24/7 Wall St. » TSM

After The Fall: Value & Upside In Chip Stocks As Summer Heat Awaits (INTC, QCOM, BRCM, NVDA, AMD, TSM, MU, FSL, SNDK, AMAT, ALTR, LRCX, SMH, XSD, USD)

Administrator — Thu, 24 May 2012 15:51:47 +0000

The recent sell-off has been brutal to semiconductors and chip stocks of late. To make matters worse, investing in technology and semiconductors can be brutal during the summer months. Still, many investors believe that where there is risk there is also reward and trying to nail an exact bottom is no easy task.

With warnings having started from key leaders in the realm of chip stocks, the question is whether or not you can trust the analysts and the consensus upside. 24/7 Wall St. has gone in and evaluated the leaders in each aspect of the semiconductor sector to see where there is value and where the risks currently lie. We evaluated the following chip companies: Intel Corporation (NASDAQ: INTC); QUALCOMM Incorporated (NASDAQ: QCOM); Texas Instruments Inc. (NASDAQ: TXN); Broadcom Corp. (NASDAQ: BRCM); NVIDIA Corporation (NASDAQ: NVDA); Advanced Micro Devices, Inc. (NYSE: AMD); Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM); Freescale Semiconductor Holdings (NYSE: FSL); SanDisk Corporation (NASDAQ: SNDK); Applied Materials Inc. (NASDAQ: AMAT); Lam Research Corporation (NASDAQ: LRCX); and Altera Corporation (NASDAQ: ALTR).

In a further effort to show just how much these have sold off, we have shown the moves in the following key semiconductor ETFs: Market Vectors Semiconductor ETF (AMEX: SMH); SPDR S&P Semiconductor (AMEX: XSD); and the ProShares Ultra Semiconductors (AMEX: USD). We have also run the same screens in retail, gold and silver miners, conglomerates, industrial giants, and major oil companies with links to those at the end of this article. Here is the screening of value and upside in the chip giants:

Intel Corporation (NASDAQ: INTC) traded at $26.60 with a market value of $129 billion. The consensus target price for the king of PC processors from Thomson Reuters is $29.75 and the 52-week trading range is $19.16 to $29.27. This DJIA component’s most recent yield was listed as 3.2%. Intel’s implied upside to the consensus target is 16% and it is worth noting that the consensus target is just above the 52-week high.

QUALCOMM Incorporated (NASDAQ: QCOM) traded at $57.78 with a market value of $99 billion. The consensus target price from Thomson Reuters is $71.92 and the 52-week trading range is $45.98 to $68.87. The CDMA giant yields about 1.7% after dividend hikes. The implied upside to the consensus target is just under 25% but we would note that the consensus target is still over $3.00 above the 52-week high.

Texas Instruments Inc. (NASDAQ: TXN) traded at $29.15 with a market value of $33.4 billion. The consensus target price from Thomson Reuters is $35.80 and the 52-week trading range is $24.34 to $35.30. The yield here is about 2.3%. TI’s implied upside to the consensus target is just under 23% and that target is still just above its 52-week high.

Broadcom Corp. (NASDAQ: BRCM) traded at $31.85 with a market value of $17.5 billion. The consensus target price from Thomson Reuters is $43.21 and the 52-week trading range is $27.59 to $39.66. Broadcom has a paltry yield of only about 1.2%, but its implied upside to the consensus target is about 35%. Be advised that this consensus target is almost $4.00 above the 52-week high.

NVIDIA Corporation (NASDAQ: NVDA) trades at $12.25 and its market cap is just over $7.5 billion. This graphics processor leader has a consensus target price of $16.64 and the 52-week trading range is $11.47 to $20.05. NVIDIA pays no dividend and that is something which it should consider changing since it has about $3 billion in cash and liquidity. Its implied upside to the consensus target is about 35% and that consensus target price is well under its 52-week high.

Advanced Micro Devices, Inc. (NYSE: AMD) trades at $6.06 and its market cap is only $4.25 billion despite it being so actively traded. The consensus target price for this distant number-2 in PC processors is $8.55 and the 52-week trading range is $4.31 to $8.71. AMD has no dividend due to very spotty earnings. Its implied upside to the consensus target is more than 41% if you trust the analysts here and its target price is just under its 52-week high.

Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) currently trades at $14.15 for its ADR and Yahoo! Finance shows its market value being about $73 billion. The consensus target price from Thomson Reuters is $16.70 and the 52-week trading range is $10.75 to $16.15. The yield is listed as roughly 2.9%. TSM’s implied upside to the consensus target is 18% and the consensus target is about 4% above the 52-week high.

Freescale Semiconductor Holdings (NYSE: FSL) has been battered since its IPO and shares now trade at $9.75 with an implied market value of $2.4 billion. This private equity backed chip outfit’s consensus target price from Thomson Reuters is all the way up at $17.92 and the 52-week (less than one-year actually) trading range is $9.43 to $20.97. Freescale has NO DIVIDEND, which makes it stand out against the peer group now. Still, if you trust the analysts here the implied upside to the consensus target is a whopping 83%! Trust is hard to come by here, particularly for a company where backers will sell shares along the way into strength.

SanDisk Corporation (NASDAQ: SNDK) trades around $32.50 and its market value is about $7.9 billion. The king of flash memory’s consensus target price from Thomson Reuters is $44.46 and the 52-week trading range is $31.34 to $53.46. SanDisk has no current dividend, something which may need to change down the road considering that this is not anywhere close to a new company. Its implied upside to the consensus target is 37% but the company has had two warnings.

Applied Materials Inc. (NASDAQ: AMAT) currently trades at $10.55 and its market value is $13.6 billion. The consensus target price from Thomson Reuters is $13.65 and the 52-week trading range is $9.70 to $13.94. Applied now yields about 3.4% and its implied upside to the consensus target is about 29%.

Lam Research Corporation (NASDAQ: LRCX) is worth more than $4.5 billion today but it is acquiring Novellus Systems, Inc. (NASDAQ: NVLS) for about $3 billion in stock, so it will soon be larger. Its shares trade at $38.00, its consensus target price is $48.53 and the 52-week trading range is $34.81 to $48.88. Lam Research pays NO DIVIDEND now and its implied upside is almost 28%.

Altera Corporation (NASDAQ: ALTR) currently trades at $33.90 and its market value is $10.9 billion. The consensus target price from Thomson Reuters is $41.00 and the 52-week trading range is $30.39 to $48.91. Altera has a dink yield of only about 1% and we expect a dividend hike in the coming weeks or months. Its implied upside to the consensus target is about 21% and this one is well off highs and the target is almost $8.00 under its 52-week high.

Market Vectors Semiconductor ETF (AMEX: SMH) has undergone a total transformation since it is no longer the Semiconductor HOLDRs. At $31.25 its range since the change is listed as $28.86 to $36.17. This ETF is said to have assets of almost $400 million, but that changes based upon inflows and outflows on top of the change in the price.

SPDR S&P Semiconductor (AMEX: XSD) ETS is now one of the longest ETF in chips since the HOLDRS changed. At $43.50 now, its 52-week range is $40.09 to $59.85 and it still has only about $44 million in assets. This one peaked in January and the mix of components has made it more volatile than many leaders. This ETF would now have to rally by more than 37% to hit its 52-week high again.

ProShares Ultra Semiconductors (AMEX: USD) uses leverage of 2-times for its semiconductor trading, so this is one where it will feel just like getting your fingernails ripped out when your timing is wrong. At $33.50, this leveraged ETF has a 52-week range of $26.18 to $46.46. It would have to rally about 39% to hit its 52-week high again.

As you can see, the semiconductor and chip leaders have now pulled back substantially from their highs seen throughout 2012. The issue to consider is that Dell Inc. (NASDAQ: DELL) and Hewlett-Packard Co. (NYSE: HPQ) have confirmed that PC sales are slowing. Some of this is due to Apple Inc. (NASDAQ: AAPL) and some of it is due to weakness in Europe, weak PC spending in the Americas, and a slowing of growth in the BRIC nations. How the Microsoft Corporation (NASDAQ: MSFT) launch of Windows 8 will impact the PC refresh cycle ahead is now another wild card since PC sales guidance is looking softer than anticipated from just a couple of weeks ago.

