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VIDEOUpgrades and Downgrades: Paychex Is in the Money
By
Justin Sharon
Aug 26, 2010 8:35 am
Wall Street ratings agencies set the tone for today's stock market.
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Another cinematic star from the era is in even worse shape, although Australia’s Crocodile Dundee can at least ask BHP Billiton (BHP) if they are prepared to pick up his hefty tax tab after the Melbourne based miner reported net profit of over $12.7 billion Down Under. All things Irish aren’t, alas, faring as well what with S&P cutting the country’s credit rating to AA- from AA and shares of Guinness maker Diageo (DEO) trading lower in London today on its earnings announcement. If the Emerald Isle’s economy is indeed in the toilet, at least it can count on the country’s most enterprising entrepreneur to make money out of the situation. On the corporate front today ABN Amro, Ahold, Aruba Networks (ARUN), Bank of China, Bebe Stores (BEBE), Credit Agricole (ACA), Dollar Financial (DLLR), Novell (NOVL), and PetroChina (PTR) are all expected to report results.
Initiations
Jamba (JMBA): The stock is initiated with an Outperform and $2.50 price objective at Northland Securities.
US Geothermal (HTM): HTM gets a new Outperform rating at Raymond James.
SunOpta (STKL): The stock is begun at a Buy and assigned a $7 target price at Chardan Capital Markets, which notes that organic foods are now taking up prominent shelf space in the produce aisles of many mainstream US food retailers.
Oxford Resources Partners (OXF): OXF is picked up with a Hold at Citigroup.
Fresenius Medical (FMX): The Royal Bank of Scotland resumes Fresenius Medical at a Buy.
Upgrades
Capital One (COF): The financial stock is upgraded 180 degrees (Outperform from Underperform) at Credit Agricole.
Greenbrier Companies (GBX): BB&T Capital boosts Greenbrier Companies to Buy from Hold.
Paychex (PAYX): The stock gets raised to Hold from Sell at Deutsche Bank.
Brush Engineered Materials (BW): BW is lifted to Buy from Hold at KeyBanc.
China Telecom Corp (CHA): HSBC hoists China Telecom Corp to Overweight from Neutral.
HEICO (HEI): HEI is raised to Buy from Hold with a $42 target at Stifel Nicolaus as their offerings continue to improve with increased global air travel.
Downgrades
Siliconware Precision (SPIL): Deutsche Bank downgrades Siliconware Precision to Hold from Buy.
Semiconductors: Deutsche is also lowering Advanced Semi (ASX), Taiwan Semi (TSM), and United Micro (UMC), all to Hold from Buy. For related content, see McAfee-Intel Deal a Game Changer for Endpoint Security Market.
China Life Insurance (LFC): Credit Suisse cuts China Life Insurance to Neutral from Outperform.
WebMD Health (WBMD): Raymond James reduces its WebMD Health recommendation to Market Perform from Outperform.
No positions in stocks mentioned.
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