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24/7 Wall St. Top Analyst Upgrades & Downgrades Of The Week

Administrator — Sat, 28 Apr 2012 11:01:49 +0000

This last week had many top analyst calls, but each week we review all of the calls looking for those which were very bold calls or that go against the grain. These make up the Top Analyst Calls of the Week.

The standout research calls this last week were in the following stocks: ABB Ltd. (NYSE: ABB); Allison Transmission Holdings, Inc. (NYSE: ALSN); Amazon.com Inc. (NASDAQ: AMZN); Apple Inc. (NASDAQ: AAPL); CafePress Inc. (NASDAQ: PRSS); Chipotle Mexican Grill, Inc. (NYSE: CMG); Demandware, Inc. (NYSE: DWRE); Hess Corporation (NYSE: HES); Infosys Ltd. (NASDAQ: INFY); McDonald’s Corporation (NYSE: MCD); SanDisk Corporation (NASDAQ: SNDK); Wal-Mart Stores Inc. (NYSE: WMT); Zynga, Inc. (NASDAQ: ZNGA); Seagate Technology PLC (NASDAQ: STX); Western Digital Corporation (NYSE: WDC); Banco Santander (NYSE: STD); and Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA).

We have outlined a summary of each call and added in color on each to show why (and if) the analysts made calls worth watching.

ABB Ltd. (NYSE: ABB) is about to see a drop due to its ex-dividend date and we saw two simultaneous downgrades after an acquisition strategy was outlined this last week. On Thursday ABB shares were downgraded to Neutral at JPMorgan and they were also removed from he coveted Conviction Buy List but maintained as a ‘Buy’ over at Goldman Sachs. This one lost about 5% from earlier in the week by the time Friday’s close came around.

Allison Transmission Holdings, Inc. (NYSE: ALSN) saw its quiet period end on Tuesday. Shares recovered on Friday due to stronger numbers elsewhere but the stock had been weak after the coverage started. We saw the following initiations: Started as Outperform at Baird; Started as Neutral at Citigroup; Started as Neutral at Credit Suisse; Started as Neutral at Goldman Sachs; Started as Neutral at J.P. Morgan; and Started as Hold at KeyBanc Capital Markets.

Amazon.com Inc. (NASDAQ: AMZN) was a Johnny Come-Lately call where several analysts decided all at once that they had to upgrade the online retail giant after it blew out its earnings: Raised to Buy at BofA/ML; Raised to Buy at Goldman Sachs; Raised to Buy at Nomura; Raised to Buy at SunTrust Robinson Humphrey.

Apple Inc. (NASDAQ: AAPL) blew the door off the hinges this last week with earnings. While it was already rated and effective buy rating, the new street-high official target is $1,111 and that will make it the first company worth more than $1 trillion by market cap if it comes true. This newest street-high call came from Topeka Capital Markets’ Brian White this last Wednesday.

CafePress Inc. (NASDAQ: PRSS) saw its quiet period end this last week and these are the calls we saw for analyst initiations: Started as Buy at Janney; Started as Outperform at Raymond James; and Started as Overweight at J.P. Morgan. The initiations being positive did not help the shares.

Filed under: Analyst Calls, The Week Tagged: AAPL, ABB, ALSN, AMZN, BBVA, CMG, DWRE, HES, INFY, MCD, PRSS, SNDK, STD, STX, WDC, WMT, ZNGA

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Paul Ausick — Thu, 26 Apr 2012 20:06:31 +0000

Markets opened a few ticks lower this morning after a poor report on new claims for unemployment benefits in the US (our coverage here). The report that pending home sales jumped 4.1% lit a fire under investors and pushed equities higher (our coverage here). The EIA report on natural gas supplies held gas prices higher although they’ve dropped back by late afternoon (our coverage here). Yields on 7-year US Treasury notes were at a record low following Fed Chairman Ben Bernanke’s clarification of what “exceptionally low” interest rates mean (our coverage here). The US dollar index fell today, now down -0.17% at 78.932. The GSCI commodity index is up 0.04% at 677.57, with commodities mixed on the slightly weaker dollar. WTI crude oil closed up 0.4% at $104.55/barrel, and Brent crude trades up 0.65% at $119.89/barrel. Gold settled up 1.1% today, at $1,660.50/ounce.

