Stock Analysts’ Updated EPS Estimates for September, 22nd (ABB, ADBE, ATW, BEI, BSY, CAT, CHU, COLL, COLM, CORR)
ABB (NYSE:ABB) had its sell rating reaffirmed by analysts at Goldman Sachs Group Inc..
Adobe Systems (NASDAQ:ADBE) was upgraded by analysts at Zacks Investment Research from a hold rating to a buy rating. They currently have $121.00 price target on the stock. According to Zacks, “Adobe’s third quarter earnings exceeded the Zacks Consensus Estimate backed by strong adoption of creative cloud and Marketing Cloud tools. Also, management gave an encouraging guidance for the upcoming quarter. We remain optimistic about Adobe’s market position, compelling product lines, continued innovation, solid adoption of Creative Cloud and Adobe marketing cloud and strong balance sheet. Also, its acquisition of Livefyre will give advertisers and publishers more abilities to produce personalized campaigns, expanding Adobe offerings. However, end-market recovery appears slow which remains a matter of concern.”
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Atwood Oceanics (NYSE:ATW) was upgraded by analysts at Clarkson Capital from a sell rating to a neutral rating.
Beiersdorf AG (ETR:BEI) had its sell rating reiterated by analysts at JPMorgan Chase & Co..
Sky Plc (LON:BSY) had its buy rating reiterated by analysts at Goldman Sachs Group Inc..
Caterpillar (NYSE:CAT) had its hold rating reiterated by analysts at Jefferies Group. They currently have a $72.00 price target on the stock.
China Unicom (NYSE:CHU) was upgraded by analysts at Goldman Sachs Group Inc. from a neutral rating to a conviction-buy rating.
Collegium Pharmaceutical (NASDAQ:COLL) had its buy rating reissued by analysts at Jefferies Group.
KeyCorp started coverage on shares of Columbia Sportswear (NASDAQ:COLM). KeyCorp issued a sector weight rating on the stock.
DA Davidson assumed coverage on shares of CorEnergy Infrastructure Trust (NYSE:CORR). DA Davidson issued a buy rating on the stock.
BMO Capital Markets began coverage on shares of Callon Petroleum (NYSE:CPE). The firm issued an outperform rating on the stock.
Roth Capital assumed coverage on shares of Fate Therapeutics (NASDAQ:FATE). The firm issued a buy rating on the stock.
First Cash Financial Services (NASDAQ:FCFS) had its buy rating reaffirmed by analysts at Jefferies Group. They currently have a $60.00 target price on the stock.
FedEx Corp. (NYSE:FDX) was upgraded by analysts at Zacks Investment Research from a sell rating to a hold rating. According to Zacks, “FedEx Corporation reported better-than-expected earnings and revenues in the first quarter of fiscal 2017. The top line and bottom line also improved year over year. The outperformance was supported by strong sales at the company’s express, ground and freight divisions as well as inclusion of the results of TNT Express, acquired in this May year. Including the impact of the TNT Express buyout, the company expects fiscal 2017 earnings in the band of $10.85–$11.35 per share, on an adjusted basis. We expect FedEx’s strong product portfolio to support its guidance. We are also encouraged by the company’s decision to hike its quarterly dividend payout earlier in the year. During the quarter, FedEx incurred significant costs toward TNT Express integration and Outlook restructuring program. Apart from the costs, competitive threats, legal hassles and pension headwinds are likely to pose challenges going forward.”
Craig Hallum began coverage on shares of FormFactor (NASDAQ:FORM). The firm issued a buy rating on the stock.
Bitcoin Investment Trust (OTC:GBTC) was downgraded by analysts at Needham & Company LLC from a buy rating to a hold rating.
Berenberg Bank assumed coverage on shares of Gilead Sciences (NASDAQ:GILD). They issued a buy rating on the stock.
Henkel AG & Co KGaA (FRA:HEN3) had its sell rating reiterated by analysts at JPMorgan Chase & Co..
Hudson Pacific Properties (NYSE:HPP) had its positive rating reissued by analysts at Bank of America Corp..
Imperial Oil Limited (NYSEMKT:IMO) was upgraded by analysts at Raymond James Financial Inc. from a market perform rating to an outperform rating.
Jabil Circuit (NYSE:JBL) was downgraded by analysts at Needham & Company LLC from a buy rating to a hold rating.
