Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Upgrades and Downgrades: Coach Ready To Ride Higher?

By

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

PrintPRINT
Sinatra sang about swiftly being "back on top, back on top in June" after having had his dreams "shot down in May" but equities appear unable to stage similarly rapid rebounds. The market's attempt to recover from a murderous month got off to an inauspicious start, with a late day drop taking the Dow down over a hundred points as BP Plc (BP) plunged the most in a single session since 1992. (See also BP Trying a Different Form of Containment.) Symbols of European unity are hard to detect with the common currency at another four-year low against the dollar and World War Two bombs still exploding in Germany to deadly affect.

While stocks are in a bear hug, Hershey (HSY) headed 2.56% higher. Clearly its Kisses are more authentic than Al and Tipper's, who picked the start of the most popular month for marriages to announce their divorce after 40 years. At least they remain good friends, which are far harder to find than good neighbors. Nabors Industries (NBR) fell 1.94% in a beleaguered drilling sector as fallout from North and South Korea (and Sarah Palin and a regular Joe next door) continue to unnerve investors. Today in economics, April pending home sales are out at 10:00AM Eastern. On the corporate front Bombardier, Coldwater Creek (CWTR), Harry Winston Diamond (HWD), Hovnanian Enterprises (HOV), Shoe Carnival (SCVL), and United Natural Foods (UNFI) are all expected to announce results.

Initiations

Cruise Stocks: Susquehanna starts Carnival (CCL) and Royal Caribbean (RCL) with Positive ratings on each.

Sunpower (SPWRA): The solar energy stock is initiated at Hold with Wunderlich.

O'Reilly Automotive (ORLY): ThinkEquity assumes coverage on O'Reilly Automotive at a Hold.

Retail Stocks: Coach (COH), Big Lots (BIG), and Advance Auto Parts (AAP) are all picked up at Buy at ThinkEquity.

Cypress Semiconductor (CY): Sterne Agee starts Cypress Semiconductor at Buy and assigns a $14 price objective.

Blue Nile (NILE): The stock is now covered with a Buy and $62 price target at Goldman Sachs.

Winn-Dixie Stores (WINN): Citigroup has a new Buy and $16 target on Winn-Dixie Stores.

Upgrades

GlaxoSmithKline (GSK): A more bullish long term outlook for Advair is among the reasons Jefferies lifts GlaxoSmithKline to Buy from Hold. For related content, see How Pharmaceutical Companies Profit From OTC Products.

JP Morgan (JPM): The financial stock is now Buy from Neutral at UBS.

Joy Global (JOYG): JOYG gets a Buy-from-Neutral boost at Goldman Sachs.

Tenet Healthcare (THC): The stock is taken to Positive from Neutral at Susquehanna.

Agnico-Eagle Mines (AEM): RBC Capital raises its Agnico-Eagle Mines rating to Outperform from Sector Perform.

Deere (DE): Citing exceptionally strong demand from US row-crop farmers among other factors, broker Morgan Joseph upgrades Deere to Buy from Hold.

Ciena (CIEN): The stock is hoisted to Hold from Sell at Soleil Securities.

National Semiconductor (NSM): NSM is now Outperform from Market Perform at Morgan Keegan.

Construction Stocks: Louisiana-Pacific (LPX) and Plum Creek Timber (PCL) each get Neutral-from-Sell upgrades at UBS.

Monsanto (MON): MON gets a Buy-from-Neutral boost at Goldman, which also adds the stock to its list of Conviction Buys.

Downgrades

Molex (MOLX): Ticonderoga moves Molex to Neutral from Buy as overall demand trends in the technology supply chain have been lackluster.

Exelon (EXC): The stock is now Underweight from Neutral at JP Morgan, which maintains its $33 price objective.

Impax Laboratories (IPXL): Wells Fargo lowers Impax Laboratories to Market Perform from Outperform.

Polo Ralph Lauren (RL): The stock gets reduced to Neutral from Buy at Goldman.

CA Technologies (CA): Goldman cuts CA Technologies to Sell from Neutral.
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE