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New Stock Coverage: Broadcom Gets a Boost


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

MINYANVILLE ORIGINAL Last week brought news that a pair of turtles were divorcing after 115 years but another product of the mid-1890s, the Dow Jones Industrial Average (^DJI), was once again feeling the love. Blue chips rose 3.56%, their best weekly performance of 2012 putting the index back in the black for the year, amid a Chinese interest rate cut and speculation the Fed may be prepared to provide further assistance to a still-sluggish economy. A €100 billion Spanish bailout - sorry, "credit line," if I may use two $10 words the country can ill afford - also boosted bourses. This less than two weeks after its Prime Minster Mariano Rajoy said, "There will be no bailout." (His immediate predecessor in office looked unnervingly like Mr. Bean. The comedian - Mr. Bean, not Jose Luis Rodriguez Zapatero - was a man famous for being all but mute, whereas the current Spanish leader is clearly not a man of his word.) Job done, Rajoy swiftly took care of really important business: Attending a soccer game against Italy. To be fair, it was the critical opening match-up in an extremely competitive "Group of Death" (Or should that be "Debt"?)

No top-tier economic data due today but Enzo Biochem (ENZ), Finisar (FNSR), Majesco Entertainment (COOL), and Synergetics USA (SURG) are all expected to announce earnings.

Broadcom (BRCM): BRCM is begun at an Outperform with Wedbush.

Emergent BioSolutions (EBS): Shares are picked up at an Overweight at Piper Jaffray and a Sector Perform at RBC Capital.

Franklin Street Properties (FSP): FSP is a fresh Market Perform at BMO Capital.

Pacific Coast Oil Trust (ROYT): The stock is initiated with an Outperform recommendation and $20 price target at Robert W. Baird, which says it is their top royalty trust under coverage with 24% total return potential.

State Bank Financial (STBZ): STBZ is started with Market Perform at Keefe Bruyette.

(See also: Stock Downgrades: No Sugar High for Nestle and Stock Upgrades: Hospital Stocks Nursed Back to Health.)
No positions in stocks mentioned.
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