Showing posts with label Wells Fargo. Show all posts
Showing posts with label Wells Fargo. Show all posts
Thursday, October 11, 2012
BHP (BHP) (EOG) (KEG) (NBL) (PDCE) Downgraded
BHP Billiton (BHP), EOG Resources (EOG), Key Energy (KEG), Noble Energy (NBL) and PDC Energy Inc. (PDCE) were downgraded by analysts.
Canaccord Genuity downgraded BHP Billiton (BHP) from a "Buy" rating to a "Hold" rating.
Tudor Pickering downgraded EOG Resources (EOG) from a "Buy" rating to a "Accumulate" rating.
Howard Weil downgraded Key Energy (KEG) from an "Outperform" rating to a "Market Perform" rating.
Wells Fargo & Co. downgraded Noble Energy (NBL) from an "Outperform" rating to a "Market Perform" rating.
Wells Fargo & Co. downgraded PDC Energy Inc. (PDCE) from an "Outperform" rating to a "Market Perform" rating.
Friday, September 14, 2012
CF (CF) (HFC) (PCL) (PFC) (CNX) Ratings Changes
CF Industries Holdings Inc (CF), HollyFrontier Corp (HFC), Plum Creek Timber Co. (PCL), Petrofac Ltd (PFC) and CONSOL Energy Inc. (CNX) had ratings on them changed or initiated by analysts.
JPMorgan Chase (JPM) upgraded CF Industries Holdings Inc (CF) from a "Neutral" rating to an "Overweight" rating. They have a price target of $253.00 on the company.
Wells Fargo & Co. (WFC) upgraded HollyFrontier Corp (HFC) from a "Market Perform" rating to an "Outperform" rating.
Bank of America (BAC) upgraded Plum Creek Timber Co. (PCL) from an "Underperform" rating to a "Neutral" rating. They have a price target of $47.00 on the company.
Investec upgraded Petrofac Ltd (PFC) to a "Buy" rating. They have a price target of $32.26 on the company.
Global Hunter Securities initiated coverage on CONSOL Energy Inc. (CNX). They have a "Neutral" rating and a price target of $35.00 on the company.
JPMorgan Chase (JPM) upgraded CF Industries Holdings Inc (CF) from a "Neutral" rating to an "Overweight" rating. They have a price target of $253.00 on the company.
Wells Fargo & Co. (WFC) upgraded HollyFrontier Corp (HFC) from a "Market Perform" rating to an "Outperform" rating.
Bank of America (BAC) upgraded Plum Creek Timber Co. (PCL) from an "Underperform" rating to a "Neutral" rating. They have a price target of $47.00 on the company.
Investec upgraded Petrofac Ltd (PFC) to a "Buy" rating. They have a price target of $32.26 on the company.
Global Hunter Securities initiated coverage on CONSOL Energy Inc. (CNX). They have a "Neutral" rating and a price target of $35.00 on the company.
Tuesday, February 14, 2012
Ariad (ARIA) (BIIB) (RHHBY) (WSM) (ATHN) (CBOE) Ratings, Price Targets
Ariad Pharmceuticals (NASDAQ:ARIA), Biogen Idec (NASDAQ:BIIB), Roche Holding (OTC:RHHBY), Williams-Sonoma (NYSE:WSM), AthenaHealth (NASDAQ:ATHN) and CBOE Holdings (CBOECBOE) had ratings and price targets on them adjusted by analysts.
RBC Capital Markets initiated coverage on Ariad Pharmceuticals (ARIA). They placed an "Outperform" rating on the company.
Wells Fargo (NYSE:WFC) initiated coverage on Biogen Idec (BIIB). They placed a "Market Perform" rating on the company.
Roche Holding (RHHBY) was downgraded by Citigroup (NYSE:C) from a "Buy" rating to a "Neutral" rating.
Williams-Sonoma (WSM) was upgraded by Citigroup from a "Neutral" rating to a "Buy" rating.
AthenaHealth (ATHN) was downgraded by Leerink Swann from an "Outperform" rating to a "Market Perform" rating.
CBOE Holdings (CBOE) was downgraded by Credit Suisse (NYSE:CS) from an "Outperform" rating to a "Neutral" rating.
RBC Capital Markets initiated coverage on Ariad Pharmceuticals (ARIA). They placed an "Outperform" rating on the company.
Wells Fargo (NYSE:WFC) initiated coverage on Biogen Idec (BIIB). They placed a "Market Perform" rating on the company.
Roche Holding (RHHBY) was downgraded by Citigroup (NYSE:C) from a "Buy" rating to a "Neutral" rating.
