Research Analysts’ ratings reiterations for Friday, July 19th:
Abbott Laboratories (NYSE:ABT) had its sell rating reaffirmed by analysts at Citigroup Inc.. They currently have a $31.00 price target on the stock, down from their previous price target of $33.00. The analysts wrote, “ABT’s sales came in a bit light for the 2nd straight quarter and were in line with our forecast. Comparisons do get a bit easier in 2H but management’s expectations of improvement nearly across the board still appear aggressive and likely need to be at least met in order to maintain the current premium valuation.”
Align Technology (NASDAQ:ALGN) had its buy rating reissued by analysts at Robert W. Baird. They currently have a $45.00 price target on the stock.
Best Buy Co. (NYSE:BBY) had its buy rating reissued by analysts at SunTrust. They currently have a $38.00 target price on the stock.
Betfair Group (LON:BET) had its overweight rating reissued by analysts at Morgan Stanley. Morgan Stanley currently has a GBX 1,000 ($15.10) target price on the stock.
Bwin.Party Digital Entertainment (LON:BPTY) had its overweight rating reaffirmed by analysts at Morgan Stanley. They currently have a GBX 180 ($2.72) target price on the stock.
Carnival (LON:CCL) had its equal weight rating reissued by analysts at Morgan Stanley. They currently have a GBX 2,200 ($33.23) target price on the stock.
Chipotle Mexican Grill (NYSE:CMG) had its underperform rating reaffirmed by analysts at Jefferies Group. They currently have a $306.00 price target on the stock, up from their previous price target of $265.00.
Capital One Financial Corp. (NYSE:COF) had its neutral rating reiterated by analysts at Nomura. They currently have a $64.00 price target on the stock, up from their previous price target of $56.00.
ConocoPhillips (NYSE:COP) had its buy rating reissued by analysts at Argus. The firm currently has a $72.00 target price on the stock, up from their previous target price of $7.00.
CVB Financial Corp. (NASDAQ:CVBF) had its neutral rating reissued by analysts at DA Davidson. DA Davidson currently has a $14.00 price target on the stock. The analysts wrote, “Maintaining NEUTRAL rating and increasing price target to $14, representing a 1.8x multiple on 2014E TBV and 14x our revised 2014 EPS estimate of $1.00. Positive estimate revisions and expansion of bank sector multiple are key drivers of our price target increase. Recent improvements in loan production and pricing are positives, although the dairy segment continues to be somewhat weak. Credit continues to improve and the potential for further reserve release is a possible driver of upward EPS revisions over the second half of 2013. CVBF reported 2Q13 EPS of $0.23, three cents above our estimate and a penny above the Street. Relative to our model, the upside was due to a $6.2 million negative provision, stronger fee income (OREO sale gain), and lower expenses offset by weaker spread income. The negative provision added $0.04 to EPS.”
Deckers Outdoor Corp. (NASDAQ:DECK) had its buy rating reissued by analysts at Jefferies Group. Jefferies Group currently has a $100.00 price target on the stock.
East West Bancorp (NASDAQ:EWBC) had its neutral rating reiterated by analysts at DA Davidson. DA Davidson currently has a $33.00 price target on the stock, up from their previous price target of $29.50. The analysts wrote, “We believe EWBC is well-positioned to continue to generate an above-peer ROE (12.4% estimated in 2013) given expected stability in credit costs, strong loan growth supporting spread revenue, and capital management via buybacks and dividends. Our pretax income growth rate of 3% in 2013 is below our projected 11% EPS growth due to the benefits of the year-to-date stock buyback (8 million shares) and expected additional repurchases over the remainder of the year. Our $33 price target represents a 2.3x multiple on 2014E TBV, in line with the current 2.25x multiple on 2Q13 TBV of $13.55. Our 2014 P/E multiple of 15x is elevated as bank multiples have expanded with the market beginning to discount a higher rate environment although the impact to 2014 EPS will be modest, in our opinion.”
Coca-Cola (NYSE:KO) had its neutral rating reiterated by analysts at Davenport. The firm currently has a $42.00 target price on the stock. The analysts wrote, “KO reported Q2 comparable EPS of $0.63 versus $0.61 last year and our/consensus estimates of $0.64/0.63. KO reported Q2 worldwide volume growth of 1%, versus our forecast for 4% growth, reflecting the impact of slower economies in Europe, Asia and Latin America, combined with poor weather. Brand Coca Cola increased volume 1% in Q2. North American volume declined 1% reversing a Q1 increase. Looking ahead, KO expects results in H2 to improve in several geographies, driven by more normalized weather, better aligned package and price offerings, increased brand support and an improving consumer environment.”
Millennium & Copthorne Hotels (LON:MLC) had its equal weight rating reaffirmed by analysts at Morgan Stanley. Morgan Stanley currently has a GBX 640 ($9.67) price target on the stock.
Quality Systems (NASDAQ:QSII) had its neutral rating reaffirmed by analysts at Sterne Agee. The firm currently has a $24.00 target price on the stock, up from their previous target price of $19.00. The analysts wrote, “Within an 8k filed by Quality Systems last night, it appears the company will pursue an investment bank or management consulting firm to assist in a strategic evaluation of the company. We believe the company is a ‘seller’ rather [than] a ‘buyer,’ and we believe the NextGen ambulatory platform could dovetail nicely with an acute IT vendor lacking a robust ambulatory platform. Raising PT to $24 from $19.”
SanDisk Corp. (NASDAQ:SNDK) had its buy rating reissued by analysts at Jefferies Group. Jefferies Group currently has a $71.00 price target on the stock, up from their previous price target of $70.00. The analysts wrote, “Consistent with our Moore Stress thesis, non-GAAP gross margins expanded by 1,800 bps over the last 12 months (+600 bps QoQ in 2Q13), beating the Street Q2 estimate by ~450 bps. Management guided for QoQ gross margin expansion again in 3Q13. While SNDK is up 50% YTD (95% YoY), our conversations suggest investors still do not fully appreciate the underlying structural factors driving price stability in NAND. Reit. Buy.”
Xilinx (NASDAQ:XLNX) had its hold rating reiterated by analysts at Jefferies Group. Jefferies Group currently has a $47.00 target price on the stock, up from their previous target price of $37.00. The analysts wrote, “After posting a 9% revenue and a 19% earnings beat in the JulQ-13, we increase our price target but remain Hold-rated the stock. We expect XLNX to take share over the next two years as 28nm products ramp, but in the late innings of the cycle, we think higher estimates will be met with lower P/E multiples.”