The unofficial closing bells put the DJIA up nearly 114 points to 13,204.70 (0.87%), the NASDAQ rose nearly 21 points (0.69%) to 3,050.61, and the S&P 500 rose 0.67% or more than 9 points to 1,399.99.

There were several analyst upgrades and downgrades today, including General Dynamics Corp. (NYSE: GD) cut to ‘equal-weight’ at Morgan Stanley; ABB Ltd. (NYSE: ABB) cut to ‘neutral’ at JPMorgan; Harley-Davidson Inc. (NYSE: HOG) raised to ‘overweight’ at Barclays; ConocoPhillips (NYSE: COP) raised to ‘neutral’ at Macquarie; and Sprint Nextel Corp. (NYSE: S) maintained as ‘hold’ at Argus.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Alcatel-Lucent S.A. (NYSE: ALU) is down -16.9% at $19.71 (our coverage here); Altria Group Inc. (NYSE: MO) is up 0.9% at $31.96 (our story here); Pepsico (NYSE: PEP) is down -0.3% at $66.44 (our story here); Tellabs Inc. (NASDAQ: TLAB) is down -5.1% at $3.83 (our coverage here); Exxon Mobil Corp. (NYSE: XOM) is down -0.8% at $86.13 (our coverage here); Aetna Inc. (NYSE: AET) is down -8.4% at $45.22; Bristol-Myers Squibb Co. (NYSE: BMY) is down -1.7% at $33.72; Bunge Ltd. (NYSE: BG) is down -2.6% at $65.69; JetBlue Airways Corp. (NASDAQ: JBLU) is down -0.1% at $4.64; Liz Claiborne Inc. (NYSE: LIZ) is up 9.4% at $13.87; Mead Johnson Nutrition Co. (NYSE: MJN) is up XX% at $XX; Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) is up 4% at $86.38 after posting a new 52-week high of $87.26n earlier today; Safeway Inc. (NYSE: SWY) is down -2.8% at $21.00; Stillwater Mining Co. (NYSE: SWC) is down -4.6% at $10.69; TASER International Inc. (NASDAQ: TASR) is up 5.7% at $4.39; United Parcel Service Inc. (NYSE: UPS) is down -1.8% at $78.25; and Yandex N.V. (NASDAQ: YNDX) is down -5% at $23.31.

Other standouts from today include the following stocks:

Inergy L.P. (NYSE: NRGY) is up 17% at $19.71. The company is being acquired by Suburban Propane Partners LP (NYSE: SPH). More coverage here.

Leap Wireless International Inc. (NASDAQ: LEAP) is down -20.2% at $6.16. The wireless carrier fell sharply on disappointing quarterly results. More coverage here.

Akamai Technologies Inc. (NASDAQ: AKAM) is down -14.8% at $33.03. The technology provider beat estimates but issued weak guidance.

Stay tuned for Friday. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – GDP report
8:30 a.m. – Employment cost index
9:55 a.m. – Reuters/University of Michigan consumer sentiment index

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: ABB, AET, AKAM, ALU, BG, BMY, COP, GD, HOG, JBLU, LEAP, LIZ, MJN, MO, NRGY, PEP, REGN, S, SPH, SWC, SWY, TASR, TLAB, UPS, XOM, YNDX

Top Analyst Upgrades & Downgrades (ABB, APD, AKAM, COP, GD, HOG, HES, INFY, MAN, MAR, SAP, S, TRV, WPI)

Administrator — Thu, 26 Apr 2012 12:20:54 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Thursday.

ABB Ltd. (NYSE: ABB) Cut to Neutral at JPMorgan.

Air Products & Chemicals Inc. (NYSE: APD) Raised to Equal-weight at Morgan Stanley.

Akamai Technologies, Inc. (NASDAQ: AKAM) Raised to Buy on weakness at UBS.

ConcoPhillips (NYSE: COP) Raised to Neutral at Macquarie.

General Dynamics Corp. (NYSE: GD) Cut to Equal-weight at Morgan Stanley.

Harley-Davidson, Inc. (NYSE: HOG) Raised to Overweight at Barclays.

Hess Corporation (NYSE: HES) Cut to Neutral at JPMorgan; Cut to Equal-weight at Barclays; Cut to Neutral at Credit Suisse.

Infosys Ltd. (NASDAQ: INFY) Raised to Buy at Citigroup.

ManpowerGroup (NYSE: MAN) named Bull of the Day at Zacks.

