Credit Suisse Updates 6/21

Credit Suisse has made a number of updated in a research report published today. Research In Motion Limited

had its rating downgraded from Outperform to Neutral. At the same time, credit Suisse lowered its price target on the company's stock from $70 to $30. In the report, Credit Suisse states, "Bailing out, downgrade to Neutral. Following an extensive review of the smartphone industry... we believe innovation is coming too slowly at RIM, resulting in continued share loss along with further margin risks from vulnerability in its high margin Services stream. Our FY12/FY13 EPS estimates fall by 25%/27% to $4.90/$5.00 and we lower our TP to $30 (from $70)." On Monday, Research In Motion lost 6.7% of its value to finish the day at $25.89. Its shares regained some of yesterday's losses in today's pre-market trading, however, rising 0.66% to $26.06. Motorola Mobility Holdings Inc.

had its rating downgraded from Outperform to Underperform. The report states, "We significantly cut our 2011/2012 EPS estimates by 27%/33% to $0.77/$1.45 and lower our rating to Underperform as we see 22% downside to our new $19 target price. Following an extensive review of the smartphone industry (see our sector note 'Another bite from the Apple?' published concurrently), we believe that although the smartphone segment will continue to see robust growth, MMI will struggle to generate an operating margin above 5% longer term given increasing smartphone competition and lack of scale." At the moment, Credit Suisse has a price target of $19 placed on the company's stock. On Monday, Motorola lost 1.17% of its value to end the day at $24.49. Its shares continued to slide in today's pre-market trading, however, falling 3.1% to $23.73. Credit Suisse assumed its coverage of Occidental Petroleum

with a Neutral rating and a price target of $128. On Monday, Occidental lost 0.68% of its value to finish the day at $101.50. Cobalt International Energy

had its coverage assumed with and Outperform rating and a price target of $12. On Monday, Cobalt added 1.53% to its value to close the day at $12.58. Forest Oil

had its coverage assumed with an Outperform rating and a price target of $36. On Monday, Forest Oil lost 1.16% of its value to close the day at $15.50. QUALCOMM Inc.

had its estimates revised upwards. At the moment, Credit Suisse has an Outperform rating and a price target of $70 placed on the company's stock. The report states, "We raise our FY11/FY12 EPS estimates by 0.4%/5.5% to $3.22/$3.60, 4%/6% above consensus, respectively. Following our extensive review of the smartphone industry... we conclude that in spite of an increasingly competitive smartphone market, Qualcomm's QTL business will benefit from continued improvement in mix and growth in connected devices like tablets. Simultaneously, we see scope for further WCDMA chipset share gains in QCT. As such, we retain our $70 PT, presenting 33% upside." On Monday, Qualcomm added 1.5% to its value to finish the day at $53.48. Its shares continued to move higher in today's pre-market trading, rising 0.22% to $53.60. Humana Inc.

had its earning per share estimates revised upwards. At the moment, Credit Suisse has an Outperform rating and a price target of $100 placed on the company's stock. The report states, "Our new 2011-2013 EPS estimates increase to $7.50 (+60c), $8.00 (+65c), and $8.50 (+80c) (from $6.90/7.35/7.70 respectively). We believe our revised estimates are above consensus for the following reasons: 1) Lower cost trend assumptions, 2) Higher share repos, 3) Opportunity to cross-sell MA plans in 2012, 4) Dual- eligible growth opportunities, and 5) >5% Medicare margins." On Monday, Humana added 3.55% to its value to end the day at $80.26. Discover Financial Services

had its price target raised from $23 to $25. At the moment, Credit Suisse has a Neutral rating placed on the company's stock. The report states, "We are increasing our 2011 estimate to $2.85 from $2.80 and increasing our 2012 and 2013 EPS estimates to $2.65 and $2.90 (from $2.60 and 2.85). We expect lower incremental reserve releases and a lower run rate of charge-offs, most of which will occur over the next six quarters. We are increasing our price target to $25 (from $23), which represents 10x 2012 earnings (ex. reserve release) and 1.7x forward estimated TBV, in line with the historical average." On Monday, Discover added 2.3% to its value to finish the day at $23.62. Its shares continued to climb higher in today's pre-market trading, however, rising 1.4% to $23.95. Apple Inc.

had its rating maintained at Outperform and its price target reiterated at $500. The report states, "Following an extensive review of the smartphone industry (see our sector note 'Another bite from the Apple?' published concurrently), we conclude that Apple is one of the few OEMs that will benefit from robust volume/revenue growth in the smartphone industry (CAGRs of 30%/16% between 2010-2015). We retain our EPS estimates of $25.70/$33.16 for FY11/FY12 (4%/15% above consensus) and our $500 TP." On Monday, Apple lost 1.54% of its value to end the day at $315.32. Its shares regained some of yesterday's losses in today's pre-market trading, however, rising 0.78% to $317.79.