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Investment Analysts’ ratings reiterations for Friday, August 1st:

Audience (NASDAQ:ADNC) had its hold rating reiterated by analysts at Deutsche Bank. Deutsche Bank currently has a $9.00 target price on the stock, down from their previous target price of $15.00. The analysts wrote, “Light print and significant guide-down. Audience reported Q2 revenues of $37.5m, below our estimate of $39.0m and consensus of $38.5m. Pro-forma EPS was ($0.10), above our estimate of ($0.11) and consensus of ($0.12). The company expects Q3 revenue to be in the range of $25 to $28m, well below our estimate of $44m and consensus of $41m. Non-GAAP EPS is forecast to be ($0.37) to ($0.43), well below our estimate of ($0.03) and consensus of $0.05. Until we see customer diversity, we think it will continue to be a struggle for the company. As a result we maintain our Hold rating and lower our price target from $9 to $7.”

Automatic Data Processing (NASDAQ:ADP) had its hold rating reaffirmed by analysts at Deutsche Bank. Deutsche Bank currently has a $80.00 target price on the stock, up from their previous target price of $71.00. The analysts wrote, “Dealer spin-off to provide EPS accretion. ADP reported revenues of $3.07bn (10% Y/Y) and EPS of $0.63 compared to our est. of $3.03bn (8% Y/Y) and $0.63. Solid momentum in Employer Services (ES) and PEO partially offset by weaker than expected Dealer services. Positively, interest on funds held for clients is expected to turnaround in FY15 ($5-$15m Y/Y growth vs. $48m Y/Y decline in FY14) which will drive margin expansion and ADP has guided to 75-100bps of margin expansion in FY15 (compared to flat in FY14). The company expects 11 – 13% EPS growth in FY15 with further upside from the divestiture of dealer services. Accordingly, we are raising our FY15 EPS by $0.06 to $3.52 and introducing our FY16 EPS of $3.88. Maintain Hold.”

ARMOUR Residential REIT (NYSE:ARR) had its hold rating reaffirmed by analysts at Deutsche Bank. Deutsche Bank currently has a $4.40 target price on the stock, up from their previous target price of $4.20. The analysts wrote, “Increasing target by 20c to $4.40 per share; Maintain Hold. ARR reported mixed 2Q results, as adjusted core EPS of 13c were 3c below our estimate while BVPS increased 5% to $4.90. During 2Q, ARR completed repositioning its portfolio into shorter duration MBS by selling $1.2b of 30-year fixed rate securities. Given the portfolio at 6/30 and a decrease to our leverage and spread assumptions, we are trimming our 2H14 and 2015 core EPS estimates. We are increasing our target by 20c to $4.40 per share given the BV increase. Maintain Hold.”

Armstrong World Industries (NYSE:AWI) had its buy rating reaffirmed by analysts at Deutsche Bank. They currently have a $59.00 price target on the stock, down from their previous price target of $64.00. The analysts wrote, “Entering 2014, we expected commercial construction recovery to gain momentum during the year; instead, so far it has continued to sputter forward making only marginal progress. We do expect commercial construction recovery to continue but as an investment theme it is now more of a 2015 theme rather than one for 2014, in our view. There is still tremendous upside potential for Armstrong as commercial construction levels normalize; however, we are flattening out our recovery trajectory, reducing estimates and target price. The risk/reward of Armstrong’s stock merits a Buy, but it will also require some patience from investors.”

Becton, Dickinson and (NYSE:BDX) had its hold rating reissued by analysts at Morgan Stanley. The firm currently has a $123.00 price target on the stock, up from their previous price target of $119.00. The analysts wrote, “BD continues to deliver though valuation mostly captures prospects. BD’s F3Q14 sales and EPS came in slightly ahead of Consensus expectations though the company maintained its FY14 guidance. Becton has had fairly consistent results over the past several quarters and we believe constant currency sales growth of 4.5%-5.0% is sustainable. With operating margin expansion and tax rate management, we expect BDX to sustain a double-digit EPS growth profile. While we like the fundamental prospects for the company, we believe the relative valuation does mostly reflect it. We maintain our Hold rating.”

