Market Overview

Equity Brief: Ratings Changes for November 9th: FLT, FLTX, FRX, GRPN, HCN, HD, HFC, HNT, IFNNY


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:

Citigroup upgraded shares of FleetCor Technologies, Inc. (NYSE: FLT) from a neutral rating to a buy rating. They wrote, "We are upgrading FLT to Buy (from Neutral) and raising our price target to $56 (from $49) following its strong 3Q12 earnings report. The results were highlighted by strong organic growth in North America, contributions from recent Int'l M&A and surprisingly strong margins despite headwinds from that M&A. We believe FLT is poised to continue these trends, with notable potential upside to expectations based on accretion extraction from the recent deals, ongoing efforts to find additional M&A and potential share repurchases - the latter two are helped by FLT's newly expanded credit facility (~$1 bil in capacity)."

Stifel Nicolaus raised its price target on shares of FleetMatics Group PLC (NASDAQ: FLTX) from $26.00 to $27.00. They have a buy rating on the stock.

Mizuho initiated coverage on shares of Forest Laboratories, Inc. (NYSE: FRX). They issued a buy rating on the stock and set a $45.00 price target.

Barrington Research downgraded shares of Groupon (NASDAQ: GRPN) from an outperform rating to a market perform rating.

Benchmark Co. lowered its price target on shares of Groupon (NASDAQ: GRPN) from $7.00 to $4.00. They have a hold rating on the stock.

Hudson Square Research downgraded shares of Groupon (NASDAQ: GRPN) from a buy rating to a hold rating.

Zacks reiterated its neutral rating on shares of Health Care REIT (NYSE: HCN). They have a $62.00 price target on the stock. Zacks' analyst wrote, "Health Care REIT reported healthy third quarter 2012 results, with recurring FFO exceeding the Zacks Consensus Estimate by $0.02. Health Care REIT is a leading healthcare REIT with a strong portfolio of senior housing facilities, long-term care facilities, and medical office buildings across the U.S. The company usually has long-term triple-net leases that insulates it from market volatility and provides a steady source of revenue. In addition, healthcare sector is relatively immune to recession. Health Care REIT also has been paying a steady dividend during its 40-year history. However, with a large portion of revenues being determined by government payout rates, forces beyond the company's control could negatively affect revenue and operator coverage ratios. We maintain our long-term Neutral rating for Health Care REIT. "

Jefferies Group gave shares of Home Depot (HD) a new $56.00 price target. They now have a hold rating on the stock. They wrote, "While we are maintaining our Hold ratings on HD and LOW ahead of 3Q earnings, we still prefer Home Depot to Lowe's despite the 10% P/E valuation gap that exists. We are raising estimates on HD and maintaining LOW."

Barclays Capital upgraded shares of HollyFrontier Corp (HFC) from an equal weight rating to an overweight rating.

Jefferies Group upgraded shares of Health Net Inc (HNT) from an underperform rating to a hold rating. They wrote, "HNT's pricing agreement with California officials is a substantial risk mitigator. It narrows downside earnings risk, improves 2013 EPS, and addresses two key risks (SPDs; Duals) that were elements of our Underperform thesis. HNT is also making progress on a third concern, Commercial performance. We are upgrading to Hold and raising our PT to $26 on the improved outlook. This note analyzes scenarios for 2013 EPS that range to mid-$2."

Sanford C. Bernstein initiated coverage on shares of Infineon Technologies AG (IFNNY). They issued an outperform rating on the stock.

Benchmark Co. raised its price target on shares of InterXion Holding (INXN) from $25.00 to $27.00. They have a buy rating on the stock.

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