Plenty of upgrades/downgrades today that should move some popular stocks including GOOG, LNKD, PCLN, JPM.
We have some earnings movers as well. $FSLR is tumbling, TGT is down post earnings, PCLN is up, and ZAGG is higher by roughly 10%
Here are this mornings upgrades/downgrades:
0837 EDT KBH
KB Home reinstated with a Buy at BofA/Merrill
Target $24.
0836 EDT GWRE
Guidewire Software price target raised to $40 from $36 at Pacific Crest
Pacific Crest increased its target on Guidewire after the company reported higher than expected Q2 EPS and provided lower than expected Q3 revenue guidance, but increased its full-year guidance. The firm has increased confidence in the company due to the acceleration in its four-quarter recurring term licenses, and it maintains an Outperform rating on the shares.
0835 EDT AUXL
Auxilium risk/reward remains favorable, says UBS
UBS continues to views Auxilium risk/reward favorable based on its growing business and potential for further indications for Xiaflex and business development. Shares are Buy rated with a $52 price target, up from $50.
0822 EDT CVX
Chevron offers best risk/reward among U.S. Majors, says Credit Suisse
Shares are Outperform rated.
0819 EDT CWH
CommonWealth REIT likely not interested in selling itself, says Stifel Nicolaus
After activist investors Corvex and Relate offered to buy CommonWealth REIT for $25 per share, Stifel thinks the offer may have been made more to persuade CommonWealth to cancel its planned equity offering than to actually acquire the REIT. The firm seriously doubts whether the REIT is interested in selling itself, and it maintains a Sell rating on CommonWealth.
0819 EDT ROC
Rockwood shares recommended at Credit Suisse
Credit Suisse continues to recommend Rockwood given expectations for further changes in the portfolio, solid fundamentals, and valuation. The firm reiterates its Outperform rating and raised its price target to $85 from $70.
0819 EDT YELP
Yelp initiated with a Hold at Wunderlich
Target $22.
0819 EDT OPEN
OpenTable initiated with a Buy at Wunderlich
Target $68.
0819 EDT LNKD
LinkedIn initiated with a Buy at Wunderlich
Target $195.
0810 EDT CRUS, AAPL
Cirrus Logic sell-off overdone, says Stifel Nicolaus
Stiffel believes that the market is pricing in a sizable decline in Cirrus' (CRUS) business at Apple (AAPL), and the firm does not expect this scenario to play out. The firm maintains a $42 price target and Buy rating on Cirrus.
0806 EDT AZO
AutoZone trends likely to normalize in Q3, says Stifel Nicolaus
After AutoZone reported that its comparative sales fell 8% year-over-year during the first two weeks of February, Stifel believes that the decline was driven by delays in income tax refunds. The firm thinks the company's underlying trends remain positive, and it predicts that the company will benefit from favorable industry dynamics in Q4. The firm maintains a $410 target price and Buy rating.
0806 EDT VRTX
Vertex continues to lead in cystic fibrosis, says William Blair
William Blair believes Vertex continues its dominating lead in cystic fibrosis research after announcing the initiation of the global Phase III development program of lumacaftor in combination with Kalydeco. The firm assigns an 80% probability of success to the program and keeps an Outperform rating on the stock with a $69 price target.
0804 EDT KALU Kaiser Aluminum initiated with a Neutral at Sterne Agee
0802 EDT JPM
JPMorgan weakness a buying opportunity, says RW Baird
Baird would be buyers of the recent weakness of JP Morgan citing confidence in its near-term earnings estimates given the company's favorable expense and capital markets commentary. Shares are Outperform rated with a $57 price target.
0802 EDT VSI
Vitamin Shoppe sell-off appears overdone, says RW Baird
Baird believes the weakness in Vitamin Shoppe following Q4 results provides a good long-term buying opportunity. The firm believes the unit growth story remains intact and that underlying earnings growth should be around 20%. Baird maintains its Outperform rating but lowered its price target to $65 from $70.
0801 EDT NUVA
NuVasive price target raised to $22 from $19 at RW Baird
Baird raised its price target on NuVasive following solid Q4 results. The firm cited reasons to expect higher revenue growth on better than expected leverage opportunities. Baird likes the risk/reward and maintains its Outperform rating.
0800 EDT AGU, MOS, POT, CF
Fertilizer weakness on corn price concerns overdone, says Goldman
Goldman said corn price correction fears have been weighing on fertilizer stocks. The firm believes fears are overdone given major grain inventories are at levels that make a recovery likely, the USDA's outlook is overly optimistic, and pent-up demand will offset incremental production. The firm continues to recommend Mosaic (MOS) and Potash (POT) given leverage to potash and phosphate exposure and believes for CF Industries (CF) will underperform due to nitrogen exposure.
