Market Overview

Equity Brief: Ratings Changes for November 20th: CNX, COH, COLB, COV, DCIX, DECK, DEO, DGII, DGX


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

Zacks reiterated its neutral rating on shares of CONSOL Energy Inc. (NYSE: CNX). They have a $33.00 price target on the stock. Zacks' analyst wrote, "Consol Energy reported dull financial results in the third quarter 2012 with top-and bottom line lagging the Zacks Consensus Estimates. The sluggish demand from global steel market is expected to prevail in the near term. The lower demand prompted CONSOL to stop production at its Buchanan and Amonate mine, which will likely hinder growth prospects of the company. Moreover, the recent shutdown of the Miller Creek Surface mine owing to its failure to meet green regulations will constrict Consol Energy's business opportunities. However, weather- induced increase in demand for electricity could improve the domestic coal profitability whereas expansion prospects at the Marcellus Utica look promising as well. We thus maintain our Neutral recommendation on the stock."

Wells Fargo & Co. initiated coverage on shares of Coach (NYSE: COH). They issued an outperform rating on the stock.

Credit Suisse initiated coverage on shares of Columbia Banking (NASDAQ: COLB). They issued an outperform rating on the stock.

Stifel Nicolaus initiated coverage on shares of Covidien plc (NYSE: COV). They issued a hold rating on the stock.

Brean Murray initiated coverage on shares of Covidien plc (NYSE: COV). They issued a buy rating on the stock and set a $66.00 price target.

Dahlman Rose lowered its price target on shares of Diana Containerships (NASDAQ: DCIX) from $9.00 to $8.00. They have a buy rating on the stock. They wrote, "DCIX's reiterated dividend policy represents a $1.20 annual dividend and a 22% yield at the current stock price. The company's low financial leverage puts it in very good position for accretive acquisitions in the near term. We estimate 2013 operating CF per share at $0.91 based on the company's existing fleet, suggesting the $1.20 dividend is not sustainable. However, another acquisition like the APL Garnet would boost CF by $0.17/share and take its leverage from 27% to just 34%. We expect DCIX shares to gradually approach a 15% yield in the coming quarters and, as such, target $8 - down from $9 previously."

Wedbush initiated coverage on shares of Deckers Outdoor (DECK). They issued an outperform rating on the stock. They wrote, "We find current valuation very compelling and believe little additional headline risk in the stock remains for the balance of 2012. We believe the set up for the rest of the year is favorable as the market has digested NPD POS data relative to LY for October and we expect November results will show a modest sequential improvement given the onset of more seasonal weather. We believe the floor has been set in the stock as investor sentiment has troughed, in our view. Further, as the Holiday shopping season gets underway, we believe channel checks will alleviate investor fears regarding the viability of the Ugg brand."

Barclays Capital upgraded shares of Diageo PLC (DEO) from an equal weight rating to an overweight rating.

Canaccord Genuity initiated coverage on shares of Digi International Inc. (DGII). They issued a hold rating on the stock and set a $40.00 price target.

Macquarie upgraded shares of Quest Diagnostics Inc (DGX) from an underperform rating to a neutral rating.

Barrington Research downgraded shares of DTS (DTSI) from an underperform rating to a market perform rating. They wrote, "DTS's latest financial results considerably lagged expectations for a combination of operational and one-time reasons. Perhaps more importantly, from an investment standpoint, the negative implications of an already difficult macro environment within the consumer electronics industry combined with sluggishness in the prominent Blu-ray area and less identifiable time frames for the emergence of key catalysts, notably smart phones and other mobile devices, is creating less assured near-term upside prospects."

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Source: Equity Brief via Thomson Reuters ONE


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