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Top Analyst Upgrades and Downgrades (ANF, APD, AMZN, ACGL, BWLD, CSCO, GLW, ELN, ERJ, HES, JEC, LEAP, MOT, OGE, RY, SD, WBD)

Administrator — Mon, 06 Dec 2010 13:02:40 +0000

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

Abercrombie & Fitch Co. (NYSE: ANF) Added to Goldman Sachs Conviction Buy List.
Air Products & Chemicals Inc. (NYSE: APD) Reiterated Buy and raised target to $105 at Jefferies.
Amazon.com Inc. (NASDAQ: AMZN) Reiterated Neutral but Raised Target to $165 at Credit Suisse.
Arch Capital Group (NASDAQ: ACGL) Cut to Underweight at JPMorgan.
Buffalo Wild Wings Inc. (NASDAQ: BWLD) Raised to Strong Buy at Raymond James.
Cisco Systems Inc. (NASDAQ: CSCO) Raised to Outperform at Oppenheimer.
Corning Inc. (NYSE: GLW) Reiterated Buy with $24 target at BofA/ML.
Elan Corp. plc (NYSE: ELN) Raised to Buy at UBS.
EMBRAER (NYSE: ERJ) Started as Buy at Goldman Sachs.
Hess Corporation (NYSE: HES) Raised to Market Weight and $80 target at Credit Suisse.
Jacobs Engineering Group Inc. (NYSE: JEC) Raised to Buy at Canaccord.
Leap Wireless International Inc. (NASDAQ: LEAP) Cut to Hold at Auriga.
Motorola Inc. (NYSE: MOT) Reiterated Buy at BofA/ML.
OGE Energy Corporation (NYSE: OGE) Started as Outperform at Wells Fargo.
Royal Bank of Canada (NYSE: RY) Cut to Market Perform at KBW.
Sandridge Energy, Inc. (NYSE: SD) Raised to Buy at Stifel Nicolaus.
Wimm-Bill-Dan (NYSE: WBD) Raised to Neutral at Goldman Sachs.

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JON C. OGG

Filed under: Analyst Calls Tagged: ACGL, AMZN, ANF, APD, BWLD, CSCO, ELN, ERJ, GLW, HES, JEC, LEAP, MOT, OGE, RY, SD, WBD

Pepsi Acquisition of WBD Goes Much Deeper Into Russia (PEP, WBD)

Administrator — Thu, 02 Dec 2010 12:01:37 +0000

PepsiCo, Inc. (NYSE: PEP) has a long history of operating in Russia. It is about to get much deeper into the country. This morning came the announcement that PepsiCo is going to acquire Wimm-Bill-Dann Foods OJSC (NYSE: WBD). Many American’s do not know this company, but it is a leading branded food and beverage company in Russia. The terms of the deal call for PepsiCo to acquire 66% of Wimm-Bill-Dann for a sum of $3.8 billion, or $5.4 billion in a total enterprise value.

The price being paid by PepsiCo to the selling shareholders is $33.00 per ADR, or equivalent to $132.00 per ordinary Russian share. The company notes that this is a 32% premium over the 30-day average of Wimm-Bill-Dann’s ADR shares. Those shares closed at a mere $24.50 yesterday and the 52-week trading range is $17.11 to $27.76. This is also right under the peak of trading values at the very end of 2007 and start of 2008when shares briefly traded under $50.00.

There are of course government approvals needed to get the deal done and that can take time in Russia. As noted, “PepsiCo will offer to acquire the remaining shares of Wimm-Bill-Dann through an offer following completion of that acquisition at such time and on terms as are mandated by Russian law, and PepsiCo may acquire additional shares in other transactions.”

Wimm-Bill-Dann is a leader in both traditional and value-added dairy products, with a solid position in juice. This aims to make Pepsi the largest food and beverage business in Russia. It also gives the company a leg into the dairy category and will allow it to get a larger footprint in Eastern Europe and Central Asia.

The deal will add to the top-line and bottom-line as well. Pepsi noted that the transaction will raise PepsiCo’s annual global revenues from nutritious and functional foods from approximately $10 billion today to nearly $13 billion. More importantly, Pepsi noted that the transaction “moves the company closer to its strategic goal of building a $30 billion nutrition business by 2020.”

We noted earlier that PepsiCo has a long history in Russia. Through the 1970′s, 80′s and 90′s one of the few Vodka brands in the U.S. from Russia was Stolichnaya vodka. That was via a barter arrangement, Pepsi bartered for vodka under the old U.S.S.R.

