Research Analysts’ Ratings Reiterations for October, 21st (ANGI, ARIA, BANF, BATS, BKYF, BRBY, CTL, CTRP, DMGT, GE)
Angie’s List (NASDAQ:ANGI) had its in-line rating reissued by analysts at Northland Securities.
Ariad Pharmaceuticals (NASDAQ:ARIA) had its buy rating reaffirmed by analysts at Jefferies Group. They currently have a $7.00 target price on the stock. They noted that the move was a valuation call. The analysts noted that the move was a valuation call.
BancFirst Corp. (NASDAQ:BANF) had its neutral rating reaffirmed by analysts at DA Davidson. The firm currently has a $60.00 price target on the stock, up from their previous price target of $52.00. The analysts wrote, “Maintaining NEUTRAL rating and increasing price target to $60. Our target increase from $52 reflects modestly improved loan growth, the strength of BANF’s deposit franchise, and overall expansion of bank sector valuation multiples. Our $60 price target is 1.7x estimated 2014 TBV, in line with the median TBV multiple of our small-cap bank universe. BANF reported average annualized loan growth of 6%; an improvement over recent periods. Loan growth was driven by a greater emphasis on C&I loans, which the company is willing to book at lower rates given the floating rate characteristic. The bulk of loan demand for BANF continues to come in the CRE segment, where pricing competition for fixed rate loans remains high and BANF is less willing to reduce pricing to the level of other institutions.”
British American Tobacco (LON:BATS) had its outperform rating reiterated by analysts at Credit Suisse. The firm currently has a GBX 3,700 ($59.83) target price on the stock.
Bank of Kentucky Financial Corp. (NASDAQ:BKYF) had its buy rating reissued by analysts at DA Davidson. They currently have a $35.00 target price on the stock, up from their previous target price of $33.00. The analysts wrote, “Bank of Kentucky reported 3Q EPS of $0.72, $0.09 above our estimate and the consensus estimate. Favorable variance was driven by lower than forecast provision expense ($0.04 per share) and higher noninterest income ($0.05). The decline in provision was due to a fairly broad improvement in credit with declines in classified loans, new non accruals and non-performing loans (NPLs). The NPLs/loans ratio declined to 1.37% from 1.60% last quarter. The net charge-off/loans ratio declined to 20bp from 53bp. The NIM increased 4bp to 3.5% due to a mix change in earning assets as the bank’s Fed Funds sold position declined and loans increased. Average earning assets declined 0.6%; however, end-of-period loans increased at a 5.3% annualized pace, with a result of a 6% increase in net interest income. Management noted that the pipeline for new loans remains steady from 2Q and pressure on credit spreads has moderated a bit. We forecast a stable NIM in 4Q and loan growth of 5.0%.”
Burberry Group (LON:BRBY) had its outperform rating reaffirmed by analysts at Credit Suisse. The firm currently has a GBX 1,700 ($27.49) price target on the stock.
CenturyLink (NYSE:CTL) had its underperform rating reissued by analysts at DA Davidson. DA Davidson currently has a $28.00 target price on the stock, down from their previous target price of $30.00. The analysts wrote, “CTL will announce its Q3 results after the close on November 6th and host an earnings call at 5 pm ET. We expect earnings to be at the lower end of guidance due to higher outside plant maintenance costs as a result of seasonality (more maintenance in summer months) and overtime from the recent flooding in Colorado. CTL has slowed its access line loss from 6.4% in early 2012 to a 5.8% annual pace in Q2’13 by ‘encouraging’ new DSL subscribers with a cheaper $19.95 per month rate if they take a voice line as well. However, its DSL subscriber growth has stalled recently with the loss of 6,000 subs in Q2, and we think the problems are more than temporary. With only 7.4 million households, or 35% of a total footprint of 20-22 million households covered by fiber to the node, CTL has a lower speed product than its cable competitors, and we think CTL will have to raise capex in 2014 to accelerate fiber to the node.”
Ctrip.com International (NASDAQ:CTRP) had its buy rating reissued by analysts at Deutsche Bank. They currently have a $65.00 target price on the stock.
Daily Mail and General Trust Plc (LON:DMGT) had its buy rating reaffirmed by analysts at Investec. Investec currently has a GBX 841 ($13.60) target price on the stock.
General Electric (NYSE:GE) had its focus list rating reiterated by analysts at Citigroup Inc..
