Tuesday, April 5, 2011

Analyst Actions: C, MGM, COP, CREE, MAR

Citigroup (NYSE: C): Sanford Bernstein on Tuesday upgraded Citigroup to Outperform from Market Perform.

MGM Resorts International (NYSE: MGM): Janney Capital this morning Upgraded its rating on the company To Neutral from Sell. The form raised its price target on the stock to $14 from $12.

ConocoPhilips (NYSE: COP): JPMorgan upgraded its rating on the stock to Overweight from Neutral. The firm also raised its price target to $91 from $68. 

Cree, Inc. (NASDAQ: CREE): Morgan Stanley lowered its rating on the company to Underweight from Equal-weight. In a reearch note to clients, the firm wrote, “The stock is down 40% since July 2010, following four successive disappointments in earnings or guidance. At 25x 2011 earnings, valuation is nearly twice the market multiple, but we forecast only 4% EPS growth in 2011 and –5% in 2012. We believe lower ASPs, lower gross margins, and lower market share will offset strong industry volume growth in LED lighting. We are lowering our F2012 estimate by 29% and are 17% below consensus.”

Marriott International (NYSE: MAR): Argus this morning downgraded the company to Hold from Buy, citing pre-announced 1Q RevPAR growth.

Full Disclosure: None.
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