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Research Analysts’ ratings reiterations for Wednesday, January 22nd:

Advanced Micro Devices (NYSE:AMD) had its underweight rating reissued by analysts at Morgan Stanley. They currently have a $2.50 price target on the stock. The analysts wrote, “We estimate that AMD shipped 6.8 mm units (27 mm run rate) to the console market in 4Q, for $562 mm revenues, with total 2013 builds of 12 mm units vs. 7 mm sell in (10-12 week lead time),” the report noted. “Year 2 of the Xbox 360/PS3 cycle shipped 17.8 mm units, and despite stronger Year 1 numbers for this gen (due to higher supply and lower price points), we don’t believe the TAM has expanded. We expect shipments of 18.7 mm units in 2014, below 4Q run rates. We still expect a small EPS loss in 2014.”

BHP Billiton (LON:BLT) had its outperform rating reaffirmed by analysts at BMO Capital Markets. The firm currently has a GBX 2,250 ($36.93) target price on the stock.

BP plc (LON:BP) had its hold rating reaffirmed by analysts at Liberum Capital. The firm currently has a GBX 450 ($7.39) target price on the stock.

N Brown Group (LON:BWNG) had its hold rating reaffirmed by analysts at Cantor Fitzgerald Europe. Cantor Fitzgerald Europe currently has a GBX 540 ($8.86) price target on the stock.

N Brown Group (LON:BWNG) had its hold rating reissued by analysts at Cantor Fitzgerald Europe. The firm currently has a GBX 540 ($8.86) target price on the stock.

N Brown Group (LON:BWNG) had its hold rating reiterated by analysts at Cantor Fitzgerald Europe. Cantor Fitzgerald Europe currently has a GBX 540 ($8.86) price target on the stock.

Colt Group SA (LON:COLT) had its neutral rating reissued by analysts at JPMorgan Chase & Co.. JPMorgan Chase & Co. currently has a GBX 115 ($1.89) price target on the stock.

Cemex SAB de CV (NYSE:CX) had its overweight rating reiterated by analysts at Morgan Stanley. The firm currently has a $14.00 target price on the stock, up from their previous target price of $13.00. The analysts wrote, “Consolidation in Mexico’s cement industry came into focus after the Cemex-Holcim asset swap last year,” the report noted. “Further consolidation could be a game-changer with regard to the long-term profitability of the market. We include consolidation in Mexico in our RR and show a 750BP difference in Mexico EBITDA margin between bull and bear. We also include maps of Mexico’s capacity by state, region and we map the country’s construction spending.”

Delta Air Lines (NYSE:DAL) had its overweight rating reaffirmed by analysts at Morgan Stanley. The analysts wrote, “DAL reiterated its goal to reach an annual op. margin of 10-12%, a level we believe is attainable due to a combination of (A) leverage to a Stronger For Longer cycle and (B) the various sources of DAL-specific alpha we’ve highlighted in the past (see DALpha Deja Vu 10/3/13),” the report noted. “Though DAL mgmt was reluctant to declare an outright return to prior peak margins, which are north of 12%, mgmt made clear that the combination of increased concentration, higher fuel prices and a different financing environment support the case for continued margin expansion from here even without a meaningful reacceleration in real GDP.”

Euromoney Institutional Invest (LON:ERM) had its underweight rating reaffirmed by analysts at HSBC. They currently have a GBX 865 ($14.20) target price on the stock.

easyJet (LON:EZJ) had its hold rating reissued by analysts at Cantor Fitzgerald Europe. They currently have a GBX 1,400 ($22.98) target price on the stock.

easyJet (LON:EZJ) had its hold rating reissued by analysts at Cantor Fitzgerald Europe. They currently have a GBX 1,400 ($22.98) price target on the stock.

easyJet (LON:EZJ) had its hold rating reiterated by analysts at Cantor Fitzgerald Europe. Cantor Fitzgerald Europe currently has a GBX 1,400 ($22.98) price target on the stock.

Facebook (NASDAQ:FB) had its overweight rating reiterated by analysts at Morgan Stanley. The firm currently has a $62.00 target price on the stock. The analysts wrote, “We expect 4Q2013 revenue and EBITDA to be about in line with to above consensus estimates, which call for growth of 48% Y/Y and 49% Y/Y, respectively,” the report noted. “Our estimates call for total revenue to increase 51% Y/Y to $2.39b and for advertising revenue of $2.16b to grow 63% Y/Y. We look for FB mobile ad revenue to comprise 51% of total advertising revenue.”

FirstEnergy Corp. (NYSE:FE) had its equal weight rating reaffirmed by analysts at Morgan Stanley. Morgan Stanley currently has a $35.00 target price on the stock. The analysts wrote, “The dividend cut after the market close yesterday was not a surprise,” the report noted. “The 35% cut was about in-line with our expectation along with that of investors. The drivers of the reduction were largely due to weak PJM gas, power, and capacity prices that have been in decline the last few years. At the current level we believe the dividend is well supported by the regulated operations at a pay-out of ~60% of utility and parent EPS over the coming years, and the implied ~4.5% yield is in the range of peers.”

