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New Stock Coverage: Time to Buy RetailMeNot Inc?


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

Nat King Cole was right on the money with his rhyming ode to the season. Lazy? Wall Street slept-walked through one of the five lightest volume days of 2013 yesterday, with everyone who was anyone being at the beach. Hazy? An increasingly uncertain earnings and economic outlook continued to keep investors on the sidelines and resulted in another desultory day for the Dow (^DJI). And as for crazy, a nonagenarian CEO who is already planning his 125th birthday sent Dole Foods (DOLE) up 5.31% while his Hyperloopy counterpart at Tesla Motors (TSLA) saw his stock tumble 3.67% as investors finally said enough already. Cole's fellow musician Ludwig van Beethoven may have been decomposing since 1827 but his ticker symbol inspired a 9.27% surge in Steinway Musical Instruments (LVB). His heirs at ABBA proved plenty profitable for one memorabilia seller in Sweden and Southern Ontario's own BlackBerry (BBRY), which long ago met its Waterloo at the hands of Apple Inc. (AAPL), ended up 10.45% after finally agreeing to face the music and dance.

This morning in economics, June business inventories are expected to show improvement from the prior month's pace at 10:00 a.m. Eastern. On the quarterly earnings front, expect Brocade Communications (BRCD), Cree Inc. (CREE), Flower Foods (FLO), Intercept Pharmaceuticals (ICPT), JDS Uniphase (JDSU), and SeaWorld (SEAS) to release results.

Blackstone Group (BX): Stephen Schwarzman's limited partnership is assigned an Outperform at RBC Capital Markets.

Diamond Resorts (DRII): Bank of America-Merrill Lynch has a new Neutral on the lodging name but Cantor Fitzgerald (Buy with a $23 target price) and JPMorgan (Overweight) are each more upbeat.

Dorman Products (DORM): The auto parts firm is picked up with a Buy at Bank of America-Merrill.

E2open (EOPN): Northland Capital has a new Outperform on the application software outfit. Its price objective is $25.

Fresnillo (FNLPF): The silver powerhouse, which surged some 6% yesterday, is currently adding on another 5% in today's overseas trading after being begun with a Buy at UBS. Shares are "well positioned to outperform," the broker wrote in a note.

Physicians Realty Trust (DOC): DOC is a new Buy at Compass Point, whose price target is $13 on a stock it says should benefit from the Affordable Care Act.

RetailMeNot Inc (SALE): The digital coupon company, a stellar recent initial public offering, is initiated with a Neutral at Goldman Sachs, an Equal-Weight at Morgan Stanley, and a Sector Perform at RBC Capital Markets. By contrast, Jefferies and Stifel both begin Buy-rated research, the latter with a $38 target price amid its attractive margins and ample free cash flow.

Rexford Industrial Realty (REXR): FBR Capital has a fresh Outperform on the industrial real estate investment trust, as its short-term leases are relatively well positioned to weather a rising interest rate environment.

Sequential Brands (SQBG): Shares are started with a Buy at Brean Capital.

Tyler Technologies (TYL): Evercore establishes coverage at Equal-Weight.

XOMA Corporation (XOMA): The small cap biotech is begun with an Overweight at Piper Jaffray, sending it up sharply this morning.

(See also: Stock Upgrades: Xerox Corporation Looks to Replicate Its Heyday and Stock Downgrades: Analysts Can't Make Up Their Minds on Microsoft Corporation.)

Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.
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No positions in stocks mentioned.
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