Williams-Sonoma (WSM) was upgraded by Citigroup from a "Neutral" rating to a "Buy" rating.
AthenaHealth (ATHN) was downgraded by Leerink Swann from an "Outperform" rating to a "Market Perform" rating.
CBOE Holdings (CBOE) was downgraded by Credit Suisse (NYSE:CS) from an "Outperform" rating to a "Neutral" rating.
Thursday, February 2, 2012
Seagate (STX) (WBSN) (RWT) (SAN) (FHN) (BCR) Ratings, Price Targets
Seagate (NYSE: STX), Websense Inc. (NASDAQ: WBSN), Redwood Trust (NYSE: RWT), Banco Santander-Chile (NYSE: SAN), First Horizon National Co. (NYSE: FHN) and C.R. Bard, Inc. (NYSE: BCR) ratings and price targets.
Websense Inc. (WBSN) was downgraded by Wells Fargo & Co. (NYSE:WFC)from an “Outperform” rating to a “Market Perform” rating.
Redwood Trust (RWT) was downgraded by Keefe, Bruyette & Woods, Inc from an “Outperform” rating to a “Market Perform” rating.
Banco Santander-Chile (SAN) was downgraded by Goldman Sachs (NYSE:GS) from a “Neutral” rating to a “Sell” rating.
First Horizon National Co. (FHN) was upgraded by Wells Fargo & Co. (NYSE:WFC) from a “Market Perform” rating to an “Outperform” rating.
Seagate (STX) had its price target raised by Auriga to $38.00.
C.R. Bard, Inc. (BCR) had its “Equal Weight” rating reiterated by Morgan Stanley (NYSE:MS).
Websense Inc. (WBSN) was downgraded by Wells Fargo & Co. (NYSE:WFC)from an “Outperform” rating to a “Market Perform” rating.
Redwood Trust (RWT) was downgraded by Keefe, Bruyette & Woods, Inc from an “Outperform” rating to a “Market Perform” rating.
Banco Santander-Chile (SAN) was downgraded by Goldman Sachs (NYSE:GS) from a “Neutral” rating to a “Sell” rating.
First Horizon National Co. (FHN) was upgraded by Wells Fargo & Co. (NYSE:WFC) from a “Market Perform” rating to an “Outperform” rating.
Seagate (STX) had its price target raised by Auriga to $38.00.
C.R. Bard, Inc. (BCR) had its “Equal Weight” rating reiterated by Morgan Stanley (NYSE:MS).
Friday, October 28, 2011
Aixtron (AIXG) (AMD) (CROX) (CWEI) (HLIT) (HOS) Upgraded
Aixtron AG (NASDAQ: AIXG), Advanced Micro Devices (NYSE: AMD), Crocs (NASDAQ: CROX), Clayton Williams Energy Inc. (NASDAQ: CWEI), Harmonic (NASDAQ: HLIT) and Hornbeck Offshore (NYSE: HOS) were upgraded by analysts.
WestLB upgraded Aixtron AG (AIXG) from a “Sell” rating to a “Reduce” rating.
Wells Fargo & Co. (NYSE:WFC) upgraded Advanced Micro Devices (AMD) from a “Market Perform” rating to an “Outperform” rating.
DA Davidson upgraded Crocs (CROX) from a “Neutral” rating to a “Buy” rating. They have a price target of $25.00 on the company, up from $22.00.
Wunderlich upgraded Clayton Williams Energy Inc. (CWEI) was upgraded from a “Hold” rating to a “Buy” rating. They have a $84.00 price target on the company.
ThinkEquity upgraded Harmonic (HLIT) from a “Hold” rating to a “Buy” rating.
Pritchard upgraded Hornbeck Offshore (HOS) from a “Neutral” rating to a “Buy” rating.
WestLB upgraded Aixtron AG (AIXG) from a “Sell” rating to a “Reduce” rating.
Wells Fargo & Co. (NYSE:WFC) upgraded Advanced Micro Devices (AMD) from a “Market Perform” rating to an “Outperform” rating.
DA Davidson upgraded Crocs (CROX) from a “Neutral” rating to a “Buy” rating. They have a price target of $25.00 on the company, up from $22.00.
Wunderlich upgraded Clayton Williams Energy Inc. (CWEI) was upgraded from a “Hold” rating to a “Buy” rating. They have a $84.00 price target on the company.
ThinkEquity upgraded Harmonic (HLIT) from a “Hold” rating to a “Buy” rating.
