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New Stock Coverage: Frozen Smiles All Around for Botox Maker Allergan


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

MINYANVILLE ORIGINAL Shares snapped a six-week winning steak after the S&P 500 Index (^GSPC) had earlier hit a four-year high. The damage was nonetheless minor and equities actually concluded with their best session since the start of August. This as a letter sent on Wednesday by Ben Bernanke to Representative Darrell Issa came to light on Friday, the two-day intra-DC turnaround being about right for the Postal Service. Bernanke's missive was, in turn, a response to a 10-page, 22-question inquiry Issa sent the Fed head himself on August 1. If nothing else, the two power players deserve immense credit for single-handedly trying to revive the moribund fortunes of both the mail and Eastman Kodak's (EKDKQ) printing business. Yet with Congress currently on an immensely well paid five-week vacation, one worries that the contents will look "a bit stale," as it were, when Issa eventually reads it. No top-tier economic data due today, but Donaldson (DCI), Pointer Telocation (PNTR), PVH Corp. (PVH), SeaDrill (SDRL), and Tiffany (TIF) are all expected to announce quarterly earnings.

Allergan (AGN): The Botox maker is begun with an Outperform at William Blair, which assigns it a price objective of $100.

Annie's Inc. (BNNY): Credit Suisse covers the company at Outperform and sets a $48 target price.

Bonanza Creek Energy (BCEI): Shares are begun with a Sector Perform at RBC Capital, whose target is $25.

Eloqua (ELOQ): The software stock is initiated with Buys at both Needham ($18 objective) and Deutsche Bank, while JPMorgan (Overweight) and JMP Securities (Outperform) are equally upbeat.

FactSet Research Systems (FDS): FDS is a fresh Market Perform at William Blair.

Globus Medical (GMED): Blair begins Outperform rated research.

Jazz Pharmaceuticals (JAZZ): The stock is initiated with a Buy at brokerage boutique WallachBeth, whose price target is $63. They say sales may reach $1 billion in 2014, propelled by orphan-type drugs including Xyrem, Erwinaze and Prialt.

Mosaic (MOS): The fertilizer firm is a fresh Hold at Topeka.

New York Mortgage Trust (NYMT): Ladenburg launches Buy rated coverage, and establishes a $7.50 target.

Sarepta Therapeutics (SRPT): Shares are begun with a Buy at ThinkEquity, whose objective is $15.

(See also: Stock Upgrades: Madison Square Garden in Full Bloom and Stock Downgrades: Autodesk Takes a Back Seat.)
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No positions in stocks mentioned.
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