Marriott International (NYSE: MAR) Raised to Buy at Argus.

SAP AG (NYSE: SAP) Cut to Market Perform at Wells Fargo.

Sprint Nextel Corporation (NYSE: S) maintained Hold at Argus.

The Travelers Companies, Inc. (NYSE: TRV) Raised to Hold at Deutsche Bank.

Watson Pharmaceuticals, Inc. (NYSE: WPI) Raised to Buy at Citigroup.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox. We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

JON C. OGG

Filed under: Analyst Calls Tagged: ABB, AKAM, APD, COP, GD, HES, HOG, INFY, MAN, MAR, S, SAP, TRV, WPI

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Paul Ausick — Tue, 21 Feb 2012 21:05:23 +0000

US markets opened higher this morning and traded higher for most of the day. The DJIA briefly rose above 13,000 for the first time in nearly 3 years. But in the early afternoon, apparently as a result of a failure to break through the 13,000 barrier, stocks turned south and all three indexes fell below their openings. The announced settlement in Greece boosted the market early, and climbing crude oil prices helped energy stocks all day. Commodity prices also rose today as the dollar lost strength. Crude oil was up sharply, with WTI crude up more than 2% at $105.50/barrel and Brent up 0.81% at $121.02/barrel. Gold settled at $1,758.50, up 1.9%, and a two-week high.

The unofficial closing bells put the DJIA up about 16 points to 12,965.99 (0.12%), the NASDAQ fell more than 3 points (-0.11%) to 2,948.57, and the S&P 500 rose 0.07% or nearly 1 point to 1,362.23.

There were several analyst upgrades and downgrades today, including Oracle Corp. (NASDAQ: ORCL) cut to ‘market perform’ at JMP Securities; Itron Inc. (NASDAQ: ITRI) cut to ‘neutral’ at Credit Suisse; CSX Corp. (NYSE: CSX) cut to ‘neutral’ at JPMorgan; ABB Ltd. (NYSE: ABB) cut to ‘equal weight’ at Morgan Stanley; and Gilead Sciences Inc. (NYSE: GILD) cut to ‘equal weight’ at Barclays.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: Barnes & Noble Inc. (NYSE: BKS) is down -4.65% at $12.50 (more coverage here); Boyd Gaming Corp. (NYSE: BYD) is down -10.6% at $8.57; Clear Channel Outdoor Holdings Inc. (NYSE: CCO) is down -3.65% at $12.16; Cobalt International Energy Inc. (NYSE: CIE) is down -6.9% at $31.67; Dollar Thrifty Auto Group Inc. (NYSE: DTG) is up 2.3% at $75.08; Hecla Mining Co. (NYSE: HL) is up 9.6% at $5.50; JAKKS Pacific Inc. (NASDAQ: JAKK) is up 0.7% at $15.16; Macy’s Inc. (NYSE: M) is up 0.8% at $36.53 after posting a new 52-week high earlier today of $38.21; Medtronic Inc. (NYSE: MDT) is down -2.6% at $38.92; Pioneer Drilling Co. (NYSE: PXD) is down -0.2% at $113.45; Saks Inc. (NYSE: SKS) is up 3.4% at $11.24; Wal-Mart Stores Inc. (NYSE: WMT) is down -4.1% at $59.90; and Westlake Chemical Corp. (NYSE: WLK) is down -4.2% at $57.93.

We have a preview of tomorrow’s earnings reports here.

Other standouts from today include the following stocks:

Threshold Pharmaceuticals Inc. (NASDAQ: THLD) is up more than 43% at $5.06 after posting a new 52-week high of $6.65 earlier today. The pharmaceutical maker announced positive results for its pancreatic cancer treatment.

Corcept Therapeutics Inc. (NASDAQ: CORT) is up 49% at $4.52. The drug maker has received FDA approval for its Cushing Syndrome treatment.

GTx Inc. (NASDAQ: GTXI) is down more than -36% at $3.70. The drug maker reported that the FDA issued a clinical hold on further trials of its prostate cancer treatment.

Chelsea Therapeutics International Ltd. (NASDAQ: CHTP) is down nearly -18% at $2.75 after posting a new 52-weekl low of $2.18 earlier today. The development stage drug maker meets with an FDA panel on Thursday to review clinical data on a new drug application. More coverage here.

Weatherford International Ltd. (NYSE: WFT) is down nearly -14% at $15.34. The oil field services company will restate prior earnings due to what the company calls “material weakness in internal controls over financial reporting for income taxes relating to current taxes payable, certain deferred tax assets and liabilities, reserves for uncertain tax positions, and current and deferred income tax expense.” Weatherford expects to take a charge for $225-$250 million for the years before 2010. More coverage here.

Stay tuned for Wednesday. We have noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
10:00 a.m. – Existing home sales
11:30 a.m. – 4-week bill auction
1:00 p.m. – 5-year note auction

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: ABB, BKS, BYD, CCO, CHTP, CIE, CORT, CSX, DTG, GILD, GTXI, HL, ITRI, JAKK, M, MDT, ORCL, PXD, SKS, THLD, WFT, WLK, WMT

Top Analyst Upgrades & Downgrades (ABB, ABG, BBVA, BGS, CSX, GILD, IMUC, INFY, ITRI, KLAC, LRCX, NEE, NSC, ORCL, WSH)

Administrator — Tue, 21 Feb 2012 13:28:12 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Tuesday morning:

ABB Limited (NYSE: ABB) Cut to Equal Weight at Morgan Stanley.
Asbury Automotive Group, Inc. (NYSE: ABG) named as Value stock of the day at Zacks.
Banco Bilbao Vizcaya Argentaria (NYSE: BBVA) Raised to Outperform at Credit Suisse.
B&G Foods Inc. (NYSE: BGS) reinstated as Neutral at Credit Suisse.
CSX Corp. (NYSE: CSX) Cut to Neutral at JPMorgan.
Gilead Sciences Inc. (NASDAQ: GILD) Cut to Equal Weight at Barclays.
ImmunoCellular (NASDAQ: IMUC) named Bull of the Day at Zacks.
Infosys Limited (NASDAQ: INFY) Cut to Neutral at Credit Suisse.
Itron, Inc. (NASDAQ: ITRI) Cut to Neutral at Credit Suisse.
KLA-Tencor Corporation (NASDAQ: KLAC) Cut to Neutral at JPMorgan.
Lam Research Corporation (NASDAQ: LRCX) Cut to Neutral at JPMorgan.
NextEra Energy Inc. (NYSE: NEE) Reiterated Buy at Argus.
Norfolk Southern Corp. (NYSE: NSC) Cut to Neutral at JPMorgan.
Oracle Corporation (NASDAQ: ORCL) Cut to Market Perform at JMP Securities.
Willis Group Holdings (NYSE: WSH) named Bear of the Day at Zacks.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: ABB, ABG, BBVA, BGS, CSX, GILD, IMUC, INFY, ITRI, KLAC, LRCX, NEE, NSC, ORCL, WSH

US Electricity Grid Gets a Boost (GE, ABB, SI, AMSC, SATC, PWER)

247wallst — Fri, 22 Jul 2011 16:17:53 +0000

More than a year ago the Federal Energy Regulatory Commission issued a proposed rule for planning and paying for upgrades to the national electricity grid. The agency released its final rule yesterday on how public utilities must approach grid upgrades and how the costs for the upgrades will be paid.

The new rule eliminates some of the uncertainty related to grid improvements and clears the way for what could be the beginning of a concerted effort to put the US grid on a path to becoming a smart grid. Potential beneficiaries are large transmission and connection construction firms like General Electric Co. (NYSE: GE), ABB Ltd. (NYSE: ABB), and Siemens AG (NYSE: SI). Component suppliers like American Superconductor Corp. (NASDAQ: AMSC), Satcon Technology Corp. (NASDAQ: SATC), and Power-One Inc. (NASDAQ: PWER).

The primary beneficiaries of the FERC ruling will be wind and solar projects that are typically located in remote areas far from existing transmission lines. Large solar developers like First Solar Inc. (NASDAQ: FSLR) and MEMC Electronic Materials Inc. (NYSE: WFR) should also benefit from the new rules because it will make it easier for them to sell new power generation.

Also Read: Expanded SunCoke IPO Unlocks Sunoco’s Value

The rule requires that transmission operators include regional planning, consider public policy requirements, and consult with neighboring transmission operators to ensure the cost-effectiveness of new transmission lines. The tricky bit was always the question of who pays for the development, and the new rule answers that as well.

The FERC ruling now levies the cost of building new transmission more directly on the utility customers who benefit from the additional supply. New electricity generation in Montana, for example, does not serve the people of Montana, but rather those who live in Las Vegas and Southern California. Yet under the old rules Montana customers paid for the transmission lines to carry the electricity to points south.

While the rule applies specifically to public utilities, it will also benefit merchant power suppliers that have already have access to the grid, but are often crowded out by public utilities. Under the new rule, new grid capacity is virtually guaranteed because if the regional operators fail to come up with a plan for new transmission, then the FERC will.

Like most FERC rules, there is little sex appeal in this one. But its impact is relatively long-term and, as always, the devil is in the details. In any event, a more efficient, effective, and robust US electricity grid got a much-needed boost yesterday.

Paul Ausick

Filed under: General Tagged: ABB, AMSC, GE, PWER, SATC, SI

Alt-Energy Watch: Germany to Replace Nukes with Fossil Fuels, Build Smart Grid (FSLR, SPWRA, TSL, STP, GE, VWSYF, ABB, SI, SBGSY, ALSMY, AMSC, BGC, QCLN, GRID, PWR)

Administrator — Thu, 09 Jun 2011 14:47:39 +0000

The German government’s decision to abandon nuclear power generation by 2022 briefly put a little wind in the sails of alt energy sources like solar and wind. Now, however, Chancellor Angela Merkel has proclaimed that in order to meet demand the country will have to double the amount of generation from fossil fuels. It may take a while for the news to sink in, but once it does, solar makers like First Solar Inc. (NYSE: FSLR), SunPower Corp. (NASDAQ: SPWRA), Trina Solar Ltd. (NYSE: TSL), and Suntech Power Holdings Co., Ltd. could see share prices get trimmed again. Wind turbine makers like General Electric Co. (NYSE: GE) and Vestas Wind Systems A/S (OTC: VWSYF) could also get some pressure.

The Wall Street Journal noted Merkel’s need of 10 to 20 gigawatts of fossil capacity need to be built over the next decade. Those 20 gigawatts are essentially equal to the amount of electricity Germany currently generates from its 17 nuclear plants. And these 20 gigawatts will be built in addition to another 10 gigawatts already under development and set to be completed by 2013.

Whether Germany builds new fossil fuel plants or new solar or wind plants, the country’s electricity grid needs to be upgraded. Germany is expected to spend at least 9.7 billion euros to build more than 2,200 miles of cables to connect new generation capacity with consumers. This project is a real boon to infrastructure providers like ABB Ltd. (NYSE: ABB), Siemens AG (NYSE: SI), Schneider Electric S.A. (OTC: SBGSY), Alstom SA (OTC: ALSMY) and General Electric.

Other companies that could benefit from Germany’s need for an improved grid is American Superconducter Corp. (NASDAQ: AMSC), which makes high-efficiency superconducting wire used for electricity transmission, and General Cable Corp. (NYSE: BGC).

There are also two relatively small ETFs that offer a investment opportunity in the buildout of the global energy grid. The larger of the two is First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ: QCLN), which tracks the NASDAQ Clean Edge Green Energy Index. The fund’s largest five holdings are National Semiconductor Corp. (NYSE: NSM), Linear Technology Corp. (NASDAQ: LLTC), First Solar, ON Semiconductor Corp. (NASDAQ: ONNN), and Cree, Inc. (NASDAQ: CREE). QCLN’s net assets total $37.2 million, and it’s year-to-date return is negative, at -2%. Since its creation in February 2007, the fund’s NAV has declined by -4.01%. Shares are lightly traded and opened today at $14.85, within a 52-week range of $12.93-$18.39.

The even smaller grid fund is the First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (NASDAQ: GRID). The fund’s five largest holdings are Red Electrica Corp. S.A., NGK Insulators Ltd., Prysmian SpA, Schneider Electric, and Quanta Services, Inc. (NYSE: PWR). The fund seeks returns equal to the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index before expenses. The fund was created in November 2009 and its lifetime NAV is 12.66%. The fund’s net assets total just $27 million, and like QCLN, it is very lightly traded. The shares opened today at $32.06, within a 52-week range of $26.84-$35.82.

Building out the global grid is likely to cost $500 billion. And much of the work hasn’t even started yet. Germany’s shift away from nukes forces the country to upgrade its grid, whether it wants to or not. This is definitely something worth watching.