Ball (NYSE:BLL) had its hold rating reaffirmed by analysts at Deutsche Bank. The firm currently has a $62.00 target price on the stock, up from their previous target price of $60.00. The analysts wrote, “Clean Q2 beat drive by Europe and Aerospace: Modestly adj. estimates & PT. Adj. EPS of $1.13 vs. DB @ $1.02 and consensus @ $1.03. Adj. EBIT of $265M vs. DB @ $255M. Q2’13 EBIT = $226M. Relative to our model, the beat owes to better-than-expected operating performance ($0.05) driven by strength in Metal Bev Europe and Aerospace, as well as lower corp. expense. A lower tax rate also helped vs. our model ($0.02). Beverage demand trends encouraging: Ball noted strong demand in NA (beer/specialty cans) and double-digit gains y/y in China and Brazil. Europe volumes were up mid-single-digits. We are modestly raising estimates due to the Q2 beat Maintain Hold.”

BorgWarner (NYSE:BWA) had its hold rating reaffirmed by analysts at Deutsche Bank. The firm currently has a $60.00 price target on the stock, down from their previous price target of $63.00. The analysts wrote, “BWA reported Q2 EPS, ex-restructuring, of $0.89 vs. our $0.83 & cons of $0.87. We’d note that excluding a $0.02 EPS benefit from foreign currency results were in-line with consensus. Nevertheless, operating results were very strong in the quarter. While organic revenue growth of 8.4% was in-line with our estimate, operating margin of 13.5% was well ahead our 12.7% est, as was incremental margin of 31% vs. our 19.5% estimate, driven by continued strong cost performance and operational execution. We continue to be impressed by BorgWarner’s operational performance but maintain our hold rating based on valuation.”

Boyd Gaming (NYSE:BYD) had its hold rating reiterated by analysts at Deutsche Bank. Deutsche Bank currently has a $9.00 target price on the stock, down from their previous target price of $11.00. The analysts wrote, “While low expectations have again been lowered and the challenges facing regional markets are again brought loudly front and center, we find current valuation, largely supported by a lofty free cash flow to equity yield, provide support. That said, given what we assume will be 3-5% negative estimate revision to Consensus forecasts on a levered equity, we expect shares to come under pressure in the near term. We have lowered our price target to $9 from $11 on lower 2014 and 2015 EBITDA. Our Hold rating is unchanged. Maintain Hold.”

CDW Corp (NASDAQ:CDW) had its buy rating reissued by analysts at Deutsche Bank. Deutsche Bank currently has a $34.00 price target on the stock, up from their previous price target of $32.00. The analysts wrote, “PCs and Public drive upside. CDW reported solid results driven by PCs, robust Public demand and good OpEx control. Sales grew 12% Y/Y led by healthy growth in Education, Healthcare and Small Business, while the U.S. Federal vertical returned to growth. We continue to expect CDW to benefit from improving growth in U.S. IT spending and believe the company’s portfolio is well positioned in new growth areas. We have adjusted our estimate and raised our PT to $34 from $32, driven by a higher P/E justification; maintain Buy.”

Tableau Software (NYSE:DATA) had its buy rating reiterated by analysts at Deutsche Bank. The firm currently has a $80.00 target price on the stock, up from their previous target price of $75.00. The analysts wrote, “Heading into Tableau’s 2Q, the topic of interest was the likely size of the beat and where buy-side expectations were. In our view, Tableau exceeded this bar, posting 82% revenue growth to $91 million, well above the $75-$80 million guide, and 80% license growth to $60 million, well above our $50 million estimate. Tableau achieved this while posting 8% non-GAAP operating margins and 20% OCF margins, an impressive performance relative to Tableau’s 50%+ growth peers. Tableau raised its 2014 revenue guidance to $366-$372 million (up 60% at the high end) from $340-$350 million and its non-GAAP operating margin to $5-$10 million from ‘flat to negative $10 million’. Buy.”