We also want to warn investors to not just blindly trust the analysts in semiconductor price targets here. Summer can be a brutal time for chip stocks. The drop in the ProShares Ultra Semiconductors (AMEX: USD) during the summer of 2011 was about 40% and the drop from the 52-week high in 2011 to that end of summer trough was almost 50%.

The drop in the SPDR S&P Semiconductor ETF (AMEX: XSD) during the summer of 2011 was about 25%, but the drop from the peak in early 2011 here to the trough of late-summer was about 31%.

Summer is a very tough time to invest in chip stocks, and the question now is just how much the slowdown is going to continue taking out of chip stocks. We would certainly avoid trying to play the game of trying to catch falling knives here, but these are all worth keeping an eye on for those inflection points where the valuations start to adequately discount the warning signs.

Gold & Silver Miners with the Most Upside Value

Major Oil Companies with the Most Upside Value

Industrials with the Most Upside Value

Conglomerates with the Most Upside Value

Retail Stocks with Upside

JON C. OGG

Filed under: Consumer Electronics, Dividend, PC Companies, Semiconductor, Technology Companies, Value Investing Tagged: ALTR, AMAT, AMD, BRCM, DELL, FSL, HPQ, INTC, LRCX, MU, NVDA, QCOM, SMH, SNDK, TSM, USD, XSD

Can AMD Make It Long-Term on Fabless Model? (AMD, INTC, TSM, NVDA)

Administrator — Fri, 09 Mar 2012 13:13:33 +0000

Advanced Micro Devices, Inc. (NYSE: AMD) has now finalized its pact with GlobalFoundries which gets rid of its 9% stake in the foundry. The value of about $278 million will ultimately result in charges of about $700 million and it means that AMD payments of $425 million will be paid over four installments this year. Purchase commitments with GlobalFoundries came with low yields and brought lower margins. To make matters worse, Intel Corporation (NASDAQ: INTC) has apparently been taking more business as AMD did not ship enough new processors.

AMD will at least be able to take some portions of its process making to another foundry, but the details on which functions that is remain unknown as of yet. The pricing model goes back to a cost-plus model that is based upon a fixed number of wafers per quarter. AMD is expected to spend much more on its wafers in 2012 versus 2011.

Will AMD use Taiwan Semiconductor Manufacturing Company (NYSE: TSM) for its ‘secondary functions’ in the new deal? It already makes most of the AMD graphics chipsets. The graphics market is potentially up for grabs as rival NVIDIA Corporation (NASDAQ: NVDA) looks to move beyond graphic chipsets to have some processor business in tablets and mobile computing devices that are in the post-PC movement.

The big question is whether or not AMD’s gamble was the right move to save on costs or not. Intel is fab-heavy and can retool its plants almost immediately when it decides to make changes. For AMD to switch directions, it has to order the change to be made to its partners and go through the waiting process while obligations have to be fulfilled for whatever existing product is being shipped. Fab-lite means ‘change slow’ even if it means lower operating costs.

In a world where many investors believe that Intel’s processors for PCs have been somewhat held back just so that AMD cannot lose too much business to where they can again assert that Intel is monopoly, you have to wonder.

At $7.47, AMD’s 52-week trading range is $4.31 to $9.17. If you trust estimates, Thomson Reuters has estimates of $0.65 EPS for 2012 and $0.81 EPS for 2013. We will see if those estimates hold up after the charges get factored in.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Consumer Electronics, PC Companies, Semiconductor Tagged: AMD, INTC, NVDA, TSM

Top Analyst Upgrades & Downgrades (ASX, AAPL, BX, BRCM, CIEN, CMA, DELL, DNDN, DANG, GILD, MDT, MOS, EDU, SPIL, TSM)

Administrator — Wed, 22 Feb 2012 13:05:35 +0000

These are some of this Wednesday’s top analyst upgrades, downgrades, and initiations seen in Wall Street research calls.

Advanced Semiconductor Engineering, Inc. (NYSE: ASX) Cut to Neutral at BofA/ML.
Apple Inc. (NASDAQ: AAPL) Reiterated Outperform but raised target to $600 at Credit Suisse.
The Blackstone Group LP (NYSE: BX) Raised to Buy at Goldman Sachs.
Broadcom Corporation (NASDAQ: BRCM) Reiterated Buy with $46 target at Argus.
Ciena Inc. (NASDAQ: CIEN) Maintained Buy with $21 target at Argus.
Comerica Inc. (NYSE: CMA) Cut to Sell at Stifel Nicolaus.
Dell Inc. (NASDAQ: DELL) Cut to Neutral at Citigroup; Cut to Hold at Needham.
Dendreon Corporation (NASDAQ: DNDN) Started as Neutral at Citigroup.
E-commerce China Dangdang Inc. (NYSE: DANG) Raised to Outperform at Credit Suisse.
Gilead Sciences Inc. (NASDAQ: GILD) Cut to Market Perform at Bernstein.
Medtronic, Inc. (NYSE: MDT) Cut to Neutral at Credit Suisse.
The Mosaic Co. (NYSE: MOS) Raised to Buy at Canaccord Genuity.
New Oriental Education & Technology Group Inc. (NYSE: EDU) Started as Buy at Jefferies.
Siliconware Precision Industries Co., Ltd. (NASDAQ: SPIL) Cut to Neutral at BofA/ML.
Taiwan Semiconductor Manufacturing Co., Ltd. (NYSE: TSM) Cut to Neutral at BofA/ML.

If you enjoyed the top analyst upgrades and downgrades, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: AAPL, ASX, BRCM, BX, CIEN, CMA, DANG, DELL, DNDN, EDU, GILD, MDT, MOS, SPIL, TSM

Top Analyst Upgrades & Downgrades (AMD, XOM, FSLR, GDI, JCOM, MDR, OXY, PAAS, PLXS, POT, SPB, S, TSM, VMED, WFM)

Administrator — Fri, 28 Oct 2011 12:20:12 +0000

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

Advanced Micro Devices, Inc. (NYSE: AMD) Raised to Outperform at Wells Fargo.
ExxonMobil Corporation (NYSE: XOM) reiterated Buy with $100 target at Argus.
First Solar Inc. (NASDAQ: FSLR) Maintained Buy but cut target to $90 at Argus.
Gardner Denver, Inc. (NYSE: GDI) named Value Stock of the Day at Zacks.
j2 Global Communications (NASDAQ: JCOM) Raised to Outperform as Bull of the Day at Zacks.
McDermott International Inc. (NYSE: MDR) Cut to Market Perform at William Blair.
Occidental Petroleum (NYSE: OXY) Raised to Outperform and $135 target at Credit Suisse.
Pan American Silver Corp. (NASDAQ: PAAS) Cut to Sector Perform at CIBC.
Plexus Corporation (NASDAQ: PLXS) named Bear of the Day at Zacks.
Potash Corp. of Saskatchewan (NYSE: POT) Cut to Sector Perform at Scotia (late-Thursday).
Spectrum Brands Inc. (NYSE: SPB) Started as Outperform with $35 target at Credit Suisse.
Sprint Nextel Corporation (NYSE: S) Raised to Outperform at Macquarie.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) Raised to Buy at BNP Paribas.
Virgin Media, Inc. (NASDAQ: VMED) Cut to Equal-weight at Morgan Stanley.
Whole Foods Market, Inc. (NASDAQ: WFM) Raised to Neutral at Credit Suisse.

JON C. OGG

Filed under: Analyst Calls Tagged: AMD, FSLR, GDI, JCOM, MDR, OXY, PAAS, PLXS, POT, S, SPB, TSM, VMED, WFM, XOM

Top Analyst Upgrades & Downgrades (ADTN, AGN, AAPL, ADP, ABX, C, EXPE, GILD, LNKD, MA, NOK, OPEN, PWRD, RIMM, RGLD, TSM, AMTD, VECO)

Administrator — Fri, 16 Sep 2011 12:07:20 +0000

These are some of this Friday’s top analyst upgrades, downgrades, and initiations seen having an impact from Wall Street research calls.

