Equity Brief: Ratings Changes for October 24th: MCC, MCP, MNST, MYGN, NFLX, NOK, NRGY, NSC, NTAP

Wed Oct 24, 2012 10:14am EDT

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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:

JMP Securities initiated coverage on shares of Medley Capital (MCC). They issued an outperform rating on the stock.

Dahlman Rose upgraded shares of Molycorp, Inc. (MCP) from a hold rating to a buy rating. Dahlman Rose now has a $14.07 price target on the stock.

Goldman Sachs downgraded shares of Monster Beverage Corp (MNST) to a buy rating. Their analysts now have a $62.00 price target on the stock. They also removed the stock from their conviction buy list. They also removed the stock from their conviction buy list.

Bank of America upgraded shares of Myriad Genetics (MYGN) from a neutral rating to a buy rating. Bank of America now has a $32.00 price target on the stock. They wrote, "We upgrade MYGN shares to Buy from Neutral, as we are more positive on the company's efforts to diversify the business and expand its addressable markets, particularly as the company's flagship product, BRACAnalysis, matures. We think MYGN's strategy to increase its penetration in certain cancer indications while expanding overseas is viable, and are more optimistic on the ability to protect the BRACAnalysis franchise. We are also incrementally more positive on Prolaris and the pipeline, as well as the company's efforts in companion diagnostics."

Oppenheimer lowered its price target on shares of Netflix, Inc. (NFLX) from $100.00 to $80.00. They have an outperform rating on the stock.

Raymond James downgraded shares of Nokia Co. (NOK) from a market perform rating to an underperform rating.

JPMorgan Chase initiated coverage on shares of Inergy (NRGY). They issued a neutral rating on the stock and set a $21.00 price target. They wrote, "We are initiating coverage of NRGY with a Neutral rating and YE13 $21/unit price target. Although NRGY historically focused on retail propane distribution, the partnership transformed it into a more diversified MLP with operations across the natural gas and natural gas liquids midstream space after several years of acquisitions and major capital investments. However, after facing challenges within both propane distribution (warm winter depressing demand) and natural gas storage (underperformance at Tres Palacios), NRGY restructured the balance sheet through divestitures and the IPO of the midstream operations. Although we are encouraged to see stability and the promise of future distribution growth after this restructuring, we are on the sidelines due to the potential negative reaction to NRGY's guided distribution cut post the special SPH unit distribution."

Citigroup downgraded shares of Norfolk Southern Corp. (NSC) from a buy rating to a neutral rating. They wrote, "We are lowering our rating on Norfolk Southern to Neutral from Buy and reducing our price target to $68 from $78. While NS posted 3Q12 EPS which was slightly better than our lowered estimate and toward the upper end of its mid-September pre-announced range, we believe earnings headwinds are likely to persist into 1H13 due to sharp YoY declines in export coal volumes and the company's relative inability to manage short term costs in a weak volume environment. Following NS's pre-announcement, we maintained our Buy rating as the risk/reward scenario appeared to remain favorably balanced, but we are lowering our 2013 EPS estimate to $5.60, which drives the risk/reward scenario more balanced to $56 on the downside (10x 2013) and $73 on the upside (13x 2013), or -15% to +11%. Our $68 target is based on 12x 2013."

BMO Capital Markets downgraded shares of NetApp Inc. (NTAP) from an outperform rating to a market perform rating.

Evercore Partners initiated coverage on shares of Corp Office Props (OFC). They issued an overweight rating on the stock.

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