Deutsche Bank Updates 6/13

Deutsche Bank made a number of updates to rating, EPS and price target on a number of companies in a research report published today. Deutsche Bank initiated coverage of Boingo Wireless (NASDAQ: WIFI) with Buy and price target of $15.In the report, Deutsche Bank states, " Positive view on Boingo (WIFI), a leading provider of Wi-Fi services, is based on 3 key factors. (1) WIFI stands to benefit from key secular trends such as the rapid adoption of smart phones and tablets. (2) An attractive recurring revenue model with low customer acquisition costs and low core capex. (3) Attractive valuation: WIFI is trading at a 30% discount to key Internet IaaS comps despite EBITDA growth that is 60% faster with half the capital intensity." On Friday, Boingo lost 0.26% to close the week at $7.65.Cablevision Systems (NYSE: CVC) had its rating left unchanged at Buy and its price target raised from $41 to $44.The report states, "CVC enjoys a unique cable footprint with dominant market shares, leading network density / efficiency, attractive NYC market, and the greatest relative SME opportunity... The Rainbow spin-off should simplify the company and enhance valuation. It is sustaining higher-than-peer debt leverage (4x post-spin), and is promising discipline on M&A. 26% upside to new target." On Friday, Cablevision closed the week at $35.26.Darden Restaurants (NYSE: DRI) had its rating maintained at Hold and its price target reduced from $50 to $47.The report states, "Sales were off to a decent start in March (per mgmt.) and compares were easy in April due to the Easter shift. Food cost inflation also doesn't really pick up until FY12. Cost inflation will pick up materially in coming quarters. DRI will need to pass along higher menu prices (targeting +2-3%), while also generating at least flattish same store guest traffic and mix to achieve consensus earnings expectations." On Friday, Darden closed the week at $46.96.Goldman Sachs (NYSE: GS) had its earnings per share estimates lowered from $13.60 to $12.30, while Morgan Stanley (NYSE: MS) had its earnings per share estimates reduced from $2.35 to $2.00.The report states, "The change in EPS is primarily due to moving trading rev expectations to down 20-30% q/q vs. -10% previously, though there are still a few weeks til quarter end for further adj. While the stocks could be a bit weak as estimates come down, given valuations near BV/TBV, risks are viewed as priced in, & macro/reg clarity is seen as the major catalysts." On Friday, Goldman Sachs closed the week at $135.92. In today's pre-market trading, Goldman Sachs added 0.43% to its value to trade around $136.50. Morgan Stanley closed the week at $22.69. Its shares added 0.57% in today's pre-market trading, however, rising $22.82.Dendreon (NASDAQ: DNDN) had its rating maintained at Buy and its price target reiterated at $54.The report states, "5 key points that Provenge will remain reimbursed as a Drug. Clarity around this debate will arise in the final NCD and the 2012 HOPPS rule. Maintain Buy, TP: USD54." On Friday, Dendreon lost 1.79% to close the week at $39.05.Hexcel Corporation (NSYE: HXL) had its rating left unchanged at Buy and its price target maintained at $27. The report states, "A350 entry into service (EIS) isofficially scheduled for 2H13, but our sense is market expectations are more like 2H14/early 2015. More important for Hexcel than actual first delivery is how fastAirbus can ramp production. HXL has about $3M+ of content/aircraft, with $2-3M yet to be awarded (we est. final HXL content/aircraft will be somewhere in the $4-$4.5M range)." On Friday, Hexcel closed the week at $19.22.Intel (NYSE: INTC) had its rating left unchanged at Buy and its price target maintained at $27. The report states, "Over the last five years Intel has dramatically improved its cost structure while still leading the industry in transistor technology. Lower costs & a growing scale advantage suggest Intel is well positioned to defend its core business and expand into lower ASP markets as well. Intel is poised to grow aggregate revenue more than the combined revenue of the Top 10 listed US semiconductor vendors and AMD." On Friday, Intel lost 1.75% of its value to close the week at $21.38. Its shares regained some of its Friday's losses in today's pre-market trading, however, rising 0.09% to $21.40.