Pritchard upgraded Hornbeck Offshore (HOS) from a “Neutral” rating to a “Buy” rating.
Tuesday, September 6, 2011
Wesco (WAIR) (TNGO) (TEA) (DNKN) (CHEF) (AMID) Get New Coverage
Wesco Aircraft (NASDAQ: WAIR), Tangoe (NASDAQ: TNGO), Teavana (NYSE: TEA), Dunkin Brands (NASDAQ: DNKN), The Chefs Warehouse, Inc (NASDAQ: CHEF) and American Midstream Partners LP (NASDAQ: AMID) get new coverage from analysts.
Raymond James (NYSE:RJF) initiated coverage on Tangoe (TNGO). They have a "Strong Buy" rating and price target of $16.50 on the company.
Morgan Stanley (NYSE:MS) initiated coverage on Teavana (TEA). They have an "Equal Weight" rating on the company.
Stifel Nicolaus initiated coverage on Dunkin Brands (DNKN). They placed a "Buy" ratingand a price target of $33.00 on the company.
Wells Fargo & Co. (NYSE:WFC) initiated coverage on The Chefs Warehouse, Inc (CHEF). They have an "Outperform" rating on the company.
Citigroup (NYSE:C) initiated coverage on American Midstream Partners LP (NASDAQ: AMID). They placed a "Buy" rating on the company.
Canaccord Genuity initiated coverage on Wesco Aircraft (WAIR). They have an "Overweight" rating on the company.
Raymond James (NYSE:RJF) initiated coverage on Tangoe (TNGO). They have a "Strong Buy" rating and price target of $16.50 on the company.
Morgan Stanley (NYSE:MS) initiated coverage on Teavana (TEA). They have an "Equal Weight" rating on the company.
Stifel Nicolaus initiated coverage on Dunkin Brands (DNKN). They placed a "Buy" ratingand a price target of $33.00 on the company.
Wells Fargo & Co. (NYSE:WFC) initiated coverage on The Chefs Warehouse, Inc (CHEF). They have an "Outperform" rating on the company.
Citigroup (NYSE:C) initiated coverage on American Midstream Partners LP (NASDAQ: AMID). They placed a "Buy" rating on the company.
Canaccord Genuity initiated coverage on Wesco Aircraft (WAIR). They have an "Overweight" rating on the company.
Friday, August 5, 2011
Dendreon (DNDN) (WFR) (WLT) (NTSP) (ONNN) (NCIT) Downgraded
Dendreon Co. (NASDAQ: DNDN), MEMC Electronic Materials Inc (NYSE: WFR), Walter Energy (NYSE: WLT), NetSpend (NASDAQ: NTSP), ON Semiconductor (NASDAQ: ONNN) and NCI Inc (NASDAQ: NCIT) downgraded by analysts.
MEMC Electronic Materials Inc. (WFR) was downgraded by Kaufman Brothers from a “Buy” rating to a “Hold” rating. They have a price target of $7.00 on the company, down from $10.00.
Walter Energy (WLT) was downgraded by Keybanc from a “Buy” rating to a “Hold” rating.
NetSpend (NTSP) was downgraded by SunTrust (NYSE:STI) from a “Buy” rating to a “Neutral” rating.
ON Semiconductor (ONNN) was downgraded by ThinkEquity from a “Buy” rating to a “Hold” rating. They have a price target of $9.00 on the company.
NCI Inc. (NCIT) was downgraded by Wells Fargo & Co. (NYSE:WFC) from a “Market Perform” rating to an “Underperform” rating.
Dendreon Co. (DNDN) was downgraded by Collins Stewart from a “Buy” rating to a “Neutral” rating. They have a price target of $19.00 on the company, down from $55.00.
MEMC Electronic Materials Inc. (WFR) was downgraded by Kaufman Brothers from a “Buy” rating to a “Hold” rating. They have a price target of $7.00 on the company, down from $10.00.
Walter Energy (WLT) was downgraded by Keybanc from a “Buy” rating to a “Hold” rating.
NetSpend (NTSP) was downgraded by SunTrust (NYSE:STI) from a “Buy” rating to a “Neutral” rating.
ON Semiconductor (ONNN) was downgraded by ThinkEquity from a “Buy” rating to a “Hold” rating. They have a price target of $9.00 on the company.
NCI Inc. (NCIT) was downgraded by Wells Fargo & Co. (NYSE:WFC) from a “Market Perform” rating to an “Underperform” rating.
Dendreon Co. (DNDN) was downgraded by Collins Stewart from a “Buy” rating to a “Neutral” rating. They have a price target of $19.00 on the company, down from $55.00.