Adtran Inc. (NASDAQ: ADTN) Reiterated Buy and $49 target at Argus.
Allergan Inc. (NYSE: AGN) Started as Buy at Deutsche Bank.
Apple Inc. (NASDAQ: AAPL) Maintained Buy with $490 target at BofA/ML.
Automatic Data Processing Inc. (NYSE: ADP) Reiterated Buy and $60 Target at Argus.
Barrick Gold Corporation (NYSE: ABX) named value stock of the day at Zacks.
Citigroup Inc. (NYSE: C) Started as Market Perform at Wells Fargo.
Expedia, Inc. (NASDAQ: EXPE) named Bull of the Day at Zacks.
Gilead Sciences Inc. (NASDAQ: GILD) Raised to Buy at Goldman Sachs.
LinkedIn Corporation (NYSE: LNKD) Started as Overweight at Barclays.
Mastercard Incorporated (NYSE: MA) Cut to Neutral at Baird.
Nokia Corporation (NYSE: NOK) Raised to Buy at Societe Generale.
OpenTable, Inc. (NASDAQ: OPEN) Started as Underweight at Barclays.
Perfect World Co., Ltd. (NASDAQ: PWRD) Cut to Neutral at Credit Suisse.
Research in Motion Ltd. (NASDAQ: RIMM) Cut to Market Perform at Raymond James; Maintained Neutral but cut target to $30 at BofA/ML.
Royal Gold, Inc. (NASDAQ: RGLD) Cut to Neutral at HSBC.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) Raised to Buy at BofA/ML.
TD AMERITRADE Holding Corporation (NASDAQ: AMTD) Raised to Buy at Citigroup.
Veeco Instruments Inc. (NASDAQ: VECO) Cut to Neutral at BofA/ML.

JON C. OGG

Filed under: Analyst Calls Tagged: AAPL, ABX, ADP,, ADTN, AGN, AMTD, C, EXPE, GILD, LNKD, MA, NOK, OPEN, PWRD, RGLD, RIMM, TSM, VECO

Top Analyst Upgrades & Downgrades (ADTN, BMR, COF, CETV, ERTS, EPB, IDIX, LYG, MMM, NTGR, PLD, PL, SWC, TOL, TSM, VRTX, WSM)

Administrator — Thu, 14 Jul 2011 12:34:26 +0000

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

Adtran Inc. (NASDAQ: ADTN) Reiterated Buy with $49 target at Argus.
BioMed Realty (NYSE: BMR) Raised to Buy at Jefferies.
Capital One Financial Corporation (NYSE: COF) Reiterated Sell at Argus.
Central European Media Enterprises Ltd. (NASDAQ: CETV) Started as Underperform at Credit Suisse.
Electronic Arts Inc. (NASDAQ: ERTS) Reiterated Hold at Argus.
El Paso Pipeline Partners, L.P. (NYSE: EPB) Started as Outperform at Credit Suisse.
Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) Started as Neutral at Credit Suisse.
Lloyds Banking Group plc (NYSE: LYG) Raised to Buy at Goldman Sachs.
3M Co. (NYSE: MMM) Cut to Underperform at BofA/ML.
Netgear Inc. (NASDAQ: NTGR) Cut to Equal-Weight at Barclays.
ProLogis (NYSE: PLD) Cut to Underperform at Jefferies.
Protective Life Corp. (NYSE: PL) Raised to Buy at BofA/ML.
Stillwater Mining Co. (NYSE: SWC) Cut to Neutral at JPMorgan.
Toll Brothers Inc. (NYSE: TOL) Raised to Buy at Goldman Sachs.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) Cut to Neutral at JPMorgan.
Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) Started as Underperform at Credit Suisse.
Williams-Sonoma Inc. (NYSE: WSM) Raised to Buy at Goldman Sachs.

