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business newsUpgrades and Downgrades: No Bull Market For Build-A-Bear
By
Justin Sharon
Jan 24, 2011 8:30 am
Wall Street ratings agencies set the tone for today's stock market.
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The week’s other obituaries included Jack LaLanne, a fitness fanatic whose long well lived life was eloquent testimony to the benefits of working out. Meanwhile gym firm Nautilus Inc (NLS), as if in mourning, imploded 18.5%. Cognac giant Remy Cointreau reported slowing sales of the alcoholic beverage even as a longtime admirer of Edgar Allan Poe again failed to show, his grave going unadorned with the drink for a second straight year. And Horsehead Holding (ZINC) tumbled 4.73% on Friday, an ominous development coming only 24 hours after Vinnie Carwash & Co were arrested as part of the biggest Mafia roundup in FBI history. No top tier economic data out today but a busy week for fourth quarter earnings begins with American Express (AXP), Amgen (AMGN), Baxter (BAX), Corning (GLW), McDonald’s (MCD), Halliburton (HAL), Philips (PHG), and Texas Instruments (TXN) all due to report results.
Initiations
Baidu.com (BIDU): The Internet stock is begun with an Outperform at Macquarie.
FleetCor Technologies (FLT): FLT is initiated at a Market Perform with Wells Fargo. It's also a new Neutral at JP Morgan, the bank assigning a price target of $35.
Clinical Data (CLDA): The stock is covered at Outperform by Rodman & Renshaw, which sets it a $46 price objective. The broker believes that Viibryd’s unique safety profile holds a substantial commercial potential, and that Clinical Data may be an attractive acquisition target for large pharmaceutical companies.
Tractor Supply (TSCO): TSCO is begun with Buy at Deutsche Bank.
Dangdang (DANG): Recent Chinese tech IPO Dangdang is initiated with a Perform at Oppenheimer.
Upgrades
First Solar (FSLR): The energy stock gets added to Conviction Buy List at Goldman. See also Solars, Rare Earths Perking Up.
NYSE Euronext (NYX): NYX is now Outperform from Market Perform with Wells Fargo.
GSI Commerce Inc. (GSIC): The stock gets upgraded to Overweight from Neutral with a $31 target price at Piper Jaffray.
Cabela’s Inc. (CAB): Piper also upgrades Cabela’s Inc. to Overweight from Neutral at Piper Jaffray. Its objective is $29.
NovaMed Inc. (NOVA): NOVA is now Neutral from Underweight at Piper Jaffray, with a $13.25 price target.
StatoilHydro (STO): The stock gets hoisted to Overweight at HSBC Securities, with the bank advising investors to look to non-US gas plays and free cash flow generators.
CRH Plc. (CRH): UBS raises its rating on CRH Plc. to Buy from Neutral.
Downgrades
St. Jude Medical (STJ): The stock is downgraded to Market Perform from Outperform at Wells Fargo.
Royal Dutch Shell B (RDS-B): The oil stock is reduced to Neutral at HSBC Securities. For related content, see Oil Companies Skimping on Green Energy.
OmniVision (OVTI): OVTI is now Neutral from Outperform at brokers Robert W. Baird, which has a $34 target. Baird notes that the downgrade is based on their belief there is a higher likelihood the iPhone 5 could use two CMOS image sensor suppliers in order to address continued supply constraint concerns.
J&J Snack Foods (JJSF): The stock gets cut to Neutral from Buy at Janney Montgomery Scott.
Bunge (BG): BG is lowered to Hold from Buy at Deutsche Bank.
Food Stocks: Tyson Foods (TSN) and Smithfield Foods (SFD) are each taken to Hold from Buy at BB&T Capital. Also read Will There Ever Be Enough Food to Feed the World?
Excel Maritime Carriers (EXM): EXM is downgraded to Hold from Buy at Jefferies, which takes its target to $5 from $8.
Build-A-Bear Workshop (BBW): BBW gets reduced to Market Perform from Outperform with an $8 objective at BMO Capital.
Suburban Propane (SPH): SPH is now Neutral from Buy at UBS.
No positions in stocks mentioned.
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