Paul Ausick

Filed under: Alternative Energy, Green Biz, International Markets, Nuclear, Oil & Gas, Utilities Tagged: ABB, ALSMY, AMSC, BGC, FSLR, GE, GRID, PWR, QCLN, SBGSY, SI, SPWRA, STP, TSL, VWSYF

Alternative Energy Dilemma: $500 Billion at Stake in Smart Grid (SBGSY, TLVT, ABB, ALSMY, SI, GRID)

Administrator — Thu, 02 Jun 2011 15:34:28 +0000

Today’s alternative energy news keys off of another acquisition in the increasingly competitive smart grid area. What is more important is that the dollars at stake here are literally billions and billions. France’s Schneider Electric SA (OTC: SBGSY) has offered to acquire Spain-based Telvent GIT, S.A. (NASDAQ: TLVT) for $2 billion. Schneider, along with ABB Ltd. (NYSE: ABB), France’s Alstom SA (OTC: ALSMY), General Electric Co. (NYSE: GE), and Siemens AG (NYSE: SI) are major players in the nascent buildout of the smart grid. The Electric Power Research Institute (EPRI) has estimated could cost nearly half a trillion dollars in the US alone. That’s enough money to be worth fighting over.

And that’s what these players have been doing, using their stacks of cash to acquire strategic components of the smart grid. Telvent, for example, offers real-time monitoring services for utilities to help balance electricity load. Doesn’t sound like a big deal, but the amount of electricity flowing to the grid is now calculated, not measured. Monitoring equipment like that from Telvent will give a utility a more accurate picture of load, and enable more efficient generation. Better monitoring will also help avoid costly blackouts and brownouts.

The First Trust NASDAQ Clean Edge Smart Grid Infrastructure (NASDAQ: GRID) ETF is too thinly traded to even matter for most investors. What does matter here in this ETF is that any or almost all of the fund’s small and mid-sized weighting components could find themselves under fire from an acquirer if they can be quickly integrated and then scaled for broader distribution.

ABB paid $3.1 billion in Janurary to acquire precision motor maker Baldor Electric and GE spent $3.2 billion to get 90% of French automation equipment firm Converteam. Siemens is looking to spend up to $4.3 billion on “bolt-on” acquisitions this year. Siemens has not yet participated in the buying spree, but it will likely have to do a deal or two if it wants to stay in the smart grid game.

These companies understand the stakes in the smart grid game and they also understand the utilities. Big utilities are wary of buying technology from start-ups and other small companies, but are willing to buy the same thing from ABB, GE, Schneider, or Siemens because these companies have a history and a track record. The risk that a company like GE will fold is very small, which means that it will be around to maintain and upgrade any systems it installs.

When it comes to M&A in the smart grid, the questions should probably point to “when” rather than “if” more deals are coming.

PAUL AUSICK

Filed under: Alternative Energy, Green Biz, Mergers and Buy Outs, Utilities Tagged: ABB, ALSMY, GRID, SBGSY, SI, TLVT

Top Analyst Upgrades & Downgrades (ABB, BAC, BK, ABX, CVX, PLCE, KOF, COP, EBAY, ESLR, DD, HES, INTC, ITRI, JNPR, ERIC, NOV, PTEN, URBN, YUM)

Administrator — Thu, 28 Apr 2011 12:43:25 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Thursday morning.

