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business newsUpgrades and Downgrades: Investing In EMC Doesn't Take An Einstein
By
Justin Sharon
Jul 07, 2010 8:30 am
Wall Street ratings agencies set the tone for today's stock market.
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Other gainers included BP Plc (BP) which rose again on a commitment to prevent dilution to their share price, the laser-like focus on which shames less wholehearted efforts to dilute the effects of its oil. In World Cup action an all European final looms after Holland found its way to the final by removing the last Latins, Uraguay. There’s Double Dutch delight this morning then, especially after Amsterdam’s own satellite navigation provider TomTom got an analyst upgrade. Still South America gets the last laugh, at least economically. Family Dollar (FDO) is out with earnings today and crude oil inventories are released at 10:30AM Eastern.
Initiations
iRobot (IRBT): The stock is a new Neutral at Merriman as strong fundamentals and high expectations are already in the share price.
HCC Insurance (HCC): HCC is initiated at an Outperform by JMP Securities.
Teekay Tankers (TNK): Citing a superior dividend yield among other factors, Oppenheimer assigns an Outperform and $13 price objective on Teekay Tankers.
Marvell Technology (MRVL): Susquehanna start Marvell Technology with a Neutral.
PNC Bank (PNC): The stock is picked up with a Strong Buy and $76 target price at Raymond James.
Upgrades
VeriSign (VRSN): VRSN is upgraded to Outperform from Perform with a $33 objective at Oppenheimer. Trends in domain names are coming in ahead of expectations.
EMC Corp (EMC): Also getting an Outperform-from-Perform upgrade with a $22 target at Oppenheimer is EMC Corp as channel checks indicate strong demand in both the US and Europe.
Jefferies Group (JEF): JEF is now Neutral from Sell at Ticonderoga due to its more attractive valuation.
Juniper Networks (JNPR): The stock gets an Overweight-from-Neutral increase at Piper Jaffray. For related content, see Three Tech ETFs to Play Obama's Spectrum Stance.
Euronet Worldwide (EEFT): Brokerage Duncan-Williams hoists Euronet Worldwide to Buy from Hold as it is encouraged with recent relative strength in industry-wide remittances to Mexico.
Central Virginia Bankshares (CVBK): CVBK is boosted to Hold from Underweight by BB&T Capital.
Spirit Aerosystems (SPR): The stock is raised to Buy at UBS.
Downgrades
FTI Consulting (FCN): The stock is cut by both William Blair (Market Perform from Outperform) and Oppenheimer (Perform from Outperform) after it pre-announced revenue and earnings consensus estimates.
Edwards Lifesciences (EW): EW is lowered to Market Perform from Outperform by BMO Capital.
Terex (TEX): KeyBank takes Terex to Hold from Buye as upcoming M&A activity appears less likely.
RightNow (RNOW): The stock gets reduced to Neutral from Buy at Janney Montgomery Scott.
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