Wednesday, June 1, 2011
Ratings on (AER) (AMAG) (APC) (BEN) (BIG) Upgraded
Aercap Holdings N.V. (NYSE: AER), AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG), Anadarko Petroleum (NYSE: APC), Franklin Resources, Inc. (NYSE: BEN) and Big Lots, Inc. (NYSE: BIG) were upgraded by analysts.
JPMorgan Chase & Co. (NYSE:JPM) upgraded Aercap Holdings N.V. (AER) from a “neutral” rating to an “overweight” rating.
Robert W. Baird upgraded AMAG Pharmaceuticals, Inc. (AMAG) from a “neutral” rating to an “outperform” rating. They have a price target of $22.00 on the company, up from $19.00.
Wells Fargo & Co. (NYSE:WFC) upgraded Anadarko Petroleum (APC) from a “market perform” rating to an “outperform” rating.
Bank of America (NYSE:BAC) upgraded Franklin Resources, Inc. (BEN) from a “neutral” rating to a “buy” rating. They have a price target of $156.00 on the company.
ThinkEquity analysts upgraded shares of Big Lots, Inc. (NYSE: BIG) from a “hold” rating to a “buy” rating. They now have a $38.00 price target on the company.
JPMorgan Chase & Co. (NYSE:JPM) upgraded Aercap Holdings N.V. (AER) from a “neutral” rating to an “overweight” rating.
Robert W. Baird upgraded AMAG Pharmaceuticals, Inc. (AMAG) from a “neutral” rating to an “outperform” rating. They have a price target of $22.00 on the company, up from $19.00.
Wells Fargo & Co. (NYSE:WFC) upgraded Anadarko Petroleum (APC) from a “market perform” rating to an “outperform” rating.
Bank of America (NYSE:BAC) upgraded Franklin Resources, Inc. (BEN) from a “neutral” rating to a “buy” rating. They have a price target of $156.00 on the company.
ThinkEquity analysts upgraded shares of Big Lots, Inc. (NYSE: BIG) from a “hold” rating to a “buy” rating. They now have a $38.00 price target on the company.
Tuesday, May 24, 2011
Carrizo's (CRZO) Rating Upgraded by Wells Fargo (WFC)
Wells Fargo & Co. (NYSE:WFC) upgraded Carrizo Oil & Gas (NASDAQ: CRZO) from a “Market Perform” rating to an “Outperform” rating.
The giant bank lowered their 2011 EPS estimate on Carrizo from $1.93 to $1.90, while raising its 2012 EPS estimate from $5.60 to $5.76.
"As the company shifts its focus from the Barnett towards the emerging Eagle Ford, Marcellus, and Niobrara plays, we believe Carrizo will see an impressive production growth profile over the next few years while changing the production mix to be more weighted towards liquids. We believe this growth coupled with cash flow to cover anticipated capital needs will drive shares to Outperform peers," said Wells.
Carrizo Oil & Gas, Inc. participates in the exploration, development, production, and transportation of oil and natural gas, most in the United States.
Carrizo shares are jumping today, trading at $37.06, gaining $2.58, or 7.48 percent, as of 2:01 PM EDT.
The giant bank lowered their 2011 EPS estimate on Carrizo from $1.93 to $1.90, while raising its 2012 EPS estimate from $5.60 to $5.76.
"As the company shifts its focus from the Barnett towards the emerging Eagle Ford, Marcellus, and Niobrara plays, we believe Carrizo will see an impressive production growth profile over the next few years while changing the production mix to be more weighted towards liquids. We believe this growth coupled with cash flow to cover anticipated capital needs will drive shares to Outperform peers," said Wells.
Carrizo Oil & Gas, Inc. participates in the exploration, development, production, and transportation of oil and natural gas, most in the United States.
Carrizo shares are jumping today, trading at $37.06, gaining $2.58, or 7.48 percent, as of 2:01 PM EDT.
Friday, October 29, 2010
Wells Fargo (NYSE:WFC) Says Energen (NYSE:EGN) Valued Where it Should Be
Saying Energen Corp.'s (NYSE:EGN) valuation is in line with its performance realities, Wells Fargo (NYSE:WFC) downgraded them from "Outperform" to "Market Perform."
"We believe Energen is an attractively valued diversified energy company, the growth of which is primarily tied to its E&P business. EGN's strategy is designed to use its low leverage, liquidity, and free cash flow to opportunistically acquire and develop oil and gas assets. We think shares appeal to both energy and utility investors looking for a lower-risk way to gain exposure to commodities. In addition, EGN's modest dividend is largely supported by its gas utility," said Wells.
Energen closed Thursday at $44.65, losing $1.27, or 2.77 percent. Wells lowered their valuation range on them from $52-$54 to $51-$53.
"We believe Energen is an attractively valued diversified energy company, the growth of which is primarily tied to its E&P business. EGN's strategy is designed to use its low leverage, liquidity, and free cash flow to opportunistically acquire and develop oil and gas assets. We think shares appeal to both energy and utility investors looking for a lower-risk way to gain exposure to commodities. In addition, EGN's modest dividend is largely supported by its gas utility," said Wells.
Energen closed Thursday at $44.65, losing $1.27, or 2.77 percent. Wells lowered their valuation range on them from $52-$54 to $51-$53.
Tuesday, October 19, 2010
Wells Fargo (NYSE:WFC), UBS (NYSE:UBS Downgrade Northeast Utilities (NYSE:NU)
Saying the $4.17 billion bid by Northeast Utilities (NYSE:NU) for NSTAR (NYSE:NST) is dilutive, Wells Fargo (NYSE:WFC) downgraded Northeast from "Outperform" to "Market Perform."
Also downgrading the utility was UBS (NYSE:UBS), which dropped them from a "Buy" to "Neutral."
Wells said, "While we understand and appreciate the strategic rationale for the merger with NSTAR, the deal appears to dilute two of the underlying reasons for our positive rating (above average EPS growth and high concentration of FERC earnings). Until we gain greater clarity on some of the issues surrounding the proposed transaction, such as MA regulatory risk, we are moving to the sidelines on NU."
Northeast closed Monday at $30.42, losing $0.28, or 0.91 percent. Wells has a range on them from $32 to $33 a share.
Also downgrading the utility was UBS (NYSE:UBS), which dropped them from a "Buy" to "Neutral."
Wells said, "While we understand and appreciate the strategic rationale for the merger with NSTAR, the deal appears to dilute two of the underlying reasons for our positive rating (above average EPS growth and high concentration of FERC earnings). Until we gain greater clarity on some of the issues surrounding the proposed transaction, such as MA regulatory risk, we are moving to the sidelines on NU."
Northeast closed Monday at $30.42, losing $0.28, or 0.91 percent. Wells has a range on them from $32 to $33 a share.
Friday, October 15, 2010
Wells Fargo (NYSE:WFC) on Penn Virginia (NYSE:PVR) Alliance (Nasdaq:ARLP) and Oxford Resource (NYSE:OXF)
Commenting on Coal MLPs, Wells Fargo (NYSE:WFC) took a quick look at Penn Virginia Resource Partners, L.P. (NYSE:PVR), Alliance Resource Partners, L.P. (Nasdaq:ARLP), and Oxford Resource Partners, L.P. (NYSE:OXF).
"We are increasing valuation range for Penn Virginia Resource Partners, L.P. to $24 to $26 from $23 to $25. We are downgrading Alliance Resource Partners, L.P. to Underperform from Outperform based on valuation. Our top Outperform pick in this subsector is Oxford Resource Partners, L.P," said Wells.
Penn Virginia Resource Partners, L.P. closed Thursday at $26.05, losing $0.03, or 0.12 percent. Alliance Resource Partners ended the session at $60.86, losing $0.64, or 1.04 percent. Favorite Oxford Resource Partners, L.P. ended the day up at $21.33, gaining $0.42, or 2.01 percent.
"We are increasing valuation range for Penn Virginia Resource Partners, L.P. to $24 to $26 from $23 to $25. We are downgrading Alliance Resource Partners, L.P. to Underperform from Outperform based on valuation. Our top Outperform pick in this subsector is Oxford Resource Partners, L.P," said Wells.
Penn Virginia Resource Partners, L.P. closed Thursday at $26.05, losing $0.03, or 0.12 percent. Alliance Resource Partners ended the session at $60.86, losing $0.64, or 1.04 percent. Favorite Oxford Resource Partners, L.P. ended the day up at $21.33, gaining $0.42, or 2.01 percent.
Wells Fargo (NYSE:WFC) Talks Magellan (NYSE:MMP), Plains All American Pipeline, (NYSE:PAA), Sunoco Logistics (NYSE:SXL) Kinder Morgan (NYSE:KMR)
Commenting on various segments fo the pipeline sector, one grouping Wells Fargo (NYSE:WFC) targeted was large cap pipeline MLPS. There they gave their insights into Magellan Midstream Partners, L.P. (NYSE:MMP), Plains All American Pipeline, L.P. (NYSE:PAA), Sunoco Logistics Partners, L.P. (NYSE:SXL) and Kinder Morgan Management, LLC (NYSE:KMR)."