Wimm-Bill-Dann has over 16,000 people and 38 production facilities. After the deal, PepsiCo will employ approximately 31,000 people in Russia, Ukraine and Central Asia and it will have 49 manufacturing facilities. PepsiCo has a market cap that is now $104 billion.

JON C. OGG

Filed under: ADR, Emerging Markets, Food, International Markets, Mergers and Buy Outs, Retail, Water Tagged: PEP, WBD

Top Analyst Upgrades and Downgrades (ARNA, ARMH, DRYS, GMR, GSK, NOK, OSG, SONC, TK, VLCM, WBD)

Administrator — Wed, 15 Sep 2010 12:42:29 +0000

These are some of the top analyst research calls for upgrades, downgrades, and initiations this Wednesday morning on Wall Street:

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) Cut to Market Perform at BMO.
ARM Holdings plc (NASDAQ: ARMH) Cut to SELL at Execution Noble (Overseas).
DryShips Inc. (NASDAQ: DRYS) Started as Market Perform at Wells Fargo.
General Maritime (NYSE: GMR) Started as Outperform at Wells Fargo.
GlaxoSmithKline (NYSE: GSK) Cut to Hold at Jefferies.
Nokia Corporation (NYSE: NOK) Reiterated Overweight at JPMorgan.
Overseas Shipholding Group (NYSE: OSG) Started as Outperform at Wells Fargo.
Sonic Corporation (NASDAQ: SONC) Cut to Hold at KeyBanc.
Teekay Corporation (NYSE: TK) Started as Outperform at Wells Fargo.
Volcom Inc. (NASDAQ: VLCM) Started as Buy at Jefferies.
Wimm-Bill-Dann Foods (NYSE: WBD) Started as Buy at Citigroup.

JON C. OGG

Filed under: Analyst Calls Tagged: ARMH, ARNA, DRYS, GMR, GSK, NOK, OSG, SONC, TK, VLCM, WBD

Top Analyst Upgrades and Downgrades (AMGN, AU, BP, BIIB, CELG, GILD, HMY, HGSI, LYG, MPEL, MVIS, RIMM, TEVA, VPHM, WBD)

Administrator — Thu, 09 Sep 2010 12:24:30 +0000

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

Amgen Inc. (NASDAQ: AMGN) Started as Buy at Stifel Nicolaus.
AngloGold Ashanti (NYSE: AU) Cut to Neutral at JPMorgan.
BP plc (NYSE: BP) Reiterated Buy and Raised Target at Collins Stewart.
Biogen Idec Inc. (NASDAQ: BIIB) Started as Sell at Stifel Nicolaus.
Celgene Corporation (NASDAQ: CELG) Started as Buy at Stifel Nicolaus.
Gilead Sciences Inc. (NASDAQ:GILD) Started as Hold at Stifel Nicolaus.
Harmony Gold (NYSE: HMY) Raised to Overweight at JPMorgan.
Human Genome Sciences Inc. (NASDAQ: HGSI) Started as Buy at Stifel Nicolaus.
Lloyds Banking Group (NYSE: LYG) Raised to Equalweight at Barclays.
Melco Crown Entertainment (NASDAQ: MPEL) Cut to Neutral at JPMorgan; Raised to Buy at UBS.
Microvision Inc. (NASDAQ: MVIS) Started as Buy at Stifel Nicolaus.
Research In Motion Ltd. (NASDAQ: RIMM) Started as Sell at BGC.
Teva Pharmaceutical Industries Limited (NASDAQ: TEVA) Raised to Outperform at Oppenheimer.
ViroPharma Inc. (NASDAQ: VPHM) Started as Outperform at Leerink Swann.
Wimm-Bill-Dann Foods OSJC (NYSE: WBD) Raised to Overweight at JPMorgan.

