Market Overview

Equity Brief: Ratings Changes for November 21st: ADI, ADSK, AG, AMAT, AMX, APC, AZO, BEAV, BIIB


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:

Zacks reiterated its neutral rating on shares of Analog Devices, Inc. (NYSE: ADI). They have a $42.00 price target on the stock. Zacks' analyst wrote, "Analog Devices is a leading supplier of analog and DSP integrated circuits. April quarter earnings beat the Zacks Consensus estimate, but guidance was below expectations, possibly indicating a slowdown in the communications market and management conservatism. The company also generates a significant portion of its revenue from the computing market, which is expected to remain relatively soft for the rest of the year. We think that these negatives and the competitive pressures across several markets largely offset the company's strong market position and focus on secular growth markets. Since valuation remains fair, we are reiterating our Neutral recommendation on the shares."

Zacks reiterated its neutral rating on shares of Autodesk (NASDAQ: ADSK). They have a $33.00 price target on the stock.

UBS AG upgraded shares of First Majestic Silver (NYSE: AG) from a neutral rating to a buy rating.

Exane BNP Paribas reiterated its underperform rating on shares of Applied Materials, Inc. (NASDAQ: AMAT). They have a $12.00 price target on the stock.

Citigroup downgraded shares of America Movil S.A.B. de C.V. (NYSE: AMX) from a buy rating to a neutral rating. Their analysts now have a $25.00 price target on the stock, down previously from $30.00.

Zacks reiterated its neutral rating on shares of Anadarko Petroleum (APC). They have a $76.00 price target on the stock. Zacks' analyst wrote, "Anadarko Petroleum Corporation's bottom-line surpassed the Zacks Consensus Estimate while sales missed it in the third quarter 2012. Higher oil and condensate sales partially offset by sluggish natural gas and natural gas liquids sales resulted in mixed results. We believe Anadarko's Golfinho and Atum prospects will continue to drive growth. With additional recoverable reserves, the Wattenburg play will also be a major element augmenting the company's top-line going forward. Besides, a strong liquidity profile and successful debt management will help in achieving the targeted business goals. However, unexpected outages or accidents, a weak U.S. macro environment and commodity price volatilities are generic risks that Anadarko needs to watch out for."

Zacks reiterated its neutral rating on shares of AutoZone, Inc. (AZO). They have a $401.00 price target on the stock. Zacks' analyst wrote, "AutoZone is focused on an aggressive share repurchase program and intends to grow sales through expansion of hub stores. The company posted a 17.8% year-over-year increase in earnings per share to $8.46 for the fourth quarter of fiscal 2012, which exceeded the Zacks Consensus Estimate by $0.07. Domestic same store sales (sales for stores open at least one year) increased 2.1% in the quarter. However, we remain concerned about the rising gas prices and stiff competition that may impact the company's margins. As such, we continue with our Neutral recommendation on the stock and set a target price of $401.00. "

Imperial Capital initiated coverage on shares of BE Aerospace, Inc. (BEAV). They issued an outperform rating on the stock and set a $56.00 price target. They wrote, "BEAV is well positioned in the broader Aerospace & Defense (A&D) sector, and in our view justifies the premium at which the stock trades. First, the company has little defense exposure. We believe that defense sales represent just 5-10% of total company sales, which is a net positive as the outlook for defense spending will likely deteriorate as fiscal constraints and budget priorities put additional pressure on defense budgets over the next 2-4 years, in our view."

Brean Murray initiated coverage on shares of Biogen Idec Inc. (BIIB). They issued a buy rating on the stock.

Citigroup initiated coverage on shares of BRF Brasil Foods (BRFS). They issued a buy rating on the stock.

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