Wells said, "We are increasing valuation ranges across our large cap
pipeline MLP coverage universe by an average of 1%. Our revised valuation
ranges suggest median total return potential of 8% for the subsector. On
average, we are raising our 2011 DCF per unit estimates by 3%. We are
downgrading Magellan Midstream Partners, L.P., Plains All American Pipeline, L.P., and Sunoco Logistics Partners, L.P. to Market Perform from Outperform based on valuation. Our top Outperform pick in this subsector is Kinder Morgan Management, LLC."
Magellan Midstream Partners closed Thursday at $53 even, falling $0.47, or 0.88 percent. Plains All American Pipeline, L.P. dropped to $63.56, down $0.82, or 1.27 percent. Sunoco Logistics Partners , L.P. ended the session at $79.62, dropping $0.68, or 0.85 percent, and Kinder Morgan Management, LLC closed at $62.14, down $0.29, or 0.46 percent.
Wells said, "We are increasing valuation ranges across our large cap
pipeline MLP coverage universe by an average of 1%. Our revised valuation
ranges suggest median total return potential of 8% for the subsector. On
average, we are raising our 2011 DCF per unit estimates by 3%. We are
downgrading Magellan Midstream Partners, L.P., Plains All American Pipeline, L.P., and Sunoco Logistics Partners, L.P. to Market Perform from Outperform based on valuation. Our top Outperform pick in this subsector is Kinder Morgan Management, LLC."
Magellan Midstream Partners closed Thursday at $53 even, falling $0.47, or 0.88 percent. Plains All American Pipeline, L.P. dropped to $63.56, down $0.82, or 1.27 percent. Sunoco Logistics Partners , L.P. ended the session at $79.62, dropping $0.68, or 0.85 percent, and Kinder Morgan Management, LLC closed at $62.14, down $0.29, or 0.46 percent.
Monday, October 4, 2010
JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC) Downgrade Deere (NYSE:DE)
Deere & Company (NYSE:DE) suffered two downgrades, as JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) believe they're at the top of their valuation, increasing almost 30 percent since the early part of July.
Wells Fargo's Andrew Cases slashed Deere from "Outperform" to "Market Perform," while JP Morgan's Ann Duignan lowered the agricultural manufacturer from "Overweight" to "Neutral."
A drought in Russia and the resultant increase in corn prices and other crops has helped the industry surge to higher levels, including Caterpillar (NYSE:CAT), which has also pushed up close to yearly highs.
Caterpillar is moving up for different reasons, as the mining sector also has prices surging and mining and construction equipment sales have been in higher demand because of it.
In the near term it looks like they'll have a hard time moving much higher, and will probably remain level for a while.
Wells Fargo's Andrew Cases slashed Deere from "Outperform" to "Market Perform," while JP Morgan's Ann Duignan lowered the agricultural manufacturer from "Overweight" to "Neutral."
A drought in Russia and the resultant increase in corn prices and other crops has helped the industry surge to higher levels, including Caterpillar (NYSE:CAT), which has also pushed up close to yearly highs.
Caterpillar is moving up for different reasons, as the mining sector also has prices surging and mining and construction equipment sales have been in higher demand because of it.
In the near term it looks like they'll have a hard time moving much higher, and will probably remain level for a while.
Wednesday, September 15, 2010
Wells Fargo (NYSE:WFC) Initiates DryShips (Nasdaq:DRYS) Coverage
Wells Fargo (NYSE:WFC) initiated coverage on DryShips (Nasdaq:DRYS), starting them off a "Market Reform" rating.
The valuation range of the stock, which closed Tuesday at $4.04, was from $5 to $6.
Wells said "the overhang from DRYS's drillship exposure creates too much uncertainty to get constructive on the stock," adding, "the downside risks are too unpredictable given volatile macro sentiment and the potential headline risk associated with DRYS's unfinanced and unemployed drillship newbuilds."
The financial giant put an earnings per share estimate of $0.79 and a full-year estimate of $0.95. That's lower than a number of analysts are looking for.
The valuation range of the stock, which closed Tuesday at $4.04, was from $5 to $6.
Wells said "the overhang from DRYS's drillship exposure creates too much uncertainty to get constructive on the stock," adding, "the downside risks are too unpredictable given volatile macro sentiment and the potential headline risk associated with DRYS's unfinanced and unemployed drillship newbuilds."