Enterprise Products Partners L.P. (NYSE:EPD) had its positive rating reiterated by analysts at Deutsche Bank. The analysts wrote, “This morning EPD reported 2Q’14 ebitda of $1.243 billion, up 13% from year ago levels. This exceeded our estimate of $1.215 billion and consensus of $1.235 billion. The distribution coverage of 1.4x was inline with our estimate. In the quarter, the stronger than expected performances at the Petrochemical Services were offset by decline in the NGL Marketing due to lower margins and downtime at the terminals and decline in the Crude Oil Marketing driven by narrowing crude differentials. Maintain Buy.”

LinkedIn Corp (NYSE:LNKD) had its buy rating reissued by analysts at SunTrust. The firm currently has a $225.00 target price on the stock, down from their previous target price of $240.00.

Grand Canyon Education (NASDAQ:LOPE) had its buy rating reaffirmed by analysts at Deutsche Bank. The firm currently has a $50.00 price target on the stock, up from their previous price target of $49.00. The analysts wrote, “Growth continues to outpace target. Grand Canyon reported another Q of positive start growth and +13% total enrollment growth vs +10% guidance. Online grew 11% vs plan for +6-8%. 2Q EPS of $0.49 beat our $0.46, the Street’s $0.45, and was 4 cents better than guidance ex lower tax & share count. We raise 3Q14 from $0.55 to $0.56 (Street $0.53) and ’15 by 2% from $2.45 to $2.50 (Street $2.44). Our Buy reflects our expectation for ongoing enrollment growth and positive, albeit moderating, margin expansion.”

MaxLinear (NYSE:MXL) had its buy rating reissued by analysts at Deutsche Bank. The firm currently has a $13.00 target price on the stock, up from their previous target price of $12.00. The analysts wrote, “2Q beat but slight miss in 3Q. MXL delivered strong 2Q results beating on all metrics. The 3Q guide was slightly softer due to a pause in cable. We view this pause as temporary and have increased confidence in the strength of MXL’s satellite ramp beginning in 4Q and continuing ramp in 2015. Consequently with strong product cycles in satellite and cable, we raise our estimates, reiterate our Buy rating and raise our PT to $13.”

Quintiles Transnational Holdings (NYSE:Q) had its hold rating reaffirmed by analysts at Deutsche Bank. Deutsche Bank currently has a $57.00 target price on the stock, up from their previous target price of $54.00. The analysts wrote, “Quintiles reported Q2 results that beat expectations, but non-op items and bookings weighed on shares. EPS of $0.65 beat our estimate and consensus of $0.62 and $0.61, respectively. Relative to our forecast, 1.5c was from better than expected operating margins and 1.5c from investment gains, with FX a tailwind to ops. Total book to bill was 1.19x, benefiting from strength in IHS at 1.42x but offset by PDEV at 1.11x. PDEV was impacted by higher than normal cancellations, with new business down slightly y/y. Management raised 2014 EPS guidance to $2.57 – $2.67, an increase of 11c at the midpoint. We maintain our Hold rating on Q shares on valuation.”

Royal Dutch Shell Plc (LON:RDSA) had its outperform rating reaffirmed by analysts at RBC Capital. The firm currently has a GBX 2,700 ($45.85) target price on the stock.

Web.com Group (NASDAQ:WWWW) had its hold rating reaffirmed by analysts at Deutsche Bank. The firm currently has a $21.00 price target on the stock, down from their previous price target of $30.00. The analysts wrote, “We reduce our estimates and target multiples on WWWW reflecting the blowup of a legacy segment that we did not know existed. The M&A rollup risks that have always underpinned the bear case came to life this quarter with the shutdown of $20M of revenue and a couple million in EBITDA ‘legacy business’ serving a handful of Fortune 500 companies. In addition, FOTS – which seemed to have a rosy financial profile for a new initiative in a challenging space – is now tracking below expectations. This may call into question low-teens revenue growth ambitions for some time. This plus reduced visibility warrants lower multiples.”

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