Equity Brief: Ratings Changes for December 13th: DISH, DRC, DRI, EAT, EMC, ENOC, EONGY, FCS

Thu Dec 13, 2012 10:12am 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:

Canaccord Genuity raised its price target on shares of DISH (DISH) from $35.00 to $43.00. They have a buy rating on the stock.

Susquehanna upgraded shares of Dresser-Rand (DRC) from a neutral rating to a positive rating. Susquehanna now has a $66.00 price target on the stock, up previously from $64.00.

Guggenheim initiated coverage on shares of Dresser-Rand (DRC). They issued a buy rating on the stock and set a $75.00 price target.

Goldman Sachs downgraded shares of Darden Restaurants, Inc. (DRI) from a buy rating to a neutral rating. Their analysts now have a $49.00 price target on the stock.

Citigroup initiated coverage on shares of Brinker International, Inc. (EAT). They issued a buy rating on the stock and set a $38.00 price target.

JPMorgan Chase reiterated its overweight rating on shares of EMC Corp. (EMC). They have a $29.00 price target on the stock, down previously from $32.00. They wrote, "We are removing EMC from the J.P. Morgan Analyst Focus List, but we are maintaining our Overweight rating. We believe a combination of macroeconomic and secular dynamics could limit upside potential in EMC's model in the near to mid term. We are lowering our EMC estimates today, but on a relative basis we believe the company's portfolio approach, end market exposure, and sterling financial management should help drive above-peer long-term revenue and earnings growth, hence we are sticking with our Overweight rating. We are not able to keep EMC on our Analyst Focus List, however, given the reduction to our estimates and Dec 13 price target."

Raymond James upgraded shares of EnerNOC, Inc. (ENOC) from a market perform rating to an outperform rating. Raymond James now has a $15.00 price target on the stock.

Nomura downgraded shares of E.ON AG (EONGY) from a neutral rating to a reduce rating.

Citigroup raised its price target on shares of Fairchild Semiconductor International (FCS) from $15.00 to $20.00. They have a buy rating on the stock. They wrote, "We increase C13 EPS by 18c to $0.85 from $0.67 with 2.3% higher sales and 120bps higher GM contributing to the variance. . We believe higher multiples are now appropriate due to: a) FCS move to higher value integrated products from basic building blocks; and b) the new COO has a solid execution track record."

Zacks reiterated its neutral rating on shares of Fifth Third Bancorp (FITB). They have a $15.00 price target on the stock. Zacks' analyst wrote, "Fifth Third's third-quarter 2012 adjusted earnings exceeded the Zacks Consensus Estimate. Results also came in ahead of the year-ago quarter earnings. Better-than-expected performance reflected improved net interest, non-interest income and enhanced credit quality. However, higher expenses were the dampeners. Going forward, with a diversified traditional banking platform, Fifth Third remains well poised to benefit from a recovering economy along its footprints. Its traditional commercial banking franchise, diverse revenue mix, improved credit quality and enhanced capital position serve as positive catalysts for the stock. Further, we believe that its capital deployment activities will boost shareholders' confidence in the stock. Yet, a low interest rate environment, regulatory issues as well as competitive pressures are the headwinds. Hence, we retain our Neutral recommendation on the shares."

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