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Equity Brief: Ratings Changes for December 5th: ASH, AVAV, BAC, BK, BRCM, BYD, CCI, CIE


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:

Deutsche Bank raised its price target on shares of Ashland Inc. (ASH) from $85.00 to $90.00. They have a buy rating on the stock.

Sterne Agee upgraded shares of AeroVironment (AVAV) from an underperform rating to a neutral rating.

Zacks reiterated its neutral rating on shares of Bank of America (BAC). They have a $10.50 price target on the stock. Zacks' analyst wrote, "Bank of America reported break-even earnings in the third quarter, compared with a loss, according to the Zacks Consensus Estimate. Results were aided by substantially lower provision for credit losses and almost stable operating expenses. Further, improved credit quality across most major portfolios as well as strong mortgage banking and investment banking performances were the other highlights. On the flip side was the lower top line. Moreover, the company continues to make significant progress in strengthening its balance sheet as reflected by improved capital ratios. Nevertheless, we expect various revenue headwinds, continuous litigations and various issues related to the regulatory changes, which will continue to impact the near-term results. Overall, the company is making every effort to keep itself afloat. Measures like realigning the balance sheet in accordance with regulatory changes, expense reduction initiatives and continuously improving asset quality vouch for better prospects going forward. "

Sandler O'Neill downgraded shares of Bank of New York Mellon (BK) from a buy rating to a hold rating.

Canaccord Genuity reiterated its buy rating on shares of Broadcom Corp (BRCM). They have a $40.00 price target on the stock.

Credit Suisse initiated coverage on shares of Boyd Gaming (BYD). They issued an outperform rating on the stock.

RBC Capital raised its price target on shares of Crown Castle (CCI) from $73.00 to $82.00. They have an outperform rating on the stock.

UBS AG initiated coverage on shares of Cobalt International Energy (CIE). They issued a buy rating on the stock and set a $29.00 price target.

RBC Capital downgraded shares of Cliffs Natural Resources Inc (CLF) from an outperform rating to a sector perform rating. Their analysts now have a $32.00 price target on the stock, down previously from $45.00.

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Source: Equity Brief via Thomson Reuters ONE

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