Equity Brief: Ratings Changes for November 8th: GOLD, GS, GSZ, HBC, HNT, HRZN, ICE, INCY, IQNT

Thu Nov 8, 2012 10:11am EST

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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:

Bank of America downgraded shares of Randgold Resources Ltd. (GOLD) to a neutral rating.

Bank of America initiated coverage on shares of Goldman Sachs (GS). They issued a buy rating on the stock.

AlphaValue reiterated its buy rating on shares of GDF Suez SA (GSZ). They have a $17.95 price target on the stock.

Zacks reiterated its neutral rating on shares of HSBC (HBC). They have a $53.00 price target on the stock. Zacks' analyst wrote, "HSBC's third quarter 2012 net income was down nearly 49% year over year. The results included additional provision for various investigations that the company is facing. The core results were adversely impacted by higher operating expenses. Nevertheless, improved top line and growth in total operating income were the positives. Results were also negatively impacted by the loss in the Other segment. Yet, stable performances by all other divisions were the positives for the quarter. After analyzing the results, we are maintaining our long term Neutral recommendation on the stock."

Zacks reiterated its neutral rating on shares of Health Net Inc (HNT). They have a $27.00 price target on the stock.

BMO Capital Markets upgraded shares of Health Net Inc (HNT) from an underperform rating to a market perform rating.

Raymond James downgraded shares of Horizon Technology Finance (HRZN) from an outperform rating to a market perform rating.

Zacks reiterated its neutral rating on shares of IntercontinentalExchange (ICE). They have a $140.00 price target on the stock.

Zacks reiterated its neutral rating on shares of Incyte (INCY). They have a $19.00 price target on the stock. Zacks' analyst wrote, "Incyte's third quarter 2012 loss of $0.17 per share was narrower than the year-ago loss of $0.42 per share. Results were boosted by higher revenues. We are pleased by the US and European approval of Jakafi (known as Jakavi in Europe) for patients with myelofibrosis. The company expects 2012 sales of Jakafi in the range of $130 - $135 million. We believe that the experience gained from marketing Jakafi should be helpful for future product launches. We see limited upside potential from current levels and hence retain our Neutral stance on the stock. The stock carries a Zacks #3 Rank (hold rating) in the short run. Our target price is $19.00."

Oppenheimer downgraded shares of Inteliquent (IQNT) from a market perform rating to an underperform rating. They wrote, "We are downgrading IQNT to Underperform from Perform on poor fundamentals, limited visibility and no near-term catalysts. The company reported very disappointing results for the second quarter in a row and gave 4Q12 EBITDA guidance 75% below 1H12's run rate, a drop we have never witnessed in 18 years of following service companies. IQNT is confronting other issues as well, such as weak pricing and volumes in IP transit, issues related to its DID termination voice product, increasing competition and the ability for customers to direct connect. We believe there is no visibility in the financial model and have cut '13E adjusted EBITDA to ~$30M (from $71M)."

Canaccord Genuity upgraded shares of InterMune, Inc. (ITMN) to a buy rating. They wrote, "We've been waiting for a signal that ITMN could execute on marketing Esbriet - we think this could be it. We think the strength in Q3 sales may signal the start of a new ramp in pirfenidone sales, buoyed by upcoming French and Italian launches. We expect continued positive momentum in H1/13 as France and Italy could be better organized and more enthusiastic re pirfenidone than Germany. We are raising our target on increased adoption rates forecast in Q4/12, 2013 and 2014."

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