Analysts’ Ratings Reiterations for May, 28th (AAPL, ALLE, BCRX, COV, CVS, GMS, ISRG, JKS, MTOR, PLD)
Apple (NASDAQ:AAPL) had its outperform rating reissued by analysts at Bernstein. The firm currently has a $700.00 price target on the stock, up from their previous price target of $615.00.
Allegion PLC (NASDAQ:ALLE) had its in-line rating reissued by analysts at ING Group. The firm currently has a $57.00 price target on the stock.
BioCryst Pharmaceuticals (NASDAQ:BCRX) had its positive rating reiterated by analysts at Bank of America. The analysts wrote, “As we had expected, BCRX announced positive proof of concept data for its oral kallikrein inhibitor, ’4161 in HAE prophylaxis. HAE attack rate/week was reduced by 35% (0.82 vs. pbo of 1.27, p<0.001), which fell short of Cinryze’s 52% reduction in ph 3 (12 wk study) but we note differences in study design and duration (four weeks for BCRX). While compliance was 98% with four oral pills taken 3x/day, we believe the clinical trial setting and short four week duration allowed for higher compliance than likely seen in a real world setting. “We raised our prob. of both US and ex-US approvals to 50% (from 35%), but lowered our peak WW patient estimates from 1750 to 1500 based on our view that ’4161′s efficacy is modest, could trend lower with lower compliance, and has significant patient-to-patient variability (below). These changes raised our PO to $9 (from $8). We continue to see potential for significant upside if one of BCRX’ next generation one pill once/day candidates shows better bioavailability. BCRX plans to commence the OPuS-2 phase 2b trial later in 2014.”
Covidien plc (NYSE:COV) had its overweight rating reissued by analysts at Morgan Stanley. The firm currently has a $79.00 price target on the stock, up from their previous price target of $75.00. The analysts wrote, “Several dynamics increase our confidence that the upcoming EPS inflection is sustainable. Heading into F2H14 and FY15, the device tax has anniversaried, investments in emerging markets should come down, FX pressures should fade and restructuring savings should build. Our 10% EPS growth is driven by 4.5% organic sales growth, 30 bps of operating leverage (120 bps of EPS growth), and share repurchases (300 bps of EPS growth). “While repurchases may come in below our model, there is upside to margins as scale in EM and restructuring progress could combine for 60 bps of leverage, and tax liability settlements could lower the tax rate. We are less bullish on sales acceleration and model 4-4.5% organic growth through FY17.”
CVS Caremark (NYSE:CVS) had its overweight rating reaffirmed by analysts at Morgan Stanley. The firm currently has a $80.00 target price on the stock. The analysts wrote, “We are hosting CVS’s CFO Dave Denton on Thursday 5/29 at 1pm as part of our CEO/CFO conference call series. On the call we will discuss key investor debates, highlighted below.”
Gulf Marine Services PLC (LON:GMS) had its neutral rating reiterated by analysts at JPMorgan Chase & Co..
Intuitive Surgical (NASDAQ:ISRG) had its strong-buy rating reissued by analysts at ISI Group.
JinkoSolar Holding Co. (NYSE:JKS) had its buy rating reaffirmed by analysts at ING Group.
Meritor (NASDAQ:MTOR) had its positive rating reaffirmed by analysts at Morgan Stanley. The analysts wrote, “We believe MTOR can hit its 10% target for FY16, if macro, esp. in emerging markets co-operate. Modeling in this higher level of confidence takes our FY14 EPS to $0.55 and FY16 to $1.45 and our PT to $15. MTOR trades at 6.5x FY15 EV/EBITDA vs. CV peers at >7x and 10x normalized EPS of around $1.50. At the current price, we do not believe the stock even fully prices in the fundamental story, let alone any potential upside from the litigation outcome.”
Prologis (NYSE:PLD) had its underperform rating reaffirmed by analysts at Imperial Capital. Imperial Capital currently has a $30.00 price target on the stock. They noted that the move was a valuation call. The analysts noted that the move was a valuation call.
Ship Finance International (NYSE:SFL) had its equal weight rating reissued by analysts at Morgan Stanley. They currently have a $19.00 price target on the stock, up from their previous price target of $18.00. The analysts wrote, “1Q14 marginally better than expected. SFL reported operating EPS of $0.33 vs our $0.29 estimate and $0.32 of consensus. Group fix revenue, including vessels under capital leases, came in at $148m, 5% above our estimates with the tanker segment outperforming our forecast. Group EBITDA came in at $114m, 7% above our estimate, while an additional $12m was earned from the cash sweep of the FRO tankers. SFL raised its quarterly dividend by $0.01/sh to $0.41/sh, offering an 8.8% yield.”
Spirit Realty Capital, Inc (New) (NYSE:SRC) had its equal weight rating reissued by analysts at Morgan Stanley. The firm currently has a $12.00 price target on the stock, up from their previous price target of $11.00. The analysts wrote, “SRC’s recent capital activity provides options to reduce its high Shopko concentration which has been a concern among investors. Our new SOTP drives our $12 PT, and we are now incrementally more positive on the stock but remain Equal-weight given better risk-reward elsewhere.”
Shutterstock (NYSE:SSTK) had its outperform rating reiterated by analysts at RBC Capital. RBC Capital currently has a $90.00 price target on the stock.
Tullow Oil plc (LON:TLW) had its buy rating reaffirmed by analysts at Galvan Research.
Tesla Motors (NASDAQ:TSLA) had its overweight rating reaffirmed by analysts at Morgan Stanley. The firm currently has a $320.00 price target on the stock. The analysts wrote, “Tesla aside, the auto industry’s push into EVs has fallen far short of expectations. Just a few years ago, forecasts for global EV penetration were as high as 5 or 10% by 2020. From today’s perspective, we think penetration in the 1% range would be respectable. “Fiat-Chrysler CEO Sergio Marchionne recently said he loses $14,000 on every Fiat 500e, adding “I hope you don’t buy it.” Chevrolet Volt sales are down 7% YTD despite attractive leases. The Ford Focus EV accounted for 0.07% of Ford’s 1Q US volume. Other OEMs including Renault-Nissan, PSA and Toyota have de-emphasized or significantly scaled-back their EV sales targets.”
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