Analysts’ Upgrades for September, 13th (AKAM, ARRS, BALT, DNLM, HOME, MGM, NE, SFNC, UMPQ, WEN)
Akamai Technologies (NASDAQ:AKAM) was upgraded by analysts at Canaccord Genuity to a buy rating. They currently have $56.00 target price on the stock, up from their previous target price of $51.00.
ARRIS Group (NASDAQ:ARRS) was upgraded by analysts at Zacks from a neutral rating to an outperform rating. Zacks currently has $19.00 price target on the stock. Zacks’ analyst wrote, “We upgrade our recommendation on Arris Enterprises to Outperform. The company reported excellent financial results for the second quarter of 2013. Both the top and the bottom lines easily outpaced the Zacks Consensus Estimate. The demand for newly-launched products of Arris is expected to rise from the second half of 2013. We believe that home gateway, Wi-Fi enabled modem, edged router and multi-screen software will be the primary growth drivers. The recent acquisition of the cable set-top box businesses of Motorola Mobility has transformed the company into an integrated equipment supplier in the high-speed video and Internet delivery market. Arris is expected to benefit immensely from this acquisition. We believe that the ongoing consolidation trend of the broader telecommunications industry will be beneficial to Arris as large operators are expected to invest more in high-speed video and Internet delivery. “
Baltic Trading Limit (NASDAQ:BALT) was upgraded by analysts at Sidoti from a neutral rating to a buy rating.
Dunelm Group (LON:DNLM) was upgraded by analysts at Cantor Fitzgerald to a buy rating. They currently have GBX 1,020 ($15.95) price target on the stock, up from their previous price target of GBX 900 ($14.07).
Home Federal Bancorp (NASDAQ:HOME) was upgraded by analysts at DA Davidson from a neutral rating to a buy rating. The analysts wrote, “HOME has retrenched nearly 9% YTD, vastly underperforming the Davidson Bank Index which has risen 28% in 2013. Additionally, the stock is down 17% from mid-July highs. Home is currently trading at the lowest TBV multiple in the D.A. Davidson bank universe at 1.03x, compared to micro-cap peers trading at an average of 1.30x TBV. Given this multiple, and Home’s good margins and stable credit quality, we see limited downside risk to the current share price.”
MGM Resorts International (NYSE:MGM) was upgraded by analysts at Argus from a hold rating to a buy rating. Argus currently has $23.00 target price on the stock.
Noble Corp (NYSE:NE) was upgraded by analysts at Stephens from an equal weight rating to an overweight rating. Stephens currently has $49.00 price target on the stock.
Simmons First National Corp. (NASDAQ:SFNC) was upgraded by analysts at Stephens from an equal weight rating to an overweight rating. The firm currently has $33.00 price target on the stock, up from their previous price target of $29.00.
Umpqua Holdings Corp. (NASDAQ:UMPQ) was upgraded by analysts at DA Davidson from a neutral rating to a buy rating. DA Davidson currently has $20.00 price target on the stock, up from their previous price target of $17.00. The analysts wrote, “Sterling shareholders will receive 1.671 shares of Umpqua common stock in addition to $2.18 cash, which equates to $30.52 per share or 1.67x Sterling’s TBV (93% stock / 7% cash). The deal is expected to close in 1H’14. The combined entity, which will operate under the Umpqua brand, will hold $22 billion in assets, $15 billion in loans, and $16 billion in deposits with 394 branches across 5 states. The acquisition would position UMPQ as a premier community bank, holding a top 3 ranking among locally headquartered banks by deposit market share in 10 out of 11 primary markets. The pro forma loan book will be CRE based (43%) with a higher emphasis in multifamily (16% pro-forma vs. 5% UMPQ) and 1-4 family loans (14% pro-forma vs. 10% UMPQ). Management believes this to be a strategic acquisition that leverages the UMPQ brand and fortifies an expanded footprint.”
The Wendy’s (NYSE:WEN) was upgraded by analysts at KeyCorp from an underweight rating to a hold rating.
Wipro Limited (NYSE:WIT) was upgraded by analysts at TheStreet to a buy rating.
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