Equity Brief: Ratings Changes for November 1st: RRGB, RRGB, RVBD, SHW, SJR, STAA, STX, TFX, TLM, TOT

Thu Nov 1, 2012 10:17am 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:

Wells Fargo & Co. reiterated its market perform rating on shares of Red Robin Gourmet Burgers Inc (RRGB). They have a $32.00 price target on the stock, up previously from $30.00.

Zacks reiterated its neutral rating on shares of Red Robin Gourmet Burgers Inc (RRGB). They have a $29.00 price target on the stock. Zacks' analyst wrote, "Red Robin reported third-quarter 2012 results above the Zacks Consensus Estimate, driven by top-line growth and margin expansion. The company's Project RED which focuses on revenue growth, expense control and capital deployment continues to drive the performance of the company. In addition, the company's focus on menu innovation, unit growth, store remodeling, investments to improve operational efficiency and enhancing shareholder value also augurs well for its earnings. We are also encouraged by the company's positive traffic for two consecutive quarters amid uncertain economic environment. However, commodity cost pressure lower consumer spending and cut-throat competition related to price remain headwinds. Hence, we remain Neutral on the stock. "

Cantor Fitzgerald upgraded shares of Riverbed Technology, Inc. (RVBD) from a hold rating to a buy rating. Cantor Fitzgerald now has a $24.00 price target on the stock. They wrote, "With the announced intention to acquire OPNET, we view the company as having smartly accelerated its share of wallet strategy via a target with multiple points of synergy and view the 18% sell-off on the news as an opportunistic entry point. Moreover, we view the timing as ideal, as it helps mitigate systemic risk to 1Q:13 sub-seasonality (fiscal cliff) while lapping particularly easy comparisons through June 2013."

Zacks reiterated its neutral rating on shares of Sherwin Williams (SHW). They have a $147.00 price target on the stock.

Bank of America upgraded shares of Shaw Communications Inc. (SJR) from a neutral rating to a buy rating. Bank of America now has a $23.25 price target on the stock. They wrote, "We have hiked our rating, estimates and our PO . following a strong 4Q12. . These revisions reverse the negative EPS revisions trend in place since 1H11. . Shaw's strong 4Q12 results indicate that promotional discounting is now easing (with more to come), and suggest a new competitive equilibrium. Recent commentary from both TELUS and Shaw is consistent with this view. [W]e should see a structural improvement in Shaw's subscriber performance over the next two years as the TELUS TV subscriber base expands and ages -- even if Shaw does not close the TV product gap. We see pricing headroom, with triple-play ARPU for Shaw below average at ~$132."

Canaccord Genuity downgraded shares of STAAR Surgical Company (STAA) from a buy rating to a hold rating.

Noble Financial upgraded shares of Seagate (STX) from a sell rating to a hold rating.

Credit Agricole upgraded shares of Teleflex Incorporate (TFX) from an underperform rating to an outperform rating.

Tudor Pickering downgraded shares of Talisman Energy Inc (TLM) from a buy rating to a hold rating.

BMO Capital Markets lowered its price target on shares of Talisman Energy Inc (TLM) from $18.00 to $15.00. They have an outperform rating on the stock. They wrote, "We are lowering our 2012 cash flow estimate to $2.99/share from $3.20 and our 2013 estimate to $2.87/share from $2.88 to incorporate Q3/12 results and revised guidance. Our forecast assumes that production averages 425,585 boe/d in 2012 and 410,263 boe/d in 2013. Our revised $15 target price implies a 2013E EBITDA multiple of 4x and a 20% discount to our 2013E net asset value estimate of $18.66."

Citigroup downgraded shares of Talisman Energy Inc (TLM) from a buy rating to a neutral rating.

Societe Generale upgraded shares of TOTAL S.A. (TOT) from a hold rating to a buy rating.

BMO Capital Markets raised its price target on shares of TransCanada Co. (TRP) from $50.00 to $52.00. They have an outperform rating on the stock. They wrote, "Our 2012 EPS drops to C$1.97 for 3Q, a delayed mainline ruling, and ongoing pressure on US pipes. Our 2013 ebbs C$0.03 as the expected lift from the mainline decision is offset by lower US pipe earnings while our 2014 rises to C$2.65. We're raising our target 4% to C$52 reflecting $2.5B in new projects in 2017: the Grand Rapids oil sands pipe and Napanee generation. Not included is a free option on the potential eastern oil mainline conversion, which carries $3/sh of option value."

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