0754 EDT JBHT
J.B. Hunt upgraded to Outperform from Market Perform at Avondale
Avondale upgraded J.B. Hunt based on improving intermodal volumes and pricing. Price target raised to $80 from $60.
0753 EDT EXPD
Expeditors upgraded to Outperform from Market Perform at Avondale
Avondale upgraded Expeditors due to the sell-off in shares following the Q4 report.
0748 EDT ZGNX
FDA delay on Zogenix treatment could be positive, says Wells Fargo
Wells Fargo believes that the FDA's decision to delay its decision on Zogenix's Zohydro ERs, likely for a few weeks, could be a positive sign for the company. The fact that the FDA did not issue a complete response letter or issue a three month delay suggests that it could approve the drug, according to the firm. The firm thinks the stock's risk/reward profile is positive, and it maintains an Outperform rating on the shares.
0747 EDT JAZZ
Jazz Pharmaceuticals price target raised to $88 from $81 at Brean Capital
Brean Capital raised its price target on Jazz Pharmaceuticals following better than expected full year results. The firm believes the long term studies of Erwinaze and Prialt will grow sales and provide near term catalysts for the stock. Brean also noted the in-licensing deal of a Deuterated Analog of Xyrem from Concert which extends the drug franchise. Shares are Buy rated.
0747 EDT TIVO
TiVo on strong financial footing, says Brean Capital
Brean Capital believes TiVo enters fiscal 2014 on strong footing. The firm cited Q4 results and its in-line subscriber growth and noted TiVo was cash flow positive with the exception of legal expenses. Brean expects its positive free cash flow to continue and continues to expect legal settlements could be in excess of $1 billion allowing capital to be returned to shareholders. Shares are Buy rated with a $15 price target.
0746 EDT PKG
Packaging Corp. downgraded to Hold from Buy at Argus
Argus downgraded Packaging Corp due to valuation.
0746 EDT NOK
Nokia upgraded to Buy from Hold at Argus
Argus upgraded Nokia based on stronger near-term growth prospects in mid-tier and low-end phones and signs of a sustainable margin recovery at Nokia Siemens. Price target is $6.
0745 EDT OII
Oceaneering upgraded to Buy from Neutral at Sterne Agee
Sterne Agee upgraded Oceaneering based on expectations for robust earnings and cash flow over the next several years. Price target is $75.
0744 EDT VAC
Marriott Vacations concerns overdone, says Goldman
Goldman said concerns regarding Marriott Vacation's 2013 cash flow guidance is overdone and that the story has not materially changed. The firm reiterates its Buy rating and recommends buying on weakness.
0738 EDT CBRL
Cracker Barrel valuation range raised to $72-$74 from $64-$68 at Wells Fargo
Wells Fargo increased its valuation range on Cracker Barrel after the company reported Q2 same-store sales above its peer average. The firm, however, believes that the company's valuation largely reflects its fundamental momentum and it maintains a Market Perform rating.
0734 EDT PCLN
priceline.com price target raised $825 from $770 at Goldman
Goldman continues to believe Priceline is well positioned to benefit from growing segment growth within online travel and sees risk/reward as favorable. Shares are Buy rated.
0733 EDT GLF
GulfMark Offshore sell-off on earnings miss overdone, says Citigroup
Citigroup views the post-earnings pullback in shares of GulfMark Offshore as overdone and reiterates a Buy rating on the stock with a $50 price target. Citi continues to view GulfMark Offshore as an acquisition candidate and says the factors that drove the earnings miss are temporary.
0732 EDT AH
Accretive Health results likely delayed by incentive fee issue, says Oppenheimer
Oppenheimer believes that the most likely reason for the delay of Accretive Health's results is that auditors have decided that the company should establish a reserve for incentive fees, in light of the company's dispute with Fairview Health over this issue. The firm notes that the company is confident that it will recognize the full amount of revenue from its deal with Fairview, and Oppenheimer maintains an Outperform rating on Accretive.
0730 EDT PVG
Pretium Resources initiated with a Buy at Global Hunter
Target $20.
0729 EDT LNC Lincoln National upgraded to Buy from Neutral at BofA/Merrill
0725 EDT BDBD
SunTrust would not buy Boulder Brands ahead of tomorrow's report
SunTrust expects concerns regarding Boulder Brands' patent expiration and accounting irregularities to surround the name for the near-term and would not recommend buying shares ahead of tomorrow's earnings report. Shares are Neutral rated.
0724 EDT AAPL
Apple's cash needs more than many believe, says Jefferies
Jefferies believes Apple's need for cash amid capex requirements, new subsidy models, and slowing international sales, is higher than many believe. The firm estimates Apple's capex is likely to double in the next two years, equating to roughly an additional $10B per year, due to a variety of factors. Jefferies thinks an acceleration of dividends and buybacks will provide Apple with greater strategic flexibility and value to shareholders than preferred shares over the intermediate to long term. The firm says Apple's current plan is to return $45B to shareholders in the next three years, and that it thinks the company can double that to $90B over an extended period of time. Jefferies keeps a Hold rating on Apple, saying the company could be facing a rough two-year period. Note Apple has a shareholder meeting today.
