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VIDEOUpgrades and Downgrades: AutoZone Hits Speed Bump
By
Justin Sharon
Aug 30, 2010 8:30 am
Wall Street ratings agencies set the tone for today's stock market.
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Elsewhere, Norfolk Southern (NSC) sold 100-year bonds and the US birth rate fell to a 100-year low. The US Tennis Open starts today and Tiffany (TIF), which makes the winner’s silverware, will hope its trophy is more coveted than its stock, which slid 3.16% on Friday after a revenue miss. The champions can expect a $1.7 million paycheck for two weeks play. Warren Edward Buffett, who today turns 80, works for an annual salary which has stayed stagnant at $100,000 for over a quarter of a century. Today’s earnings are expected to include Donaldson Company (DCI), Jos A. Bank Clothiers (JOSB), and Winn-Dixie Stores (WINN).
Initiations
Camelot Information Systems (CIS): CIS is initiated at Outperform by Oppenheimer, which sets a $17 price target. The company is a leading provider of Enterprise Application Services in Asia and it recently bolstered its position in the emerging Chinese financial IT services market.
Hexcel (HXL): Needham begins Hexcel at Buy with a $20 target price.
Zoltek (ZOLT): ZOLT is a new Hold, also at Needham.
Andersons (ANDE): The stock gets picked up with a Buy and $48 target by brokerage Morgan Joseph, which says record yields should provide margin support on higher storage and service revenues.
Upgrades
Cerner (CERN): CERN gets a Buy-from-Hold boost by ThinkEquity Partners.
Noble Energy (NBL): The stock is now Outperform from Market Perform at BMO Capital.
CSG Systems (CSGS): Oppenheimer upgrades CSG Systems upgraded to Outperform at from Perform and assigns it a price objective of $23. The broker believes valuation is attractive after a recent share price decline as CSG Systems continues to leverage a business model characterized by high visibility into significant recurring revenue.
Raytheon (RTN): RTN gets raised to Outperform from Market Perform at Wells Fargo.
Cavium Networks (CAVM): JMP Securities moves Cavium Networks to Outperform from Market Perform.
Sanofi-Aventis (SNY): SNY is increased to Buy from Hold at Societe Generale after its $18.5 billion bid for biotech Genzyme (GENZ). Also read Why Biotech Investing Is Not for the Meek.
Downgrades
Lockheed Martin (LMT): The defense stock gets moved to Market Perform from Outperform with Wells Fargo.
Intel (INTC): Charter Equity downgrades Dow component Intel to Market Perform from Buy at Charter Equity after the chip giant lowered revenue guidance on Friday. Though the broker believes downside risk is limited, they see few catalysts for outperformance in a flat to weaker global economy during the second half of 2010.
Texas Instruments (TXN): Semiconductor rival Texas Instruments is reduced to Neutral from Positive at Susquehanna.
Lululemon Athletica (LULU): Jefferies lowers Lululemon Athletica to Underperform from Hold.
AutoZone (AZO): AZO is downgraded to Hold from Buy by brokerage Morgan Joseph due to valuation.
No positions in stocks mentioned.
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