JON C. OGG

Filed under: Analyst Calls Tagged: AMGN, AU, BIIB, BP, CELG, GILD, HGSI, HMY, LYG, MPEL, MVIS, RIMM, TEVA, VPHM, WBD

Top Analyst Upgrades and Downgrades (AFFX, ANDE, CHRM, FE, MOS, OPEN, POT, PLD, PEG, QNST, WBD)

Administrator — Mon, 21 Jun 2010 12:40:06 +0000

These are some of this Monday’s top analyst calls with upgrades, downgrades, and initiations seen in Wall Street research notes:

Affymetrix Inc. (NASDAQ: AFFX) Cut to Underweight at Piper Jaffray.
The Andersons, Inc. (NASDAQ: ANDE) Raised to Buy and $41 target at BB&T.
Charm Communications Inc. (NASDAQ: CHRM) Started as Outperform at Credit Suisse.
FirstEnergy Corp. (NYSE: FE) Cut to Hold at Citigroup.
The Mosaic Company (NYSE: MOS) Maintained Hold but Target cut to $45 from $57 at Soleil.
OpenTable, Inc. (NASDAQ: OPEN) Cut to Hold at Citigroup.
Potash Corp. of Saskatchewan (NYSE: POT) Maintained Hold but Target cut to $89 from $100 at Soleil.
ProLogis (NYSE: PLD) Raised to Market Perform at Wells Fargo.
Public Service Enterprise Group, Inc. (NYSE: PEG) Added to Conviction Buy List at Goldman Sachs.
QuinStreet, Inc. (NASDAQ: QNST) Raised to Overweight at Thomas Weisel.
Wimm-Bill-Dann (NYSE: WBD) Added to Focus Sell List at Goldman Sachs.

JON C. OGG

Filed under: Analyst Calls Tagged: AFFX, ANDE, CHRM, FE, MOS, OPEN, PEG, PLD, POT, QNST, WBD

Russian ADRs Take Off (MTL)(LUKOY)

247wallst — Mon, 09 Nov 2009 20:25:02 +0000

Tickerspy’s Russian Stock and ADR Index is up close to 5% as the market goes into its close. Among the biggest movers was LUKOIL (OTC: LUKOY), an oil and gas company that was up over 6.5% today. Mechel OAO (NYSE: MTL), a mining company, was also up over 6.5%.

Russian oil and mining stocks were up today largely due to the effects of this weekend’s G-20 meetings, where world leaders agreed to continue their fiscal and monetary stimulus until global economic recovery. This news gave investors confidence that there will be demand for industrial commodities in the coming quarters. This has had the effect of pushing up the value of Russia’s ruble again the dollar, along with Russia MICEX index, as oil and metals mining represent a significant portion of that country’s economy.

Garrett W. McIntyre

Posted in Emerging Markets, ETF, International Markets, Metals Tagged: CTCM, LUKOY, MBT, MTL, NILSY, OGZPY, ROS, SGTPY, VIP, WBD

Top Pre-Market Analyst Upgrades & Downgrades (EXPO, EHTH, INCY, RIGL, WBD, AMR, AMLN, BKUNA, NGG)

247wallst — Wed, 27 Aug 2008 07:37:12 +0000

It is getting pretty thin in analyst coverage as we get closer to Labor Day, but these are the upgrades and downgrades we are seeing this Wednesday morning:

Exponent (EXPO) Started as Buy at SunTrust.
eHealth (EHTH) Started as Buy at Merriman Curhan Ford.
Incyte (INCY) Started as Buy at Citigroup.
Rigel (RIGL) Started as Buy at Citigroup.
Wimm-Bill-Dann Foods (WBD) Raised to Buy at UBS.
AMR (AMR) Cut to Sell at Citigroup.
Amylin Pharma (AMLN) Cut to Neutral at Baird.
BankUnited (BKUNA) Cut To Sell at Stifel Nicolaus.
National Grid (NGG) Cut to Equal Weight at Lehman.

Jon C. Ogg
August 27, 2008

Russian ADR’s, ETF’s, Funds Hit On Military Actions (TRF, CEE, RSX, MBT, MTL, ROS, VIP, WBD)

247wallst — Fri, 08 Aug 2008 10:56:30 +0000

Russian shares in ETF’s, closed-end funds, and ADR’s are taking a little beating this morning after Russian forces have rolled in with tanks, troops, and air raids into Georgia’s breakaway South Ossetia region. Deciding who is responsible is up to you, particularly as Russia and its former Soviet Union states are known for information not coming out at all or not coming out in a timely and accurate manner. Here is a list of the reactions we are seeing in these stocks, funds, and ETF’s.

