Analysts’ Ratings Reiterations for January, 15th (AAPL, AGN, BPOP, BRBY, FENR, GENL, GILD, GM, MDRX, PDN)
Apple (NASDAQ:AAPL) had its market perform rating reaffirmed by analysts at Wells Fargo & Co.. Wells Fargo & Co. currently has a $581.00 target price on the stock. The analysts wrote, “The deal may also help initial iPhone 6 units if China Mobile is included in the launch in September,” the report noted. “That said, the details of the agreement (pricing, margin, etc) are unknown and, thus, we believe gross margin bears watching. We maintain our view that FQ1 Street consensus of $14.03 is conservative and should rise to at least our $14.49 estimate (note every 1MM units results in roughly $0.22 EPS upside, all else equal). Our FQ2 EPS of $11.36 is also above the Street consensus of $10.89.”
Allergan (NYSE:AGN) had its equal weight rating reaffirmed by analysts at Morgan Stanley. They currently have a $94.00 target price on the stock. The analysts wrote, “Mgmt. believes that FDA’s response to the Citizen Petition will include clarity on whether or not a generic company previously filed an ANDA (generic application) on Restasis,” the report noted. “Assuming a 150 day review, we expect a response by mid-June. If a generic has already filed, we do not believe a 30 month stay will apply despite the issuance of the new patent. If generics file ANDAs in the future, the new patent will result in 30-month stays. While the strength of the new patent may be debatable, it could serve as a basis for a settlement that pushes out generics until later this decade by which time Restasis X could already be on the market (Phase II completes in November 2016).”
Popular (NASDAQ:BPOP) had its underweight rating reiterated by analysts at Morgan Stanley. Morgan Stanley currently has a $24.00 price target on the stock. The analysts wrote, “We expect BPOP to raise $400 mil in debt, at a 6% yield, to fund the cash portion of its TARP repayment,” the report noted. “This estimated cash shortfall is based on our estimate of the company’s excess cash position at the hold-co of roughly $350 mil (above the $200 mil that it might need to retain), which includes the $118 mil recently raised from selling part of Evertec, plus $185 mil of dividends that we expect the company to pull up from its BPPR subsidiary (total dividend capacity is $471 mil, but requires regulatory approval, per BPOP’s most recent 10-Q). We do not model any equity raise.”
Burberry Group (LON:BRBY) had its outperform rating reiterated by analysts at Credit Suisse. The firm currently has a GBX 1,700 ($28.02) target price on the stock.
Fenner (LON:FENR) had its outperform rating reaffirmed by analysts at Credit Suisse. The firm currently has a GBX 490 ($8.08) target price on the stock.
Genel Energy (LON:GENL) had its outperform rating reiterated by analysts at Credit Suisse. They currently have a GBX 1,430 ($23.57) target price on the stock.
Gilead Sciences (NASDAQ:GILD) had its positive rating reissued by analysts at TheStreet. The analysts wrote, “Gilead (GILD) has been reiterated by TheStreet Ratings as a buy with a ratings score of A-. The company’s strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, reasonable valuation levels, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.”
General Motors (NYSE:GM) had its overweight rating reaffirmed by analysts at Morgan Stanley. They currently have a $0.30 price target on the stock. The analysts wrote, “We estimate the annual dividend amount is around $0.5bn higher than market expectations heading into the auto show,” the report noted. “The divy puts GM on par with Ford’s yield, exceeding all major global auto manufacturers with the exception of Daimler.”
Allscripts Healthcare Solutions (NASDAQ:MDRX) had its overweight rating reissued by analysts at Morgan Stanley. They currently have a $20.00 target price on the stock, up from their previous target price of $17.00. The analysts wrote, “What a Difference a Year Makes! Turnaround Thesis Validated” published this morning, analysts are updating model estimates and price target for MDRX. “Our PT is based on a 2.7x EV/Sales multiple, the 2-yr avg FY1 multiple for MDRX pre-April 2012 (prior to the strategic alternatives upheaval seen that year) applied to our base case 2015 revenue est of $1,523M,” the report noted. “Our bull case valuation of $23 reflects a 2.9x EV/Sales multiple (3-yr avg multiple pre-April 2012) applied to our bull case 2015 revenue estimate of $1607M. Our bear case valuation of $14 is based on a 2.0x multiple (3-yr avg multiple) applied to our bear case 2015 revenue estimate of $1,471M.”
Paladin Energy (TSE:PDN) had its market perform rating reiterated by analysts at Raymond James. They currently have a C$0.50 price target on the stock.
Rocky Mountain Dealerships (TSE:RME) had its buy rating reissued by analysts at Cantor Fitzgerald. The firm currently has a C$14.25 price target on the stock.
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