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:
Bank of America downgraded shares of Dollar General (DG) from a buy rating to a neutral rating.
Zacks reiterated its neutral rating on shares of Ecolab Inc. (ECL). They have a $76.00 price target on the stock.
Credit Suisse downgraded shares of E.ON AG (EONGY) from a neutral rating to an underperform rating.
Raymond James downgraded shares of Enerplus Resources Fund (ERF) from an outperform rating to a market perform rating. They wrote, "Going into 2013E, production growth is limited and we forecast a capex-adjusted payout ratio of ~135% even with a 20% reduction in spending. At the midpoint of the guidance range, we expect production will be essentially flat on a per share basis and just 5% CFPS growth at our price deck. The reduction in spending is mostly on non-operated properties in the Marcellus; almost half of the 2013 capex will be directed toward oil growth in North Dakota - well results have been good; ERF will focus on improving spending efficiencies, which could be a challenge given the significant activity in the region."
Janney Montgomery Scott initiated coverage on shares of Expedia, Inc. (EXPE). They issued a neutral rating on the stock.
JPMorgan Chase downgraded shares of Family Dollar Stores, Inc. (FDO) from an overweight rating to a neutral rating. Their analysts now have a $70.00 price target on the stock. They wrote, "Taking a step back FDO is up 30% over the past year (significantly outpacing DG/DLTR +12%/-11% and S&P +4.8%) given new mgmt at the helm (M. Bloom) and operational levers put in place (re-worked marketing approach, private label, and direct sourcing penetration). Net/net - we believe in Bloom and FDO's array of top-line (national brand additions, tobacco) and bottom-line drivers but believe improvement is largely priced into the stock at this level (particularly trading at 109 bps premium to DG/DLTR) with competitive pressures heating up."
Raymond James downgraded shares of FedEx (FDX) from a strong-buy rating to an outperform rating. Their analysts now have a $100.00 price target on the stock, down previously from $106.00.
Hilliard Lyons upgraded shares of Cedar Fair, L.P. (FUN) from a neutral rating to a buy rating. They wrote, "We are raising our rating on FUN to Long-term Buy from Neutral based on a recent pullback in the unit price. The price is now at a level we believe gives FUN attractive total return potential. In our view, the unit price drop seems unrelated to company fundamentals, which we consider strong. We continue to like the business outlook, cash flow generation, the cash distribution policy, and the management team. Our Suitability rating remains 3 based on market capitalization and a fairly leveraged balance sheet."
BGB Securities initiated coverage on shares of Home Bancshares Inc (HOMB). They issued a hold rating on the stock and set a $37.00 price target.
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