You are invited to 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: ADTN, BMR, CETV, COF, EPB, ERTS, IDIX, LYG, MMM, NTGR, PL, PLD, SWC, TOL, TSM, VRTX, WSM

Top Analyst Upgrades & Downgrades (ALTR, BSX, COH, CMCSA, GFA, KKR, MAS, MU, ORCL, POM, RHT, SO, TSM, TIF, VRSN)

Administrator — Fri, 24 Jun 2011 12:32:58 +0000

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

Altera Corporation (NASDAQ: ALTR) Raised to Outperform as Bull of the Day at Zacks.
Boston Scientific Corporation (NYSE: BSX) Cut to Neutral at UBS.
Coach Inc. (NYSE: COH) Cut to Neutral at HSBC.
Comcast Corporation (NASDAQ: CMCSA) Added to Conviction Buy List at Goldman Sachs.
Gafisa SA (NYSE: GFA) Reiterated Buy as Value at Zacks.
Kohlberg Kravis Roberts & Co. (NYSE: KKR) Started as Neutral with $18 target at Credit Suisse.
Masco Corporation (NYSE: MAS) Maintained Underperform as Bear of the Day at Zacks.
Micron Technology Inc. (NASDAQ: MU) Maintained Buy but Cut target to $12 at Gleacher & Co.
Oracle Corporation (NASDAQ: ORCL) Reiterated Outperform and $42 target at Credit Suisse.
Pepco Holdings Inc. (NYSE: POM) Started as Neutral at Credit Suisse.
Red Hat, Inc. (NYSE: RHT) Raised to Buy at S&P Equity Research (late Thursday).
Southern Company (NYSE: SO) Raised to Outperform at Credit Suisse.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) Cut to Underperform at BofA/ML.
Tiffany & Co. (NYSE: TIF) Cut to Neutral at HSBC.
VeriSign Inc. (NASDAQ: VRSN) Raised to Hold at S&P Equity Research (late Thursday).

JON C. OGG

Filed under: Analyst Calls Tagged: ALTR, BSX, CMCSA, COH, GFA, KKR, MAS, MU, ORCL, POM, RHT, SO, TIF, TSM, VRSN

Top Analyst Upgrades & Downgrades (AGCO, AAPL, BIDU, BMI, CL, DNDN, DOW, FLEX, INSP, TAP, REGN, RIMM, TSM, VLO, VZ, GWW, SLV, SIVR)

Administrator — Fri, 29 Apr 2011 12:38:29 +0000

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

AGCO Corporation (NASDAQ: AGCO) Maintained Outperform as Bull of the Day at Zacks.
Apple Inc. (NASDAQ: AAPL) Reiterated Buy and Raised target to $415 from $375 at Argus.
Baidu, Inc. (NASDAQ: BIDU) has seen its targets raised at Citigroup, BofA/ML, and Goldman Sachs.
Badger Meter, Inc. (NYSE: BMI) Maintained Underperform as Bear of the Day at Zacks.
Colgate-Palmolive Co. (NYSE: CL) Raised to Buy at Deutsche Bank.
Dendreon Corporation (NASDAQ: DNDN) Started as Buy at ThinkEquity.
The Dow Chemical Company (NYSE: DOW) Raised to Overweight at JPMorgan.
Flextronics International Ltd. (NASDAQ: FLEX) Cut to Hold at Argus.
InfoSpace Inc. (NASDAQ: INSP) Raised to Buy at S&P Equity Research (late-Thursday call).
Molson Coors Brewing Company (NYSE: TAP) Cut to Neutral at JPMorgan.
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) Cut to Sector Perform at RBC.
Research In Motion Limited (NASDAQ: RIMM) Has been downgraded to Underperform at Jefferies and downgraded by at least two Canadian brokerages on its warning.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) has seen targets raised by Credit Suisse, Deutsche Bank, and Goldman Sachs.
Valero Energy Corp. (NYSE: VLO) Reiterated Buy and raised target to $35 from $32 at Argus.
Verizon Communications Inc. (NYSE: VZ) Cut to Hold at Citigroup.
W.W. Grainger, Inc. (NYSE: GWW) Raised to Neutral at BofA/ML.

This is an update from yesterday but we highlighted a technical analysis call from Bank of America Merrill Lynch that was effectively assigning the possibility of $80.00 silver, which would be yet another huge boom for shares of iShares Silver Trust (NYSE: SLV) and ETFS Physical Silver Shares (NYSE: SIVR).