ABB Ltd. (NYSE: ABB) Raised to Outperform at Credit Suisse; Raised to Buy at Deutsche Bank.
Bank of America Corp. (NYSE: BAC) Maintained Underperform as Bear of the Day at Zacks.
The Bank of New York Mellon Corporation (NYSE: BK) Cut to Equal Weight at Morgan Stanley.
Barrick Gold Corporation (NYSE: ABX) Raised to Buy at Stifel Nicolaus.
Chevron Corp. (NYSE: CVX) Started as Buy at Jefferies.
The Children’s Place Retail Stores, Inc. (NASDAQ: PLCE) Cut to Neutral at JPMorgan.
Coca-Cola Femsa (NYSE: KOF) Raised to Buy at BofA/ML.
ConocoPhillips (NYSE: COP) Cut to Hold at Deutsche Bank; Raised to Buy at S&P Equity Research.
eBay Inc. (NASDAQ: EBAY) Raised to Buy at Stifel Nicolaus.
Evergreen Solar Inc. (NASDAQ: ESLR) Cut to Sell at Wunderlich.
EI DuPont de Nemours & Co. (NYSE: DD) Maintained Outperform as Bull of the Day at Zacks.
Hess Corporation (NYSE: HES) Raised to Outperform at Credit Suisse.
Intel Corporation (NASDAQ: INTC) Maintained as Strong Buy and Value at Zacks.
Itron, Inc. (NASDAQ: ITRI) Cut to Sell at Wunderlich.
Juniper Networks Inc. (NYSE: JNPR) Reiterated Buy and $49 target at Argus.
LM Ericsson Telephone Co. (NASDAQ: ERIC) Raised to Buy at Deutsche Bank.
National Oilwell Varco, Inc. (NYSE: NOV) Raised to Buy at Citigroup.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) Raised to Neutral at Goldman Sachs.
Urban Outfitters Inc. (NASDAQ: URBN) Cut to Market Perform at William Blair.
Yum! Brands Inc. (NYSE: YUM) Reiterated Buy and Raised target to $62 at Argus.

You can join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Filed under: Analyst Calls Tagged: ABB, ABX, BAC, BK, COP, CVX, DD, EBAY, ERIC, ESLR, HES, INTC, ITRI, JNPR, KOF, NOV, PLCE, PTEN, URBN, YUM

Alternative Energy Watch: Different Views on 2011 Demand for Solar, GE Buys Again (JASO, FSLR, WFR, GE, ARVCY, ABB)

Administrator — Tue, 29 Mar 2011 18:18:56 +0000

Here’s our daily report on developments in solar and wind power, alternative fuels, and other news related to the alternative energy sector. Germany’s largest maker of solar PVs has warned that 2011 profits may suffer from the cuts to government subsidies in Europe. Q-Cells SE’s CEO does not expect any significant impact from the disaster in Japan on sales of solar cells, nor does he see any impact from the recent election of Green Party members in Germany’s regional elections.

Not everyone agrees. Bloomberg New Energy Finance believes that solar panel installations could grow by nearly 50% in 2011. The company has raised the top end of its estimate for 2011 from 21,500 megawatts to 28,000 megawatts, up from about 18,500 megawatts installed in 2010. Bloomberg New Energy Finance cites both JA Solar Holdings Co., Ltd. (NASDAQ: JASO) and First Solar Inc. (NASDAQ: FSLR) as being the low-cost leaders this year.

The analysts also believe that MEMC Electronic Materials Inc. (NYSE: WFR), makers of silicon wafers for solar PV cells, is well-positioned for profit growth in 2011. Total industry output of polysilicon is about 24,000 megawatts, meaning that MEMC’s products will be in high demand. First Solar, which does not use polysilicon wafers, could also make up any difference if the demand exceeds the total polysilicon available.

China slowed down its aggressive plans to develop 100,000 megawatts of nuclear power capacity by 2020 after the damage at Japan’s Fukushima Daiichi plant. The country had planned to have about 43,000 megawatts online by 2015, up from about 11,000 megawatts at the end of 2010. But an official of the state electricity council does not believe that target will be met, and the 2020 target could drop to 90,000 megawatts.

This is not good news for developers of nuclear plants. General Electric Co. (NYSE: GE), Toshiba/Westinghouse, and France’s Areva CIP (OTC: ARVCY) held high hopes for a burst of nuclear plant-building in China. Areva’s contract to build six plants in India could also be in jeopardy due to a corruption scandal in the country.

And speaking of GE, the company has announced the purchase of a 90% stake in French electrification and automation equipment firm Converteam for $3.2 billion. GE will purchase the remaining 10% of the company from Converteam’s senior managers for no more than $480 million over the next two to five years.

This deal is likely a counter-move to Swiss-based ABB Ltd.’s (NYSE: ABB) acquisition of Baldor Electric Co. that was completed in January 2011. ABB paid $3.1 billion for Baldor and assumed $1.1 billion in Baldor’s debt. Both Converteam and Baldor make and sell precision electric motors that are essential in all sorts of industrial automation projects. The two companies’ motors are also heavily used in alternative energy projects related to solar, wind, and the smart grid.

Paul Ausick

Filed under: Alternative Energy, Green Biz Tagged: ABB, ARVCY, FSLR, GE, JASO, WFR