GlaxoSmithKline (LON:GSK) had its hold rating reaffirmed by analysts at Panmure Gordon. Panmure Gordon currently has a GBX 1,750 ($28.73) price target on the stock.

Hochschild Mining (LON:HOC) had its neutral/neutral rating reaffirmed by analysts at Goldman Sachs Group Inc.. The firm currently has a GBX 140 ($2.30) target price on the stock.

Home Retail Group Plc (LON:HOME) had its underperform rating reaffirmed by analysts at Sanford C. Bernstein. They currently have a GBX 140 ($2.30) target price on the stock.

International Business Machines Corp. (NYSE:IBM) had its in-line rating reiterated by analysts at Morgan Stanley. The analysts wrote, “Guidance doesn’t appear conservative,” the report noted. “Despite weak 2013 results, full-year 2014 guidance bets on better execution and profit acceleration in most of IBM’s businesses. Software, Services and Financing Pre-Tax Income (PTI) needs to grow high single-digits Y/Y, compared to 3% in 2013, to hit FY14 EPS guidance of $18. We expect most of the increase to come from software but a shrinking hardware installed base, workload migration to cloud, and weaker transactional outsourcing revenue are all potential risks.”

Inmarsat (LON:ISAT) had its overweight rating reissued by analysts at JPMorgan Chase & Co.. They currently have a GBX 780 ($12.80) price target on the stock.

Mondi (LON:MNDI) had its equal weight rating reaffirmed by analysts at Barclays. Barclays currently has a GBX 1,080 ($17.73) target price on the stock.

Regions Financial Corp. (NYSE:RF) had its overweight rating reissued by analysts at Morgan Stanley. They currently have a $12.00 target price on the stock. The analysts wrote, “We estimate 5% NII growth in 2014, driven by 5% EOP loan growth (3% avg growth) and avg full year NIM up 6bps y/y,” the report noted. “Loan growth is the key reason to be long the stock, in our view. 4Q loan growth took a pause as corporates tapped capital markets over banks and RF accelerated balance sheet cleanup by transferring $686mn in Troubled Debt Restructurings (TDRs) to Held for Sale (HFS). This action helped RF reduce high-cost, low yielding loans. 4Q13 EOP loans declined -1.7% q/q as a result (roughly half this decline was due to the TDR transfer). We believe RF is poised to drive accelerating loan growth given higher commitments and rising HPI in the Southeast.”

Rightmove (LON:RMV) had its outperform rating reiterated by analysts at BNP Paribas. The firm currently has a GBX 3,200 ($52.53) price target on the stock.

Rentokil Initial (LON:RTO) had its top pick rating reissued by analysts at RBC Capital. They currently have a GBX 135 ($2.22) price target on the stock.

SABMiller (LON:SAB) had its market perform rating reissued by analysts at Sanford C. Bernstein. They currently have a GBX 3,630 ($59.59) price target on the stock.

SDL (LON:SDL) had its neutral/attractive rating reaffirmed by analysts at Goldman Sachs Group Inc.. They currently have a GBX 410 ($6.73) target price on the stock.

Sage Group Plc (LON:SGE) had its hold rating reissued by analysts at Berenberg Bank. The firm currently has a GBX 357 ($5.86) target price on the stock.

Telecity Group (LON:TCY) had its overweight rating reaffirmed by analysts at JPMorgan Chase & Co.. JPMorgan Chase & Co. currently has a GBX 1,100 ($18.06) price target on the stock.

TESCO (LON:TSCO) had its outperform rating reissued by analysts at BNP Paribas. The firm currently has a GBX 375 ($6.16) price target on the stock.

Texas Instruments Incorporated (NYSE:TXN) had its equal weight rating reissued by analysts at Morgan Stanley. The analysts wrote, “TI’s guidance was in line with ests, although commentary about the business environment was positive,” the report noted. “Specifically, the company feels better about the macro at the start of this year relative to the same time a year ago, reinforced by stronger bookings and improved backlog. Exposure to PCs (personal electronics 37% of revs, with computing about 20%) could hold back growth vs. peers, and cash return which has been above cash flow will slow down. 20x multiple of 2014 EPS largely discounts a strong environment.”

Xilinx (NASDAQ:XLNX) had its overweight rating reissued by analysts at Morgan Stanley. The firm currently has a $52.00 target price on the stock. The analysts wrote, “We and the Street were too optimistic on the December qtr, but the primary growth drivers for the stock remain intact (China LTE, 2014 improvements in industrial & wired) and we think the strength broadens from here,” the report noted. “Also encouraging were New Products which remain strong: $100mm in 28nm revenues in C4Q13 (vs. expectations for >$90mm). XLNX shares look attractive at aftermarket prices (~$46, down 4%), well below our $52 target (18x CY15 EPS of $2.54, ex cash). We continue to like the stock as we expect comm infra & industrial to grow at above trend over the next few Qs. We suspect Altera will see the same pattern of modest weakness in 4Q but growth in 1Q.”

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