Lennar Corp. (NYSE:LEN) was downgraded by analysts at Zacks Investment Research from a hold rating to a sell rating. According to Zacks, “Lennar maintained its strong second-quarter performance in the third as well, beating the Zacks Consensus Estimate for both earnings and sales. Earnings increased 5.2% year over year driven by strong revenues and improved SG&A leverage. Revenues also grew 13.7% year over year buoyed by strong revenues. The company is one of the best positioned homebuilders to capitalize on the housing recovery, courtesy of the diverse revenue mix, steady top-line performance, above-average order growth and improving SG&A leverage. Moreover, the company’s ancillary platforms — Rialto, Multi-Family, FivePoint and Financial Services — are evolving and should improve further. However, labor shortage, gross margin compression due to rising land and labor costs and sales slowdown in Houston might keep the housing momentum in check in the remainder of 2016. Even, Lennar cut its gross margin forecast for the fourth quarter owing to rising costs.”
L’Oreal SA (OTCMKTS:LRLCY) had its neutral rating reissued by analysts at JPMorgan Chase & Co..
Nestle SA (VTX:NESN) had its buy rating reiterated by analysts at JPMorgan Chase & Co..
NiSource (NYSE:NI) was downgraded by analysts at Zacks Investment Research from a buy rating to a hold rating. According to Zacks, “NiSource Inc.’s consistent investments to further strengthen its infrastructure and in its regulated operations will continue to drive its results. NiSource’s regulated business model provides visibility to its forward earnings. The company's strong liquidity position and improving credit rating will allow it to obtain additional funds at cheaper costs. However, despite investing in upgrade programs, NiSource faces the risk of disruption in operation from its ageing infrastructure. Further, delays in completion of projects increase capital costs and stretch the time limit of NiSource’s expected benefit from these projects.”
Nike (NYSE:NKE) was upgraded by analysts at Zacks Investment Research from a sell rating to a hold rating. According to Zacks, “Nike’s customer-centric approach, innovative products and strong portfolio has helped strengthened its position in the footwear and athletic apparel industry. The company also continues to seek opportunities for increasing its market share via acquisitions, contracts to supply sports-related assortments, and development of its eCommerce and DTC business model. Nike’s strategic initiatives are well reflected from its positive earnings surprise streak over the past 16 straight quarters. However, top line has been missing estimates for quite some time due to adverse currency movements. Evidently, the company expects lingering currency woes to strongly hurt revenues in first-half fiscal 2017. Also, the company’s future orders witnessed a considerable slowdown and lagged expectations in the fourth quarter due to stiff competition from rivals. Estimates have been stable ahead of the company’s first-quarter earnings release.”
Park Group plc (LON:PKG) had its buy rating reiterated by analysts at Arden Partners Ltd.
Pearson PLC (NYSE:PSO) was downgraded by analysts at BNP Paribas from an outperform rating to a neutral rating.
Reckitt Benckiser Group PLC (OTCMKTS:RBGLY) had its neutral rating reissued by analysts at JPMorgan Chase & Co..
Royal Caribbean Cruises (NYSE:RCL) was upgraded by analysts at Zacks Investment Research from a sell rating to a hold rating. According to Zacks, “Royal Caribbean is expected to deliver solid results going forward, backed by strong booking trends, technological innovation, capacity growth and various profit-generating initiatives. The company’s North American products and Asia itineraries are likely to continue performing well as has been the case over the past few quarters. Also, the company’s decision to invest in the fast-growing Chinese cruise markets is commendable. Royal Caribbean recently hiked its quarterly dividend by 28%, thus reflecting its financial stability and substantial profitability. However, higher marketing and promotional spend, along with increased cruise costs, might hurt margins in the near term. Further, despite the growth opportunities, lingering global uncertainties in China and Europe is likely to impact the company’s international profits. The negative impact of the foreign currency translation on the company’s profits is another concern.”
Red Hat (NYSE:RHT) had its neutral rating reissued by analysts at Jefferies Group. The analysts wrote, “RHT reported strong F2Q results on the back of large deals, as billings proxy of +20% exceeded the Street’s +16%. More importantly, New Subscription ACV (new business) grew 26% yoy, continuing solid momentum of the prior four periods. The only shortfall was cash flow, which is only partially explained by large deals typically signed at the end of the quarter.””
