A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network(http://bit.ly/equitybriefdaily) and Equity Brief:
Credit Suisse upgraded shares of Phillips 66 (PSX) from a neutral rating to an outperform rating.
Stephens downgraded shares of Power-One, Inc. (PWER) from an overweight rating to an equal weight rating.
Needham & Company lowered its price target on shares of QLogic Co. (QLGC) from $15.00 to $12.00. They have a buy rating on the stock.
Cantor Fitzgerald lowered its price target on shares of QLogic Co. (QLGC) from $13.00 to $10.50. They have a hold rating on the stock.
Goldman Sachs upgraded shares of Rogers Communications Inc. (RCI) from a sell rating to a neutral rating.
Zacks downgraded shares of Rent-A-Center, Inc (RCII) from an outperform rating to a neutral rating. Their analysts now have a $35.00 price target on the stock. Zacks' analyst wrote, "Rent-A-Center leverages an extensive network of stores to effectively penetrate its target markets, thereby aiding it to post healthy third-quarter 2012 results. The quarterly earnings of $0.67 per share came in line with the Zacks Consensus Estimate, and rose 11.7% year-over-year. Total revenue rose 5% on the back of higher RAC Acceptance revenue but missed the Zacks Consensus Estimate of $757 million. Management now projects top-line growth between 7% and 8.5% and earnings in the band of $3.05 to $3.15 per share for 2012. The company remains optimistic about its future growth prospects, with store openings in international markets and accelerated rollout of RAC Acceptance kiosks. Due to continued tightening of the credit market, customers see rent-to-own as a more viable option to credit. However, the sluggish recovery and a fragile job market may make customers reluctant to enter new rental-purchase deals. Moreover, margins remained under pressure due to higher cost of revenues. Given the pros and cons we prefer to be on the sidelines at this juncture."
Deutsche Bank upgraded shares of Royal Caribbean Cruises Ltd. (RCL) from a hold rating to a buy rating.
Topeka Capital downgraded shares of Royal Caribbean Cruises Ltd. (RCL) from a buy rating to a hold rating.
Credit Suisse downgraded shares of ResMed Inc. (RMD) from an outperform rating to a neutral rating.
First Analysis downgraded shares of Rockwood Holdings, Inc. (ROC) from an overweight rating to an equal weight rating.
Bank of America upgraded shares of SAP Aktiengesellschaft (SAP) from a neutral rating to a buy rating. They wrote, "We upgrade SAP to Buy (from Neutral) . on greater confidence on the company's ability to launch new in-memory solutions and maintain a stable core business. Core (ex HANA) licences growth of 3% coupled with modest success in in-memory solutions (+40% in 2013) drives our above consensus licence revenue growth of 14% in CC in 2013 (street at 10%). Post the last two dilutive cloud acquisitions, we think SAP should expand margins for the next 3 years from the 32.1% in 2012E to 34.6% in 2015E."
DA Davidson upgraded shares of Schnitzer Steel (SCHN) from a neutral rating to a buy rating.
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