Monday, May 2, 2011

Analyst Actions: NFLX, DNDN, EMC, AA, WFMI, AMAT

Netflix (NASDAQ: NFLX): Citigroup on Mondayupgraded its rating on the company to Buy  from Hold. The firm raised its price target on the stock to $300 from $245.

Dendreon Corp. (NASDAQ: DNDN): Credit Suisse initiated coverage on the stock with an Underperform rating and a price target of $29.

EMC Corp (NYSE: EMC): BofA Merrill Lynch upgraded its rating on the company to Buy from Neutral. The firm raised its target price on EMC shares to $35 from $28. "We expect EMC could add 5-10 percent low-end market share in 12-24 months, from high single digits currently," the brokerage said in a note.

Alcoa (NYSE: AA): Goldman Sachs this morning upgraded Alcoa to Buy from Neutral. the firm lifted its 6-month price target to $22 from $17, citing improving supply chain dynamics. In a research note to clients, the firm stated, "We view the structural industry change, driven by the de-linking of alumina from the aluminum price, as a potential major long-term contributor to Alcoa, which is the largest global third-party alumina seller." Goldman is also positive on the cyclical upturn in the aerospace cycle.

Whole Foods Market (NASDAQ: WFMI): Jefferies & Co. lowered its rating on the company Hold from Buy. PT At $6

Applied Materials (NASDAQ: AMAT): J.P. Morgan downgraded its rating on the company to Neutral from Overweight. The firm cut its price target on the stock to $16 from $14. In a research note to clients, the firm noted. “Given outperformance vs. our Alt Energy universe over the past few months, we believe risk/reward is becoming much more evenly balanced. We expect the Co. to report C1Q11 results in line with guidance. While we expect a near-term softening of Semi capex & lower Semi Fab utilization rates to result in lower than previously expected C2Q11 guidance, with softness possibly lingering into C3Q11. We also see heightened risk to Applied's solar segment moving through C11 given our view of deteriorating supply/demand fundamentals for the solar PV industry as a whole. We believe the majority of Applied's solar equipment sales falls into the category of volume purchases which we believe are at risk of declining significantly over the next few quarters if demand for solar PV in Germany and Italy does not rebound significantly.”

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