0722 EDT LNKD
LinkedIn price target raised to $200 from $160 at Evercore
Evercore believes Linkedin's multiple will expand towards its software peers driven by revenue growth, business mix, gross margins and OCF. Shares are Overweight rated.
0719 EDT FSLR
First Solar downgraded following disappointing outlook at BofA/Merrill
As previously reported, BofA/Merrill downgraded First Solar to Underperform from Neutral. The firm downgraded shares citing its disappointing outlook and mix shift towards less profitable third-party module sales. Price target cut to $25 from $35.
0715 EDT FRAN Francesca's initiated with an Outperform at Cowen
0713 EDT GOOG
Google upgraded at BofA/Merrill
As previously reported, BofA/Merrill upgraded Googleto Buy from Neutral. The firm believes Google has an opportunity to accelerate ex-FX revenue and for multiple expansion in 2H 2013 driven by the Enhanced Campaigns rollout, increased revenues from Product Listing Ads, potential Motorola product launches. As part of the upgrade the firm raised its price target to $920 from $790.
0711 EDT INN
Summit Hotel Properties 2013 outlook compelling, says Cantor
After Summit reported higher than expected Q4 adjusted FFO and provided in-line FY13 adjusted FFO guidance, Cantor thinks Summit offers a compelling combination of potential share appreciation and an attractive dividend yield. The firm maintains a Buy rating.
0709 EDT PCLN
priceline.com price target raised to $835 from $740 at JPMorgan
JPMorgan raised its price target for priceline.com citing the company's strong Q4 results and Q1 outlook. The firm believes continued bookings acceleration could drive shares higher and reiterates an Overweight rating on the stock.
0708 EDT GTE
Gran Tierra Energy upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded Gran Tierra Energy citing exploratory success in Peru and higher reserves. The firm raised its price target for shares to $9 from $7.
0706 EDT PCLN
priceline.com price target raised to $800 from $750 at Cantor
Cantor increased its target on priceline.com after the company reported higher than expected Q4 adjusted EPS. The firm thinks the company's efforts to gain market share in the Asia-Pacific and Latin American regions are paying off, but it expects margins to be pressured by higher investments over the next several quarters. The firm maintains a Buy rating on the shares.
0701 EDT OCFC OceanFirst Financial downgraded to Neutral from Buy at Sterne Agee
0657 EDT IP International Paper upgraded to Buy from Neutral at Longbow
0657 EDT RKT RockTenn upgraded to Buy from Neutral at Longbow
0656 EDT HTA Healthcare Trust initiated with a Market Perform at Raymond James
0655 EDT PBF
PBF Energy initiated with an Outperform at Raymond James
Target $45.
0653 EDT CUNB
CU Bancorp initiated with an Outperform at Raymond James
Target $14.
0653 EDT OAS Oasis Petroleum upgraded to Outperform from Market Perform at Raymond James
0653 EDT RSH RadioShack upgraded to Market Perform from Underperform at Raymond James
0647 EDT RY
Royal Bank of Canada downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Royal Bank of Canada citing valuation.
0646 EDT CM
Canadian Imperial Bank initiated with a Neutral at Citigroup
Price target C$89.
0645 EDT BMO
Bank of Montreal initiated with a Buy at Citigroup
Price target C$71.
0643 EDT NCLH
Norwegian Cruise Line initiated with an Overweight at JPMorgan
Target $36.
0643 EDT GTI
GrafTech downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded GrafTech following the Q4 report citing lack of earnings leverage.
0642 EDT SSP
E.W. Scripps downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded E.W. Scripps following the Q4 miss.
0640 EDT INVN
InvenSense downgraded to Neutral from Outperform at RW Baird
Baird downgraded InvenSense due to valuation and lack of catalysts. Price target lowered to $13 from $15.
0640 EDT MAKO
Piper remains buyer of MAKO shares following Q4 results
Piper Jaffray says MAKO Surgical's 2013 outlook indicates 29%-31% growth in the company’s robot installed base with procedure growth of 35%-40%. Piper thinks investors can again believe in the company's growth story and reiterates an Overweight rating on the stock with a $23 price target. The firm said it remains a buyer of MAKO shares following the company’s Q4 results.
0640 EDT FSLR
First Solar downgraded to Neutral from Outperform at RW Baird
Baird downgraded First Solar citing soft Q4 sales and limited visibility into 2H 2013. Price target lowered to $25 from $30. Note that BofA/Merrill also downgraded shares this morning.
