Equity Brief: Ratings Changes for October 24th: AAPL, ACC, ACOM, AINV, ALEX, APD, ARCC, ATML, BAC
Canaccord Genuity raised its price target on shares of Apple, Inc (AAPL) from $797.00 to $800.00. They have a buy rating on the stock.
UBS AG upgraded shares of American Campus Communities, Inc. (ACC) from a neutral rating to a buy rating. UBS AG now has a $49.00 price target on the stock.
Citigroup downgraded shares of Ancestry.com Inc (ACOM) from a buy rating to a neutral rating. They wrote, "On Oct 22nd, ACOM and European private equity firm, Permira Funds, announced that a group of existing shareholders and Permira had agreed to acquire Ancestry.com for $32.00 per share in cash for $1.6B total. Key existing shareholders including ACOM's CEO Tim Sullivan & CFO Howard Hochhauser are planning to maintain a majority of their equity stakes in the company as part of the transaction, and Spectrum Equity will also remain an investor in the company. The transaction is expected to close in early 2013. The all-cash transaction represents a 41% premium over ACOM's closing price on 6/5/12, the last trading day prior to press reports that ACOM had retained a financial advisor in connection with a possible sale. The price also represents a 10% premium over the last traded price. Given that a sales process appears to have been ongoing for at least 4 months, we wouldn't anticipate a new bidder emerging at this point. And, at or around $32, we view ACOM's risk/reward as fairly balanced. Note that ACOM is up a sharp 37% YTD."
JMP Securities initiated coverage on shares of Apollo Investment Corp. (AINV). They issued a market perform rating on the stock.
Evercore Partners initiated coverage on shares of Alexander & Baldwin, Inc. (ALEX). They issued an overweight rating on the stock.
KeyBanc downgraded shares of Air Products & Chemicals, Inc. (APD) from a buy rating to a hold rating.
JMP Securities initiated coverage on shares of Ares Capital (ARCC). They issued an outperform rating on the stock.
Nomura downgraded shares of Atmel (ATML) from a buy rating to a neutral rating.
Atlantic Securities upgraded shares of Bank of America (BAC) from a neutral rating to an overweight rating.
Feltl & Co. initiated coverage on shares of Clarus Corp (DE) (BDE). They issued a buy rating on the stock and set a $11.00 price target. They wrote, "Black Diamond (BDE) is a leading provider of recreational outdoor products and equipment that is growing at a rapid pace due to strong demand for its products, new product launches, acquisitions, and broadening distribution. . We view the company as an emerging growth story that is benefitting from a strong pipeline of new products for its loyal customers as well as strong secular trends for its industry. BDE is building market share through four unique brands."
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Source: Equity Brief via Thomson Reuters ONE
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