In a report published today BofA Merrill Lynch Upgraded the rating on Siemens AG (SI) to Buy from Neutral with a price target of $ “We are upgrading Siemens from Neutral to BUY. Our price objective (PO) remains Eur106, implying upside potential, plus a >3% dividend yield. We downgraded Siemens in early Jan 14 when the stock was a bit higher and the upside looked more limited, but at these levels (all in PE of FY14 and FY15,a 15-20% sector discount), we think the shares offer an attractive risk/reward balance.” BofA Merrill Lynch said “We think the upside will be driven by (i) the ongoing cost and portfolio restructuring story under CEO Joe Kaeser, which we think will be taken to the next phase at the May 8 capital markets day, (ii) cyclical and structural growth opportunities in automation markets, which we think the market underestimates, (iii) support from a Eur4bn share buy-back to be executed over the next 18 months and (iv) a strong balance sheet allowing Siemens to enhance its portfolio and earnings” it added Shares of Siemens AG (SI) closed at $ on Friday.
Analysts at Citi downgraded shares of CF Industries Holdings (CF) to Neutral from Buy citing valuation and limited near term catalysts. The price target on CF was retained at $ “there are risks of a softer urea market in 2H14 on higher China exports and potential for lower grain prices if a record crop develops. Plus (see Figure 1), CF’s multiple has risen to ~14x, back toward pre- “shale supremacy” levels. We see balanced risk/reward here and recommend investors stay on the sidelines for now.” Citi said in a note to clients “Global urea markets have weakened outside of the US since late February and now appear to have reversed the rebound which started late last summer. Part of this move could be seasonal. Supply uncertainty in China could increasingly pressure the market as seasonally exports should be much higher in 2H14 with lower tariffs.” it added Shares of CF Industries Holdings (CF) were trading lower by 1 percent at $ in early morning trade.
Nomura downgrades Ranbaxy to Reduce from Neutral earlier following import alert on Toansa plant. Ranbaxy’s API plant at Toansa has been placed under import alert by the USFDA. The action follows the inspection carried out by the agency in January 2014. The import alert at Toansa follows the alert imposed on a new formulation facility at Mohali in September 2013. The Toansa facility had earlier successfully concluded an FDA audit in 2011. The recent developments contradict the view that the regulatory issues are limited to the pre-2008 period and that the signing of a consent decree in January 2012 had laid the path for gradual recovery. Toansa is an important API plant with 76% of DMF filings for Ranbaxy. The target price has been cut to Rs311 from Rs436 earlier. Nomura estimates the stock can potentially drop to EV/sales, in which case the price could drop to Rs250-270.
Research analysts at Brean Capital Initiated Coverage on First Solar, Inc (FSLR) with a Buy rating and set a price target of $83, suggesting 20 percent upside from current levels. “Given the company’s solid balance sheet, increasing cash flow generation, strong growth potential, and ability to leverage its product platforms, we believe First Solar has many advantages over its peers. We regard the stock as a must-have for solar portfolios, and worth consideration for long-term investors who seek above-average growth and have the patience to navigate the potential ups and downs of a maturing market.” Brean Capital said in a note to clients “We consider First Solar the premier market participant in the solar industry, given its breadth of vertical integration, financial strength, and ability to adapt to changing end-market conditions while continuing to innovate its product and service offerings.” it added Shares of First Solar, Inc (FSLR) closed at $ on Monday.
Analysts at BMO Capital raised the price target on shares of Apple (AAPL) to $ from $ and reiterated their Outperform rating on the stock. “We continue to believe that AAPL’s valuation is attractive relative to historical measures as well as relative to the S&P 500. Based on changes in the multiple, we believe that the upside case is in the $635 range and the downside case is in the $470 range. We are raising our March quarter EPS estimate to $ from $ (consensus of $)” BMO Capital said “We are raising our EPS estimates on Apple, driven by aggressive share buybacks. Apple repurchased approximately $14 billion worth of stock, and we assume that the share count declines by around 22 million, to 880 million shares in the March quarter. In addition, we assume total share buybacks of about $35 billion in FY2014 and FY2015, compared with $40 billion over the past 12 months” it added Shares of Apple (AAPL) closed at $ on Thursday
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