The financial giant put an earnings per share estimate of $0.79 and a full-year estimate of $0.95. That's lower than a number of analysts are looking for.
Monday, August 16, 2010
Wells Fargo (NYSE:WFC) Joins Bank of America (NYSE:BAC) and Citigroup (NYSE:C) in Limiting Mountaintip Removal Lending
Wells Fargo & Co. (NYSE:WFC) is among the last of the major banks to limit the loans they'll make available to mining companies who use the practice of removing mountaintops to lessen the cost of extracting minerals.
Some environmentalist made is sound like it was their pressure which caused Wells Fargo and other banks like Bank of America Corp (NYSE:BAC), Citigroup, Inc (NYSE:C), Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE:JPM) to make similar decisions over the last couple of years, but that's probably far from the truth.
What is more behind this is increasing restrictions from the EPA on mountaintop removal, which makes it less desirable financially to invest in the companies practicing it.
That doesn't mean the banks won't position themselves as being allegedly "environmentally friendly" because of their decisions, but it's more in line with a business decision than the environment.
As more elites and wealthy from the northeast and east coast move into these areas, they're bringing their environmental agendas with them, which is most of the impetus behind the move to reduce and/or eliminate mountaintop mining.
This is just an opportunity for the banks to toot their own horns while in reality making a financial decision.
Some environmentalist made is sound like it was their pressure which caused Wells Fargo and other banks like Bank of America Corp (NYSE:BAC), Citigroup, Inc (NYSE:C), Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE:JPM) to make similar decisions over the last couple of years, but that's probably far from the truth.
What is more behind this is increasing restrictions from the EPA on mountaintop removal, which makes it less desirable financially to invest in the companies practicing it.
That doesn't mean the banks won't position themselves as being allegedly "environmentally friendly" because of their decisions, but it's more in line with a business decision than the environment.
As more elites and wealthy from the northeast and east coast move into these areas, they're bringing their environmental agendas with them, which is most of the impetus behind the move to reduce and/or eliminate mountaintop mining.
This is just an opportunity for the banks to toot their own horns while in reality making a financial decision.
Monday, July 19, 2010
Wells Fargo (NYSE:WFC) Upgrades Allis-Chalmers (NYSE:ALY)
Allis-Chalmers Energy Inc. (NYSE:ALY) was upgraded by analysts from Wells Fargo & Co. (NYSE:WFC) from market perform to outperform Monday.
At the same time, Wells did lower the valuation of Allis from $3.80-$4.50 to $2.90-$3.45.
Wells Fargo analysts said this in a note to clients, "Although we are lowering our valuation to $2.90-3.45, the high end of our new range still represents potential upside of 40%. Our estimates remain unchanged as lower Rental Service estimates are countered by the accretive impact of the American Well Control acquisition...We expect the increasingly competitive Big 4 to limit the size and profitability ALY can achieve over the next 18 months, especially given its high leverage and inchoate sprawl of lower-end businesses. Even within this context, however, ALY's portfolio of tangible assets, and relationships, thanks to its well-connected, savvy insiders, point to intrinsic value meaningfully higher than its current enterprise value."
Allis-Chalmers close Monday at $2.38, down $0.02, or 0.83 percent.
At the same time, Wells did lower the valuation of Allis from $3.80-$4.50 to $2.90-$3.45.
Wells Fargo analysts said this in a note to clients, "Although we are lowering our valuation to $2.90-3.45, the high end of our new range still represents potential upside of 40%. Our estimates remain unchanged as lower Rental Service estimates are countered by the accretive impact of the American Well Control acquisition...We expect the increasingly competitive Big 4 to limit the size and profitability ALY can achieve over the next 18 months, especially given its high leverage and inchoate sprawl of lower-end businesses. Even within this context, however, ALY's portfolio of tangible assets, and relationships, thanks to its well-connected, savvy insiders, point to intrinsic value meaningfully higher than its current enterprise value."
Allis-Chalmers close Monday at $2.38, down $0.02, or 0.83 percent.
Friday, April 16, 2010
Wells Fargo (NYSE:WFC) Downgrades Exelon (NYSE:EXC)
Exelon downgraded by Wells Fargo
Exelon Corporation (NYSE:EXC), a utility services company, was downgraded today from “Market Perform” to “Underperform” by Wells Fargo (NYSE:WFC).
The valuation range of the stock was adjusted downward as well, from $42-44 to $36-38.