0638 EDT MDRX
Allscripts upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded Allscripts as it expects new management to stabilize operations and for bookings and earrings to recover. Price target raised to $15 from $13.
0636 EDT MWE
MarkWest Energy downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse downgraded MarkWest Energy ahead of its Q4 report due to NGL price headwinds and slowing distribution growth. Price target lowered to $57 from $59.
0635 EDT HXM Homex downgraded to Underperform from Neutral at BofA/Merrill
0635 EDT JPM
JPMorgan estimates raised on reduced credit costs at Citigroup
Citigroup raised its 2013 earnings estimate for JPMorgan to $5.60 from $5.45 citing the company's new guidance for $1B of Card reserve releases in 2013. Citi believes JPMorgan's organic growth is on track following the company's investor day. The firm views JPMorgan as among the most attractively valued banks and reiterates a Buy rating on the stock with a $53 price target.
0632 EDT NUVA
NuVasive downgraded to Neutral from Buy at Mizuho
Mizuho downgraded NuVasive due to valuation.
0632 EDT EME
EMCOR Group upgraded to Buy from Hold at KeyBanc
KeyBanc upgraded EMCOR Group given strong execution, cost discipline, and stabilizing conditions. Price target is $45.
0630 EDT RNF
Rentech Nitrogen initiated with a Sector Perform at RBC Capital
Target $38.
0628 EDT ZGNX
Zogenix FDA review delay for ZoHydro not surprising, says Leerink
Leerink views the continued FDA review of Zogenix's ZoHydro for pain relief as positive since the agency could have issued a complete response letter if it wanted to follow the panel recommendation from last December. The firm believes Zogenix shares are already pricing in the worst case scenario and keeps an Outperform rating on the stock.
0626 EDT BIIB
Biogen upgraded to Buy from Hold at Canaccord
Canaccord upgraded Biogen based on increased confidence in the early Tecfidera launch due to increasing levels of patient warehousing. Price target raised to $187 from $164.
0625 EDT PCLN
priceline.com price target raised to $800 from $750 at Benchmark Co.
Benchmark Co. raised its price target for priceline.com following the company's Q4 results and keeps a Buy rating on the stock.
0623 EDT DRI Darden upgraded to Neutral from Underperform at BofA/Merrill
0622 EDT NCLH
Norwegian Cruise Line initiated with a Neutral at UBS
Target $31.
0620 EDT VRSN
VeriSign downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse downgraded VeriSign due balanced risk/reward. Price target remains $42.50.
0619 EDT EIX
Edison International upgraded to Buy from Neutral at SunTrust
SunTrust upgraded Edison International due stronger than expected Q4 results, valuation, cost reductions, and tax rate trends. price target is $51.
0618 EDT FSLR First Solar downgraded to Underperform from Neutral at BofA/Merrill
0618 EDT OAS
Oasis Petroleum downgraded to Neutral from Buy at SunTrust
SunTrust downgraded Oasis to reflect increased inventory concerns. Price target lowered to $35 from $44.
0603 EDT GOOG Google upgraded to Buy from Neutral at BofA/Merrill
0558 EDT NCLH
Norwegian Cruise Line initiated with a Neutral at Goldman
Target $29.
0558 EDT NCLH
Norwegian Cruise Line initiated with a Buy at UBS
Target $40.
0558 EDT MAKO
MAKO Surgical guidance solid, valuation reasonable, says William Blair
William Blair believes MAKO Surgical's 2013 procedure guidance is solid and largely in-line with expectations. The firm continues to believe that MAKO has developed the best robotically assisted orthopedic system on the market and finds the stock's valuation reasonable at current levels. William Blair keeps an Outperform rating on shares following the company's Q4 results.
0557 EDT GTI
GrafTech downgraded to Sell from Neutral at Goldman
Goldman downgraded GraTech due to oversupply concerns in the electrode markets as new capacity continues to be built. The firm expects reduced pricing power and margin pressure for GrafTech and reduced its price target to $5.50 from $9.
0552 EDT KCDMY
Kimberly-Clark de Mexico downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded Kimberly-Clark de Mexico citing valuation.
0550 EDT PCLN
priceline.com price target raised to $800 from $756 at Piper Jaffray
Piper Jaffray believes priceline.com reported strong Q4 results with accelerating bookings growth. The firm raised its price target for shares to $800 and maintains an Overweight rating on the name.
0546 EDT FCFS
First Cash Financial downgraded to Hold from Buy at Jefferies
Jefferies downgraded First Cash Financial citing valuation and keeps a $56 price target for shares.
0542 EDT AZ Allianz upgraded to Market Perform from Underperform at Keefe Bruyette
0541 EDT NCLH
Norwegian Cruise Line initiated with an Outperform at Wells Fargo
