Equity Brief: Ratings Changes for November 23rd: CTB, CVC, E, GIL, HXL, IMT, INTC, ITT, JLL

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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 upgraded shares of Cooper Tire CTB from a neutral rating to an outperform rating. Zacks now has a $29.00 price target on the stock. Zacks' analyst wrote, "Cooper Tire & Rubber is making concerted efforts to reduce costs and increase efficiency in each of its plants in order to mitigate the pressure on margins. Moreover, the company's North American operation is also performing well. In the most recent quarter, Cooper Tire posted a significant increase in profits to $74.1 million or $1.17 per share from $17.3 million or $0.27 in the year-ago quarter. With this, it has beaten the Zacks Consensus Estimate by a commendable margin of $0.30. As such, we have upgraded the recommendation on the shares of the company to Outperform from Neutral and set a target price of $29.00."

Wunderlich lowered its price target on shares of Cablevision CVC from $25.00 to $20.00. They have a buy rating on the stock. They wrote, "We are lowering our price target on Buy-rated Cablevision Systems CVC from $25 to $20 off i) a reduction in 2013E AOCF to $1.966mm from $2,189mm and ii) a lower 1400 S&P 500 bogey for WSI's market linked valuation. The 2013 estimate reduction is largely off revised 2013 quarterly model price hike assumptions off the Sandy dislocation and FiOS competition across 41% of Optimum East homes. We also allow for $17mm in 2012 FQ4E price rebates from Hurricane Sandy and a still protean $32mm in costs. Given its high density affluent footprint, CVC remains uniquely advantaged for game changing service enhancements like Wi-Fi but has to achieve some concomitant pricing. Wildcards are a Bresnan sale and an Optimum East M&A value floor."

Macquarie upgraded shares of Eni S.p.A. E from a neutral rating to an outperform rating.

Bank of America downgraded shares of Gildan Activewear GIL from a buy rating to a neutral rating. They wrote, "Our rating change is based on our view that valuation largely reflects expectations for a strong earnings recovery in 2013 and is not due to deterioration in fundamentals. Following last year's disappointing earnings guidance, GIL shares have appreciated 80% YTD reflecting improved market conditions and investors' renewed confidence in management's ability to drive long term growth. GIL is trading near its 3-year avg. of 14x forward P/E. We believe risk/return is neutral at current valuation."

Needham & Company lowered its price target on shares of Hexcel Co. HXL from $33.00 to $32.00. They have a buy rating on the stock.

Exane BNP Paribas reiterated its underperform rating on shares of Imperial Tobacco Group (IMT). They have a $39.09 price target on the stock.

Argus lowered its price target on shares of Intel (INTC) from $30.00 to $25.00. They have a buy rating on the stock.

Zacks reiterated its neutral rating on shares of ITT Industries (ITT). They have a $23.00 price target on the stock. Zacks' analyst wrote, "We are reaffirming our Neutral recommendation on ITT Corp. with a $23 target price. The company delivered a good performance in the third quarter of 2012, driven by its commercial business and productivity cost management programs. Growth in the reported quarter was primarily driven by Industrial Process segment which was up 27.4% compared to the prior year. This increase reflects strength across all end-markets served in North America, global mining strength. However, volatility in commodity pricing and foreign exchange remained significant headwinds for the company. "

Zacks reiterated its neutral rating on shares of Jones Lang LaSalle (JLL). They have a $81.00 price target on the stock. Zacks' analyst wrote, "Jones Lang reported strong third quarter 2012 results, with healthy year-over-year increase in revenue and recurring earnings per share. Jones Lang operates as a single-source provider of real estate solutions with a broad range of real estate product and services, and has an extensive knowledge of domestic and international real estate markets. In addition, Jones Lang has a strong balance sheet that enables it to continually invest in value drivers that act as key differentiators against tough competition. However, with a relative decline in real estate fundamentals, demand for Jones Lang's services has decreased compared to the pre-recession levels. We maintain our Neutral recommendation for the stock. "

Zacks reiterated its neutral rating on shares of Joy Global Inc. (JOY). They have a $58.00 price target on the stock. Zacks' analyst wrote, "Joy Global Inc.'s third-quarter fiscal 2012 results lagged the Zacks Consensus Estimates, but surpassed the year-ago numbers. Better year-over-year performance was due to higher contribution from Underground Mining Machinery and Surface Mining Equipment segments partially offset by increase in cost of sales, and selling and administrative expenses. The encouraging long-term fundamentals of the mining industry, will aid in the future growth of the company. In addition, we expect demand for mining equipments to increase in the near term due to projected growth in power production at Europe and Asia. However, we are skeptical about switching to natural gas from coal as raw material for electricity generation in the U.S., and slow progress in prevailing European debt crisis, which might challenge Joy's future performance. Hence, we retain our Neutral recommendation on the stock."

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Source: Equity Brief via Thomson Reuters ONE

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