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Equity Brief: Ratings Changes for November 13th: KRA, LH, LL, LYB, MCP, MDVN, MGA, NATI, NLY


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:

Goldman Sachs upgraded shares of Kraton Performance Polymers Inc (NYSE: KRA) from a neutral rating to a buy rating. Goldman Sachs now has a $23.00 price target on the stock, up previously from $21.00.

WallachBeth upgraded shares of Laboratory Corp. of America (NYSE: LH) from a hold rating to a buy rating. WallachBeth now has a $97.00 price target on the stock, up previously from $91.00.

Stifel Nicolaus downgraded shares of Lumber Liquidators (NYSE: LL) from a hold rating to a sell rating. They noted that the move was a valuation call. They noted that the move was a valuation call.

Goldman Sachs downgraded shares of LyondellBasell (NYSE: LYB) from a buy rating to a neutral rating.

Morgan Stanley downgraded shares of Molycorp, Inc. (NYSE: MCP) from an overweight rating to an equal weight rating. They wrote, "We are moving to Equal-weight on MCP following Friday's disclosure of a formal order of SECinvestigation pertaining to, among other things, the accuracy of the company's public disclosures. While risk-reward in the shares remains attractive, our downgrade is driven by near-term uncertainty. We have no view on the eventual outcome of this investigation; it is possible that the worst case scenario is already priced in. But given the uncertainty surrounding this issue and the possibility that it will take some time to resolve, we are moving to Equal-weight and removing our price target. Our base case valuation goes to $12 from $18 previously on higher capex and discount rate."

Leerink Swann reiterated its outperform rating on shares of Medivation Inc (MDVN). They wrote, "As previously reported by Astellas and in an 8-K by MDVN, US Xtandi sales were $14.1M for the 12 shipping days in the 3Q12. We believe this represents a good start of the commercial launch, though a substantial portion was likely related to stocking and patients rolling over from the EAP. MDVN announced that Phase III clinical trials for Xtandi are being planned, although the indications are in discussion with partner Astellas and will be publicly announced at a later date."

Jefferies Group raised its price target on shares of Medivation Inc (MDVN) from $61.00 to $62.00. They have a buy rating on the stock. They wrote, "Following the strong Xtandi beat on 2 wks of sales in Sep and guidance for 4Q12-1Q13 announced by Astellas 2 wks ago, MDVN provided incremental commentary during its Q3 earnings on inventory, 3rd party Rx data, ongoing Xtandi clinical trials and PnL nuts & bolts. We continue to believe in a strong Xtandi launch and have ramped up our initial sales trajectory, offset by higher spend to support a new PT of $62."

Zacks downgraded shares of Magna International Inc. (MGA) from an outperform rating to a neutral rating. Their analysts now have a $47.00 price target on the stock. Zacks' analyst wrote, "Magna International expects to grow based on significant acquisitions and expansions. Further, it expects to benefit from increased customer preferences for light passenger vehicles and stricter regulation formulated by the U.S. government. In the third quarter of 2012, the company posted a 20.2% rise in profits and outdid the Zacks Consensus Estimate by $0.10 per share. However, we are concerned about import of parts from low-cost countries and rising raw material costs. Moreover, the company's debt burden is rising. As a result, we have downgraded the recommendation on the shares of the company to Neutral from Outperform and set a target price of $47.00. "

Sidoti upgraded shares of National Instruments Corp (NATI) from a neutral rating to a buy rating.

FBR Capital lowered its price target on shares of Annaly Capital Management, Inc. (NLY) from $16.00 to $13.50. They have an underperform rating on the stock.

Credit Suisse upgraded shares of NuStar Energy L.P. (NS) from an underperform rating to a neutral rating. Credit Suisse now has a $44.00 price target on the stock.

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