Cotiviti Holdings Inc. (NYSE: COTV) was started with a Hold rating and $45 price target at Jefferies. The firm was positive on Cotiviti having a compelling growth story with predominantly recurring revenues, modest penetration into the existing client bases, minimal client turnover and long-term macroeconomic tailwinds. Still, the value limits upside.
D.R. Horton (NYSE: DHI) was reiterated as Outperform with a $36 price target (versus a $33.61 close) at Wedbush, with the call coming a head of the second-quarter earnings release.
HMS Holdings Corp. (NASDAQ: HMSY) was started with a Hold rating and assigned a $21.50 price target at Jefferies. The firm was positive on HMS having a compelling growth story with predominantly recurring revenues, modest penetration into the existing client bases, minimal client turnover and long-term macroeconomic tailwinds. Still, the value limits upside.
KB Home (NYSE: KBH) was raised to Market Perform from Underperform at Raymond James.
Las Vegas Sands Corp. (NYSE: LVS) was reiterated as Buy with a $67 price target (versus a $56.51 close) at Argus. The firm’s positive view reflects gains in the Macau gaming revenue over the previous eight months, as well as a shift toward the mass-market segment in Macau.
MasTec Inc. (NYSE: MTZ) was raised to Buy from Neutral and was given a $50 price target (versus a $39.65 close) at D.A. Davidson.
NuStar Energy L.P. (NYSE: NS) was raised to Neutral from Underperform and the price target was raised to $53 from $52 (versus a $47.84 close) at Credit Suisse.
Pacira Pharmaceuticals Inc. (NASDAQ: PCRX) was started with an Outperform rating and assigned a $58 price target (versus a $45.50 close) at RBC Capital Markets.
RPC Inc. (NYSE: RES) was started as Outperform with a $24 price target (versus a $19.18 close) at BMO Capital Markets.
Wednesday’s top analyst upgrades and downgrades included Adobe, HP, Lululemon Athletica, Neurocrine Biosciences, PepsiCo, Under Armour and many more.
This week’s monthly RIC macroeconomic report from Merrill Lynch’s strategy team noted that the negotiations over tax reform probably will stretch on for months and the outcome will be important for markets. Some good things are happening outside of the debates in Washington, as corporate revenue growth looks to be accelerating. Merrill Lynch’s Savita Subramanian gave some key points to sum up the first quarter ahead of this earnings season: The first quarter was a quarter of reversals, where large led small, and growth beat value while many of the “Trump trades” have underperformed. She also noted that the markets could see a last bout of optimism in post-election winners, but the “Trump put” could fade if data starts to get choppier.
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