Friday, July 8, 2011

Analyst Actions: AAPL, GOOG, MMI, MGM, WFR

Apple Inc. (NASDAQ: AAPL): Canaccord Genuity this morning raised its price target on the stock to $500 from $485. The firm maintained a Buy rating on the stock. In a research note to clients, Canaccord analyst, T. Michael Walkley, said, "Our June channel checks indicated strong sellthrough trends for both the iPhone and iPad. Based on solid demand trends for iPhone/iPad, poor sell-through trends for competing tablet offerings, and the ramping iOS ecosystem driving longer-term replacement sales, we believe Apple will maintain dominant value share of both the tablet and smartphone markets to drive healthy long-term earnings growth...As a result, we are raising our 2011 pro forma EPS estimate from $24.31 to $24.62 and our 2012 estimate from $26.97 to $29.30." 

Google Inc. (NASAQ: GOOG): Morgan Stanley on Friday downgraded Google to Equal-Weight from Overweight. The firm cut its price target on the stock to $600 from $645. According to the firm, Google is spending to innovate in social / local, retain talent, and to drive user adoption of key products, but those investments have uncertain ROI / payback periods.

Motorola Mobility Holdings (NYSE: MMI): Robert W. Baird initiated coverage on the company with a Neutral rating and a price target of $23.

MGM Resorts International (NYSE: MGM): Morgan Stanley initiated coverage on the company with an Equalweight rating and $17 price target. The company also named the stock a "Long Research Tactical Idea."

MEMC Electronic Materials Inc. (NYSE: WFR): Ticonderoga downgraded its rating on the company to Neutral from Buy citing weaker solar-prices and lackluster growth in the semiconductor industry. The firm believes MEMC Electronics will likely reduce full year guidance when it reports Q2 results.

Full Disclosure: None.

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