Equity Brief: Ratings Changes for November 21st: SHF, SI, SKX, STJ, SWHC, TECD, THLD, THOR, TIE
CL King downgraded shares of Schiff Nutrition International Inc. (NYSE: SHF) from a buy rating to a neutral rating.
Deutsche Bank downgraded shares of Siemens ADR (NYSE: SI) from a hold rating to a sell rating. They wrote, "The headlines of Siemens' latest restructuring plan are impressive but we were less convinced by the detail. We think that the primary issue is the portfolio. Siemens has attractive world-class assets but also has businesses that it would probably not buy today if it did not already own them. We also think the 12% FY14 target is very ambitious. Even if Siemens does achieve 12%, FY13 is likely to be a difficult year with charges and execution concerns exerting downward pressure on the multiple. We are downgrading to Sell for both strategic and valuation reasons."
Susquehanna upgraded shares of Skechers USA, Inc. (NYSE: SKX) from a neutral rating to a positive rating.
Wells Fargo & Co. downgraded shares of St. Jude Medical, Inc. (NYSE: STJ) from an outperform rating to a market perform rating.
Wedbush downgraded shares of Smith & Wesson (NASDAQ: SWHC) from an outperform rating to a neutral rating. They wrote, "Given our concerns that strong recent firearms demand has pulled forward sales from next year, combined with the co. operating at maximum capacity the past two quarters (so fundamentals cannot get much better than they have been), we no longer feel shares of SWHC can outperform the peer group, and should thus trade at a 30% discount. Such a 30% discount implies an EV/C2013E EBITDA multiple of 5x, which on our lowered estimates generates our new PT of $9."
Credit Agricole downgraded shares of Tech Data Corporation (TECD) from a buy rating to an outperform rating.
Brean Murray initiated coverage on shares of Threshold Pharma (THLD). They issued a buy rating on the stock and set a $15.00 price target.
Wells Fargo & Co. upgraded shares of Thoratec (thor) from a market perform rating to an outperform rating.
Zacks reiterated its neutral rating on shares of Titanium Metals Corp (TIE). They have a $17.00 price target on the stock.
DA Davidson initiated coverage on shares of Team, Inc. (TISI). They issued a neutral rating on the stock and set a $35.00 price target. They wrote, "Team is well-positioned to benefit from growing demand for mechanical services amidst a revival of investment in North American oil & gas production. As U.S. refineries have become larger and more complex, maintenance has become crucial to ensure utilization at high levels, given expected production increases. Additionally, an increased regulatory focus on unplanned outages/accidents requires inspection and testing services. As a leading maintenance service provider, Team stands to benefit from these trends."
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Source: Equity Brief via Thomson Reuters ONE