Shutterfly (NASDAQ:SFLY) had its hold rating reissued by analysts at Jefferies Group. The firm currently has a $55.00 price target on the stock. The analysts wrote, “Amazon released Amazon Prints, a service for Amazon users to print photos and photo books directly from Amazon Photos. Market reaction has been markedly negative for SFLY following the announcement, but it is unclear to us the immediate impact on SFLY’s business.””
Northland Securities began coverage on shares of Sundance Energy Australia (NASDAQ:SNDE). The firm issued an outperform rating on the stock.
Steel Dynamics (NASDAQ:STLD) had its overweight rating reaffirmed by analysts at Barclays PLC.
Syntel (NASDAQ:SYNT) was downgraded by analysts at Barrington Research from an outperform rating to a market perform rating.
TCP Capital Corp. (NASDAQ:TCPC) had its buy rating reissued by analysts at National Securities. The firm currently has a $17.00 target price on the stock. The analysts wrote, “$140 Million Convertible Notes Offering: TCPC (TCP Capital Corp.) issued $140 million (including overallotment) of 4.625% convertible notes due March 2022. The notes do not automatically convert above NAV as the ones sold to CNO financial this year did. Rather, the notes initially convert at 54.5019 shares per $1,000 of par (or $18.35/share). This represents a 25% premium to the 6/30/16 NAV/share. We expect that TCPC will pay down its operating company facility entirely and will pay down $70.0 million of its funding facility. These actions, combined with the $35.3 million of equity sold in a private placement plus our expectations of further SBA (Small Business Administration) debentures issuance will permit portfolio growth to continue through the remainder of 2016 with regulatory D/E (excluding SBA debentures) estimated to finish the year at 0.64x. The all-in cost of funds will likely increase to 3.81% for 2016 and 3.91% in 2017 from 3.36% in 2015. Floating rate funding for TCPC would fall to 42.7% in 4Q16 and 45.9% in 4Q17 from 70.4% in 4Q15 under our assumptions. We continue to expect robust portfolio growth through the next six quarters. We are revising our 2016 NII/share estimate from $1.55 to $1.53 and our 2017 NII/share estimate from $1.71 to $1.69. Our $17 price target implies an estimated 2017 P/NII (Price/NII) of 10.1x, dividend yield of 8.5%, and P/NAV (Price/NAV) of 1.11x compared to the BDC sector averages of 9.1x, 10.4%, and 0.90x, respectively. “
TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) was upgraded by analysts at Compass Point from a neutral rating to a buy rating.
Tesoro Corp. (NYSE:TSO) was upgraded by analysts at Zacks Investment Research from a sell rating to a hold rating. According to Zacks, “Tesoro is one the largest independent oil refiners in the U.S. A major advantage for the company is the scale and diversification benefits offered by its portfolio of 7 refineries. We also like TSO's solid long-term competitive position on the supply constrained California market. We view Tesoro's recent acquisition of biorenewables producer Virent as positive, as it will help the downstream operator to develop cleaner fuels – by commercializing the latter's renewable energy technology – and reduce compliance costs. However, we remain worried by the compression in refining margins toward more normal levels. Following a prolonged period of high differentials, crack spreads are set to weaken, which will lead to deteriorating near-term earnings and cash flows. Therefore, while being incrementally more positive on TSO, we would advise investors to wait for a better entry point before buying shares in the company.”
Goldman Sachs Group Inc. started coverage on shares of Domtar Corp. (NYSE:UFS). Goldman Sachs Group Inc. issued a neutral rating and a $40.00 price target on the stock.
Unilever plc (NYSE:UL) had its buy rating reaffirmed by analysts at JPMorgan Chase & Co..
Unilever (NYSE:UN) had its buy rating reiterated by analysts at JPMorgan Chase & Co..
USG Corp. (NYSE:USG) had its hold rating reissued by analysts at Jefferies Group. The firm currently has a $29.00 target price on the stock.
Vivendi SA (OTCMKTS:VIVHY) had its buy rating reiterated by analysts at JPMorgan Chase & Co..
Zalando Se Npv (NASDAQ:ZLDSF) had its buy rating reaffirmed by analysts at Deutsche Bank AG.
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