INDIVIDUAL RUSSIAN STOCK ADR’s:

Mobile Telesystems OJSC (NYSE: MBT) -6.8% at $66.29 on 1.88M shares
Mechel OAO Company (NYSE: MTL) -4.2% at $23.05 on 3.6M shares
Rostelecom OAO (NYSE: ROS) -3.75% at $68.35 on 64,000 shares
Vimpel-Communications (NYSE: VIP) -3.3% at $23.50 on 2.4M shares
Wimm-Bill-Dann Foods (NYSE: WBD) -6% at $76.10 on 164,000 shares

EXCHANGE TRADED FUND:

Market Vectors Russia ETF (NYSE: RSX) -5% at $40.15 on 946,000 shares

CLOSED-END FUNDS:

Templeton Russia and East European Fund Inc. (NYSE: TRF) -2.9% at $45.19 on 35,000 shares
Central Europe & Russia Fund Inc. (NYSE: CEE) -4% at $43.33 on 45,000 shares

The open ended mutual funds won’t really see any pricing changes untilthe net asset values update at the end of the day, so where thosereally trade at an end of day hypothetical net asset value might beguesswork. OPEN ENDED FUNDS:

ING Russia A Fund (LETRX)
JPMorgan Russia C Fund (JRUCX)
JPMorgan Russia Select Fund (JRUSX)
JPMorgan Russia R5 Fund (JRURX)
Third Millennium Russia Fund (TMRFX)
TEMPLETON RUSSIA AND EAST EUROPE Fund (XTRFX)
JPMorgan Russia A Fund (JRUAX)

Jon C. Ogg
August 8, 2008

Top Pre-Market Analyst Upgrades (AIG, AU, AAPL, BLKB, CREE, GENZ, HGG, LL, RDS.A, WBD)

247wallst — Tue, 05 Aug 2008 06:28:26 +0000

These are some of the top analyst upgrades and positive calls we are seeing this Tuesday morning:

American International Group (AIG) Raised to Buy at UBS.
Anglogold (AU) Raised to Outperform at Credit Suisse.
Apple (AAPL) Started as Buy at UBS.
Blackbaud (BLKB) Raised to Buy at Jefferies.
Cree (CREE) Raised to Outperform at Morgan Keegan.
Genzyme (GENZ) Started as Buy at Banc of America.

Hhgregg (HGG) Started as Buy at KeyBanc.
Lumber Liquidators (LL) Started Aa Buy at KeyBanc.
Royal Dutch Shell (RDS.A) Raised to Overweight at HSBC.
Will-Bill-Dan Foods ADR (WBD) Raised to Buy at Citigroup.

Jon C. Ogg
August 5, 2008

Cramer Tours Kremlin & Politburo (MTL, WBD, CTCM, SEDC, CETV, TRF, RSX)

247wallst — Fri, 11 Apr 2008 18:07:05 +0000

This week on CNBC’s MAD MONEY, Jim Cramer highlighted how Russia has many very promising prospects for emerging markets investors. He gave many ways to play the country with ADR’s of public Russian companies that trade in the U.S. We only wanted to run a single summary since this was his fixed series going all week. Here were his picks this week for Russia:

Cramer’s Russian pick from Monday was in metals and mining pick of Mechel (NYSE: MTL) for steel demand being driven in Russia, China, and the Middle East.
On Tuesday, Cramer picked Russian food producing giant Wimm-Bill-DANN (NYSE: WBD) with more than 30%of Russian dairy and as the number 2 and number 3 producer of baby foods and juice products.
Cramer’s pick on Wednesday, he gave his top pick that night as CTC Media (NASDAQ: CTCM), the fourth largest television broadcaster in Russia with 42 television stations and 30% longterm growth.
On Thursday, Cramer picked Central European Distribution (NASDAQ: CEDC) as a vodka and liquor distributor in Russia and Eastern Europe.
Friday’s Cramer pick from Russia was Central European Media Enterprises Ltd. (NASDAQ: CETV), which invests in, develops, and operates national commercial television channels and stations in Central and Eastern Europe.

As far as going abroad, you’ve always heard 247WallSt.com talk about ETF’s and Closed-End funds as trading vehicles that offer significant upside without as much individual portfolio risk due to a single company. The longest running fund we used for investing in Russia is the Templeton Russia and East European Fund Inc. (NYSE: TRF) and the Market Vectors Russia ETF (NYSE: RSX).

If you have followed Cramer, he’s given many similar country category picks over the course of a week, particularly in BRIC countries. As far as another BRIC series Cramer has run for Brazil, Russia, India, and China:

Here were his top Brazil picks.
Here were his top 5 China picks.
One time he did BRIC+ME, from BRIC plus the Middle East.

You can join our open email distribution list to hear about special financings, secondary offerings, IPO’s, M&A, and more previews for other special situations in various stages.

Jon C. Ogg
April 11, 2008

Jon Ogg produces the Special Situation Investing Newsletter. He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.