a hold rating.

TD Securities upgraded shares of Enbridge Inc. (NYSE: ENB) to a buy rating.

Exane BNP Paribas downgraded shares of E.ON AG (EONGY) from an outperform rating to a neutral rating.

Avondale Partners upgraded shares of Bottomline Technologies (EPAY) from a market perform rating to an outperform rating.

Goldman Sachs initiated coverage on shares of Eagle Materials, Inc. (EXP). They issued a buy rating on the stock.

Robert W. Baird upgraded shares of Fastenal (FAST) from a neutral rating to an outperform rating. Robert W. Baird now has a $51.00 price target on the stock, up previously from $50.00.

Zacks reiterated its neutral rating on shares of Fidelity National Information Services (FIS). They have a $36.00 price target on the stock. Zacks' analyst wrote, "Fidelity reported third quarter earnings of $0.63 which surpassed the Zacks Consensus Estimate by $0.03 and was up 4.1% year over year, primarily driven by strong margin expansion. Revenue increased a modest 2.8% year over year and was in line with the Zacks Consensus Estimate of $1.44 billion. The year over year increase was attributed to strong performance of the Financial Solutions segment. We believe that Fidelity's commanding position in the financial services market, increasing international exposure, recurring revenue model, diversified product portfolio, cost synergies from acquisitions and a loyal customer base will drive growth over the long term. However, increasing consolidation in the banking sector, challenging environment for the Payments Solutions business and uncertain regulatory environment are the primary headwinds, in our view. Hence, we reiterate our Neutral recommendation and set a price target of $36.00."

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