Wells Fargo explained the downgrade of Exelon this way, “We do not believe shares adequately reflect the current forward power price outlook and the diminished outlook for near-term passage of carbon regulations. We continue to view EXC’s unregulated nuclear fleet and operational track record favorably versus peers.”
Exelon Corporation (NYSE:EXC), a utility services company, was downgraded today from “Market Perform” to “Underperform” by Wells Fargo (NYSE:WFC).
The valuation range of the stock was adjusted downward as well, from $42-44 to $36-38.
Wells Fargo explained the downgrade of Exelon this way, “We do not believe shares adequately reflect the current forward power price outlook and the diminished outlook for near-term passage of carbon regulations. We continue to view EXC’s unregulated nuclear fleet and operational track record favorably versus peers.”
Wednesday, April 14, 2010
Fastenal (Nasdaq:FAST) Retains 'Market Perform' from Wells Fargo (NYSE:WFC)
Fastenal Maintains 'Market Perform' Rating
Wells Fargo (NYSE:WFC) said it is maintaining a 'Market Perform' on Fastenal (Nasdaq:FAST), a seller of construction and industrial supplies.
An analyst from Wells Fargo said, "We continue to view the distributor's strategic direction, including slower store growth and increased investment in sales personnel, favorably. Volumes are showing signs of improvement and management's execution remains strong. However, trading at nearly 27x our 2011 EPS estimate, we believe that the shares reflect this favorable view."
Wells increased their valuation for Fastenal from $42-44 to $50-52.
Wells Fargo (NYSE:WFC) said it is maintaining a 'Market Perform' on Fastenal (Nasdaq:FAST), a seller of construction and industrial supplies.
An analyst from Wells Fargo said, "We continue to view the distributor's strategic direction, including slower store growth and increased investment in sales personnel, favorably. Volumes are showing signs of improvement and management's execution remains strong. However, trading at nearly 27x our 2011 EPS estimate, we believe that the shares reflect this favorable view."
Wells increased their valuation for Fastenal from $42-44 to $50-52.
Tuesday, April 13, 2010
National Bank of Greece (NYSE:NBG) Good Investment?
Investing in Greek Banks
On the news the European Union finally agreed to bail out Greece if the occasion ever presents itself, the National Bank of Greece (NYSE:NBG) quickly surged by about 17 percent.
Without getting into the wisdom of providing this underpinning for Greece, the reality is that it's there, and if the results of the bailout of U.S. banks are mirrored by the National Bank of Greece, or other Greek banks, some investors should make a lot of money.
Just look at the lows the giant banks in America like Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) reached, and in a relatively short time exploded in share price to see the potential related to bailed out financial institutions.
Add to that the inevitable pressure by countries like Portugal, Italy and Spain to receive their piece of the pie once Greece receives theirs, and you could have a rotating group of banks over the next several years from these countries that can make some huge gains for investors.
Don't get me wrong, I don't agree with any of this going on, but from an investors point of view, it's a tremendous opportunity that just about guarantees great returns.
As far as the rhetoric that this is only if Greece some day will need the money, forget about that, it was only a way of stating things to make it palatable to the citizens of other countries in the European Union which will have to pay the bill of Greece's outrageous and irresponsible behavior.
Nonetheless, it's going to happen, and to ignore it would be a huge mistake, as the banks in the countries getting the bailouts will enjoy success for some time, along with those who invest with them.
On the news the European Union finally agreed to bail out Greece if the occasion ever presents itself, the National Bank of Greece (NYSE:NBG) quickly surged by about 17 percent.
Without getting into the wisdom of providing this underpinning for Greece, the reality is that it's there, and if the results of the bailout of U.S. banks are mirrored by the National Bank of Greece, or other Greek banks, some investors should make a lot of money.
Just look at the lows the giant banks in America like Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) reached, and in a relatively short time exploded in share price to see the potential related to bailed out financial institutions.
Add to that the inevitable pressure by countries like Portugal, Italy and Spain to receive their piece of the pie once Greece receives theirs, and you could have a rotating group of banks over the next several years from these countries that can make some huge gains for investors.
Don't get me wrong, I don't agree with any of this going on, but from an investors point of view, it's a tremendous opportunity that just about guarantees great returns.
As far as the rhetoric that this is only if Greece some day will need the money, forget about that, it was only a way of stating things to make it palatable to the citizens of other countries in the European Union which will have to pay the bill of Greece's outrageous and irresponsible behavior.
Nonetheless, it's going to happen, and to ignore it would be a huge mistake, as the banks in the countries getting the bailouts will enjoy success for some time, along with those who invest with them.
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