Equity Brief: Ratings Changes for November 13th: ESV, EV, FCS, FFIV, FIO, FMX, GCO, GILD, GNRC
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-buy rating.
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