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: AAPL, AGCO, BIDU, BMI, CL, DNDN, DOW, FLEX, GWW, INSP, REGN, RIMM, SIVR, SLV, TAP, TSM, VLO, VZ

Top Analyst Upgrades & Downgrades (AMZN, ACAS, AINV, ACI, BMRN, COF, CSCO, EMR, FSLR, IACI, IBM, JOYG, LXK, PNRA, SWC, TSM, WYNN)

Administrator — Wed, 27 Apr 2011 12:23:24 +0000

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

Amazon.com, Inc. (NASDAQ: AMZN) Reiterated Outperform and raised target to $220 at Oppenheimer; Reiterated Buy with $198 target at BofA/ML; Maintained Buy with $220 target at Canaccord Genuity.
American Capital, Ltd. (NASDAQ: ACAS) Raised to Outperform at Wells Fargo.
Apollo Investment Corporation (NASDAQ: AINV) Cut to Market Perform at Wells Fargo.
Arch Coal Inc. (NYSE: ACI) Cut to Sell at S&P Equity Research (late-Tuesday call).
BioMarin Pharmaceutical (NASDAQ: BMRN) Cut to Neutral as Bear of the Day at Zacks.
Capital One Financial Corp. (NYSE: COF) Maintained Buy but raised target to $65 at BofA/ML.
Cisco Systems, Inc. (NASDAQ: CSCO) Maintained Neutral but cut target to $22 at BofA/ML.
Emerson Electric Co. (NYSE: EMR) Raised to Outperform at Oppenheimer.
First Solar, Inc. (NASDAQ: FSLR) Raised to Buy at Kaufman Bros.
IAC/InterActiveCorp. (NASDAQ: IACI) Raised to Buy at Citigroup; Raised target to $39 at BofA/ML.
International Business Machines Corp. (NYSE: IBM) Reiterated Buy and Raised target to $190 at Argus.
Joy Global, Inc. (NASDAQ: JOYG) Maintained Outperform as Bull of the Day at Zacks.
Lexmark International Inc. (NYSE: LXK) Cut to Hold at Citigroup.
Panera Bread Company (NASDAQ: PNRA) Maintained Neutral but raised target to $135 at BofA/ML
Stillwater Mining Company (NYSE: SWC) Reiterated Outperform and $28 target at Credit Suisse.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) Raised to Conviction Buy List at Goldman Sachs.
Wynn Resorts Ltd. (NASDAQ: WYNN) Maintained Buy at Zacks.

JON C. OGG

Filed under: Analyst Calls Tagged: ACAS, ACI, AINV, AMZN, BMRN, COF, CSCO, EMR, FSLR, IACI, IBM, JOYG, LXK, PNRA, SWC, TSM, WYNN

Top Analyst Upgrades & Downgrades (AONE, BSX, CHKM, DECK, GM, LVS, LBTYA, NTGR, RRC, SAP, SWN, TSM, WIN)

Administrator — Tue, 01 Mar 2011 13:00:15 +0000

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

A123 Systems Inc. (NASDAQ: AONE) Raised to Neutral at BofA/ML.
Boston Scientific Corporation (NYSE: BSX) Raised to Outperform at RBC.
Chesapeake Midstream Partners, L.P. (NYSE: CHKM) Raised to Buy at BofA/ML.
Deckers Outdoor Corporation (NASDAQ: DECK) is Bull of the Day at Zacks Investment Research.
General Motors Co. (NYSE: GM) Reiterated Buy at Argus.
Las Vegas Sands Corp. (NYSE: LVS) Raised to Outperform with $56 target at Credit Suisse.
Liberty Global Inc. (NASDAQ: LBTYA) Cut to Underperform as Bear of the Day at Zacks Investment Research.
Netgear, Inc. (NASDAQ: NTGR) Raised to Buy at By S&P Equity Research (late-Monday call).
Range Resources Corporation (NYSE: RRC) Cut to Market Perform at FBR.
SAP AG (NYSE: SAP) Started as Underperform at BNP Paribas.
Southwestern Energy Co. (NYSE: SWN) Cut to Underperform at BofA/ML.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) Raised to Overweight at HSBC.
Windstream Corporation (NASDAQ: WIN) Raised to Buy at Citigroup.

JON C. OGG

Filed under: Analyst Calls Tagged: AONE, BSX, CHKM, DECK, GM, LBTYA, LVS, NTGR, RRC, SAP, SWN, TSM, WIN