New Stock Coverage: Software Stocks Got You Down? Try Restoration Hardware

By Justin Sharon  APR 15, 2013 9:17 AM

Wall Street ratings agencies set the tone for today's stock market.

 


Those returning cicadas, absent for 17 years, will find the world exactly as they left in 1996, back when Alan Greenspan said Wall Street was indulging in some serious “irrational exuberance.”
 
Not only are stocks continuing to defy gravity, but Mariano Rivera and Andy Pettitte are still around and — then as now — Apple Inc. (AAPL) finds itself utterly unloved. The Dow (^DJI) rose 2.06% to yet another record in the week capitalism lost one of its finest ever friends.
 
In February 1976, Margaret Thatcher said, “The problem with socialism is that you eventually run out of other people’s money.” In April 2013, Caracas is about to relearn that lesson to its considerable cost. On the same day the Iron Lady left us, another famous woman departed the scene, and Disney (DIS) honored the Mouseketeer’s memory by finishing the week at the highest level in its illustrious history.
 
Elsewhere Titan Machinery (TITN) sank some 16.84%. Its name is taken from a group in Greek mythology whose hubris compelled them to fight a losing battle with the gods. Today, of all days, we are reminded that is never a good idea.

No top-tier economic data due this morning but the first full week of earnings season starts with a financial flair, as Charles Schwab (SCHW), Citigroup (C), First Republic Bank (FRC), and M&T Bank (MTB) are all expected to report results.
 
América Móvil (AMX): The telecom titan controlled by world’s richest man, Carlos Slim, is a fresh Underperform at Sanford Bernstein.
 
Apache (APA): Susquehanna starts the energy outfit with a Positive rating.
 
Aviv REIT (AVIV): Shares are launched at a Neutral by Bank of America-Merrill Lynch but SunTrust begins with a more bullish Buy.
 
Cognizant Technology Solutions (CTSH): Evercore establishes Overweight rated research.
 
Goldman Sachs (GS): Keefe Bruyette covers the company at Market Perform.
 
Internet StocksGoogle (GOOG) and Yahoo (YHOO) are each begun with a Buy at Topeka.
 
KAR Auction Services (KAR): KAR is a new Overweight at JPMorgan.
 
Model N (MODN): Piper Jaffray assigns a new Neutral but JPMorgan, at Overweight, is more optimistic.
 
Netflix (NFLX): Shares are a new Buy at BTIG Research, whose target is $250. Significant domestic streaming leverage is seen as a catalyst.
 
Restoration Hardware (NYSE:RH): The home furnishing stock, a recent Initial Public Offering, is established at an Outperform with Wells Fargo.
 
Tetraphase Pharmaceuticals (TTPH): Shares are begun with a Buy at Needham, which sets a $12 price target amid optimism over the potential of its antibiotic eravacycline.
 
Thomson Reuters (TRI): The financial information powerhouse is picked up with a Buy at Canaccord Genuity.

(See also: Stock Upgrades: Sherwin-Williams Prepares to Paint Town Red, Tape Green and Stock Downgrades: It’s Open Season on OpenTable.)
No positions in stocks mentioned.

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