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New Stock Coverage: Michael Kors Dressed to Make a Killing


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

MINYANVILLE ORIGINAL The S&P 500 (^GSPC) snapped a two-week win streak, falling 0.58% as investor disappointment over a lack of further Fed action twinned with ongoing anxiety about Europe. This as the highest court on that beleaguered continent, clearly concerned its poor darlings are working too hard, decided that getting sick on already ample state-sponsored vacation is deserving of an extra vacation day. Far better to award all malingerers stock in La-Z-Boy (LZB), which fell 13.44% on the week.

In Euro 2012 soccer action, Angela Merkel was seen celebrating German's win over Greece by four goals to two, but Athens immediately attempted to move the goalposts. The Greek Prime Minister was unable to attend the game due to eye surgery - presumably to remove rose tinted glasses - while the country's finance minister collapsed along with his economy. In Greece, a grandmother may retire at 68 after enduring horrific taunts. Greece, New York, that is - in the real thing across the Atlantic, people in critical professions like hairdressing are free to retire at 50.

Today in economics, analysts expect a slight increase in May new home sales at 10:00 a.m. Eastern. Quarterly earnings announcements are expected out of Apollo Group (APOL), HB Fuller (FUL), Park Electrochemical (PKE), and Synnex (SNX).

American Realty Capital Properties (ARCP): Shares are resumed with an Outperform recommendation and $11 price objective at Robert W. Baird, which cites a favorable environment for earnings accretion and dividend growth potential.

Commvault Systems (CVLT): The company is covered with a Buy at Sterne Agee, whose target price is $54.

EverBank Financial (EVER): Macquarie has a new Neutral on the name.

Hubbell (HUB-B): Shares are begun with a Buy at Keybanc due to favorable end market exposure, a top tier management team, and upside from mergers & acquisitions.

Intermolecular (IMI): The company is initiated with an Equal Weight at Morgan Stanley.

Lan Airlines (LFL): Deutsche Bank has a Hold on LFL.

Michael Kors (KORS): The fashion company is a new Positive at Telsey Advisory, whose target is $51. Catalysts include rapid store expansion, with around 60-75 new openings per year over the foreseeable future.

Radware (RDWR): Shares are initiated with an Overweight by Barclays.

Red Hat (RHT): RHT is a new Buy at Needham, whose target is $63.

Synageva Biopharma (GEVA): Shares get initiated with a Buy at Canaccord Genuity.

Virtual Piggy (VPIG): The small cap is a new Outperform at Rodman & Renshaw. (WWWW): The company is a new Buy at Citigroup.

(See also: Stock Upgrades: Fertilizer Stocks Pass Smell Test and Stock Downgrades: Research In Motion Stuck in Rut.)
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