Market Overview

Equity Brief: Ratings Changes for November 12th: CPNO, DIS, DNDN, DRQ, DTSI, ENOC, ETP, EVEP, FMS


A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network ( and Equity Brief:

Ladenburg Thalmann raised its price target on shares of Copano Energy, L.L.C. (NASDAQ: CPNO) from $38.00 to $41.00. They have a buy rating on the stock.

Citigroup upgraded shares of Walt Disney (NYSE: DIS) from a neutral rating to a buy rating. Citigroup now has a $54.00 price target on the stock, up previously from $50.00. They wrote, "During fiscal 2013, Disney acquired Lucasfilm ($4 billion) and will invest significantly in Parks ($500 million of opex investment). Together, these two items will conspire to push 2013 EPS downward. As such, our 2013 EPS moves from $3.38 to $3.29. This suggests that Disney's 2013 EPS apt to grow just 7% this fiscal year. . We apply a 14x P/E multiple to Disney's fiscal 2014 EPS of $3.83 to arrive at our $54 price target, up from $50 previously. As such, we're upgrading Disney from Neutral to Buy."

Needham & Company initiated coverage on shares of Dendreon Co. (NASDAQ: DNDN). They issued a buy rating on the stock and set a $7.00 price target.

Global Hunter Securities upgraded shares of Dril-Quip (NYSE: DRQ) from a neutral rating to a buy rating. Global Hunter Securities now has a $76.00 price target on the stock, down previously from $79.00.

JPMorgan Chase upgraded shares of DTS (NASDAQ: DTSI) from an underweight rating to a neutral rating. JPMorgan Chase now has a $19.50 price target on the stock.

Capstone raised its price target on shares of EnerNOC, Inc. (ENOC) from $12.00 to $15.00. They have a hold rating on the stock.

Bank of America upgraded shares of Energy Transfer (ETP) from a neutral rating to a buy rating. Bank of America now has a $48.00 price target on the stock. They wrote, "ETP has been a massive laggard on a total return basis versus the Alerian MLP Index (AMZX) both YTD and over the last three years - by ~700bps and 6,100bps, respectively. A stagnant distribution for 17 consecutive quarters, highly acquisitive nature with a taste for large deals and persistent headwinds at ETP's intrastate natural gas operations are among the most prominent reasons for underperformance, in our view. However, with last month's close of its acquisition of Sunoco (SUN), we think ETP deserves better - and fundamentals and unit price performance can improve on an absolute and relative basis."

Raymond James downgraded shares of EV Energy (EVEP) from a strong-buy rating to an outperform rating. Their analysts now have a $68.00 price target on the stock.

Goldman Sachs upgraded shares of Fresenius Medical (FMS) from a buy rating to a conviction buy rating.

Goldman Sachs downgraded shares of Garmin Ltd. (GRMN) from a neutral rating to a sell rating. Their analysts now have a $34.00 price target on the stock, down previously from $39.00. They wrote, "We downgrade Garmin to Sell from Neutral, with 8% downside to our new $34 price target. Our FY13 EPS estimate is 10% below consensus on weaker sales in personal navigation devices (PNDs) and Fitness as a result of increased smartphone cannibalization and competition. We expect PND trends to weaken as a result of stronger smartphone growth in 4Q and into 2013. In Fitness, we see increased competition pressuring market share and margins. Importantly, we view Garmin more as a relative underperformer, as its 4.9% dividend yield and $13.86 in cash per share (38% of the market cap) lend support to the stock."

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Source: Equity Brief via Thomson Reuters ONE


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