Imperial Tobacco Group (LON:IMT) had its outperform rating reissued by analysts at Credit Suisse. The firm currently has a GBX 2,700 ($43.66) price target on the stock.
Panera Bread (NASDAQ:PNRA) had its hold rating reaffirmed by analysts at Morgan Stanley. The firm currently has a $190.00 target price on the stock.
Panera Bread (NASDAQ:PNRA) had its buy rating reissued by analysts at Imperial Capital. They currently have a $205.00 price target on the stock, down from their previous price target of $212.00. The analysts wrote, “We believe Panera Bread (PNRA) will likely not prove immune to recent weak industry trends and we are lowering our projections for 2013 and 2014 EPS. With consumer spending remaining tepid, industry competition has increased, especially for Panera as competitors have encroached on the success of its business model. However, we believe management is in the early stage of laying the ‘innovation’ foundation for its next 5-year increase in SSS and EPS, a fact we believe the Street will recognize in the months ahead. As that happens, we believe confidence in the company’s plan will rise as SSS and EPS visibility improves. As that occurs, we believe memories of the soft operating trends of 2013 will begin to fade, supporting our PT of $205 (lowered from $212); we reit. Buy rating.”
Rosetta Resources (NASDAQ:ROSE) had its buy rating reiterated by analysts at Canaccord Genuity. The firm currently has a $63.00 target price on the stock.
Taylor Capital Group (NASDAQ:TAYC) had its neutral rating reiterated by analysts at DA Davidson. They currently have a $23.00 price target on the stock, up from their previous price target of $22.00. The analysts wrote, “Taylor Capital reported 3Q13 EPS of $0.34, $0.02 cents below our estimate and $0.05 below consensus. Relative to our model, the variance was driven by lower non-interest income and higher expense that more than offset the better than expected growth in net interest income. The quarter included $2 million in one-time expense tied to corporate initiatives and the MBFI merger. TAYC had very good loan growth with period end balances advancing at a 39% annualized clip. The robust growth was driven by 11.4% q/q growth in C&I and 7.5% q/q growth in CRE. C&I loan growth was broadly distributed with growth coming from Chicago middle-market lending, asset based lending, and equipment finance. Loans held for sale decreased 28% due to the slowdown in mortgage refinance.”
Valmont Industries (NYSE:VMI) had its buy rating reiterated by analysts at DA Davidson. The firm currently has a $200.00 target price on the stock, up from their previous target price of $190.00. The analysts wrote, “Valmont reported earnings for its third quarter of $2.10 per share compared to $2.12 last year and our estimate of $2.52. Consensus was $2.43. The company absorbed a $0.31 per share non-cash expense for a deferred tax asset reduction (earnings were $2.41 excluding). Operating income of $109.9 million was essentially in line with our expectation. All segments reported margin expansion. Sales increased 7% year-over-year, below our estimate due to lower Utility sales, reflecting deferred orders into Q4. Irrigation sales increased 12% year-over-year. Operating margins increased 50bp. Both North American and international markets increased. Due to more typical timing of harvest this year, Q4 results may not meet last year’s levels when harvest occurred unusually earlier. Valmont withheld projections for next year, though did not indicate a meaningful decline is anticipated.”
Vertex Pharmaceuticals (NASDAQ:VRTX) had its buy rating reissued by analysts at Needham & Company. The firm currently has a $95.00 price target on the stock.
Western Alliance Bancorp. (NYSE:WAL) had its neutral rating reaffirmed by analysts at DA Davidson. DA Davidson currently has a $23.00 target price on the stock, up from their previous target price of $19.00. The analysts wrote, “Maintaining NEUTRAL and raising price target to $23. We are raising our target from $19 to $23 in light of our higher EPS estimates for 2013 and 2014, WAL’s improving asset quality, and the expansion of bank sector multiples that are continuing to reflect expectations of an eventual Fed tightening. Our price target represents a 2.5x multiple on estimated 2014 year end TBV of $9.28, supported by WAL’s projected 13% ROE for 2014. WAL reported EPS of $0.32, $0.01 above our estimate and in line with the Street mean estimate. The quarter included a $0 loan loss provision compared to our $3.6 million estimate, adding $0.03 to EPS. Merger charges and investment losses accounted for a $0.02 negative impact in the quarter.”
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