Equities Research Analysts’ ratings reiterations for Wednesday, July 3rd:
Abbott Laboratories (NYSE: ABT) had its outperform rating reiterated by analysts at Wells Fargo & Co..
Acuity Brands (NYSE: AYI) had its underperform rating reissued by analysts at Sterne Agee. They currently have a $65.00 price target on the stock, up from their previous price target of $62.00.
BIOLASE (NASDAQ: BIOL) had its buy rating reissued by analysts at Ascendiant Capital Markets. They currently have a $5.50 price target on the stock, down from their previous price target of $6.50. The analysts wrote, “We continue to believe that Biolase is well positioned in the dental laser market. The stock has been quite volatile over the past several months, but is still up 92% since the beginning of the year. Although the recent inclusion of the stock into the 2013 versions of the Russell 3000 Index and the Russell Global Index did result in increased trading volume, it did not have a positive effect on price.”
Cliffs Natural Resources (NYSE: CLF) had its neutral rating reiterated by analysts at Goldman Sachs.
Diageo (LON: DGE) had its buy rating reaffirmed by analysts at Galvan Research. They currently have a GBX 2,000 ($30.42) price target on the stock.
FALKLAND OIL & GAS (NASDAQ: FLKOF) had its outperform rating reaffirmed by analysts at RBC Capital.
KapStone Paper & Packaging Corp. (NYSE: KS) had its outperform rating reaffirmed by analysts at BMO Capital Markets. BMO Capital Markets currently has a $50.00 price target on the stock, up from their previous price target of $46.00. The analysts wrote, “We are lowering our 2013 and 2014 EPS forecasts to provide for additional maintenance related to the tri-annual ‘cold’ outage at the North Charleston, S.C. kraft and linerboard mill and higher wood costs occasioned by wet weather in U.S. South in Q2/13…In containerboard, U.S. May box plant plus mill inventories were low at 2.142 million tons. The 10-year average inventory level for May is 2.325 million tons. We expect the $50/ton containerboard price increase to be successful. Asian markets remain weak, with Chinese producers taking market downtime; nevertheless, kraft linerboard pricing remains resilient with world pricing at the equivalent of $690/ton. The industry has successfully implemented the first $50/ton linerboard price increase, bringing the list price to $690/ton. We expect the second $50/ton price increase will be implemented in H2/13. Our linerboard price forecast is $663/ton for 2013E and $700/ton for 2014E.”
Rock-Tenn (NYSE: RKT) had its outperform rating reiterated by analysts at BMO Capital Markets. The firm currently has a $120.00 price target on the stock, up from their previous price target of $115.00. The analysts wrote, “We are lowering our Fiscal Q3/13 EPS estimate by $0.08 to reflect provisions for higher than previously forecast wood costs owing to wet weather in the U.S. South, lower box plant margins during the implementation of the $50/ton containerboard price increase and higher allowance for maintenance. We are raising our Fiscal Q4/13 estimate by $0.15/share to allow for lower wastepaper prices (a reflection of the weak global economy) and lower provisions for maintenance…In containerboard, U.S. May box plant plus mill inventories were low at 2.142 million tons. The 10-year average inventory level for May is 2.325 million tons. We expect the $50/ton containerboard price increase to be successful. Asian markets remain weak, with Chinese producers taking market downtime; nevertheless, kraft linerboard pricing remains resilient with world pricing at the equivalent of $690/ton. Our linerboard list price forecast is $703/ton for 2013E and $740/ton for 2014E. RKT sensitivity to a $50/ton change in containerboard selling price is $3.41/share.”
Spirent Communications (LON: SPT) had its hold rating reiterated by analysts at N+1 Singer.
Tullow Oil (LON: TLW) had its neutral rating reiterated by analysts at Credit Suisse.
Tullow Oil (LON: TLW) had its overweight rating reiterated by analysts at JP Morgan Cazenove.