True Religion-TRLG downgraded to Market Perform from Outperform@MOKE
Louis Navellier’s Quantum Growth Update
Louis Navellier’s Quantum Growth Update is positive on APA, COP, DRC, FMC, MUR and TSYS; cautious on EXM and NTRS.
Large Cap Banks initiated with a cautious view@BERN
Bernstein believes the credit cycle is still growing, while visibility on large banks’ EPS and book value prospects are still low. The firm believes banks’ journey towards normalized EPS will be long and turbulent over the next 2-3 years. The firm identifies JPMorgan (JPM) as their Top Pick in the sector, and they have an Outperform rating on its stock.
Cardiome Pharma-CRME: Believe sell-off in shares is overdone@OPCO
After Cardiome’s stock dropped following the FDA’s issuance of an approvable letter for Kynapid requiring a safety update, Oppenheimer still believes that the company will likely be acquired, and they recommend aggressively buying shares.
Louis Navellier’s Global Growth Update
Louis Navellier’s Global Growth Update is positive on FMX, TMX, and XTLB and CIG, NBR, ELN, and ROS.
LDK Solar-LDK: Believe risk/reward ratio is compelling@GABE
After LDK reported that its revenue surged 89.2% year-over-year in Q2, Gabelli believes LDK will be able to exploit its economy of scale, volume, and cost advantages. The firm maintained their Buy rating.
Elan Corp-ELN seeking quick sale of drug delivery business, sources say-Reuters
The sources said first round bids are already in.
Steel Sector coverage resumed with an Underweight@BOFA
BofA resumed coverage on X (target $115) and CMC ($24) with Sell ratings and STLD ($26), MT ($78), and GNA ($13) with Neutral ratings.
Apple-AAPL checks indicate iPhone demand may exceed expectations@LEHM
Lehman’s checks indicate that their 3.8M iPhone unit sales estimate may prove conservative. The firm rates shares Overweight, price target $220.
Goldman Sachs-GS: Q3 EPS estimate lowered to $2.15 from $3.54@OPCO
Oppenheimer also reduced their 2008 EPS estimate for Goldman to $14.32 from $15.75, and their 2009 EPS estimate to $14.90 from $16.30. The firm cited customer volumes, weak equity markets, and weak advisory and underwriting revenues as reasons for their revisions, and they maintained their Market Perform rating.
Favorites List: ARO, CL, and LO added; KO, PM, and RSH removed@GSCO
Least Favorites List: ANN, HSY, and CLX added; KMB, PBG & SHFL removed@GSCO
Infineon may be center of 3G iPhone signal problems@Nomura
Nomura believes there have been too many instances with Apple’s (AAPL) 3G iPhone, regarding reception of the 3G signal, for it to be a coincidence. The firm said it is likely that the issues are from an immature chipset and radio protocol stack and are ‘almost certain’ that Infineon (IFX) is the 3G supplier. Nomura also believes this will give Apple competitors like Nokia (NOK), HTC and Research in Motion (RIMM) an opportunity to get user experience on their phones up to par with Apple’s.
Airlines: AMR, CAL, LCC, DAL, ALK, & NWA upgraded; LUV downgraded@JPMS
JP Morgan said Airline equities do not reflect the recent drop in fuel prices and the improvement in non-fuel fundamentals. The firm upgraded AMR, CAL, and LCC to Overweight from Underweight, DAL and ALK to Overweight from Neutral, and NWA to Neutral from Underweight. The firm downgraded LUV to Neutral from Overweight.
Penn Virginia-PVA upgraded to Buy from Neutral@RHCO
Suntrust upgraded PVA citing higher coal prices. Target to $93 from $76.
Broadcom-BRCM: Believe company is gaining market share@OPCO
After meeting with Broadcom’s management, Oppenheimer believes the company is gaining market share in its enterprise, broadband, and mobile and wireless businesses. The firm maintained their Outperform rating.
Freeport McMoRan-FCX upgraded to Buy from Hold@SOLE
Soleil upgraded FCX based on valuation. Target $135.
