Research Analysts’ Updated EPS Estimates for December, 7th (ATH, BSX, CENT, CMO, FNLPF, GEF, GILD, IPHI, MCC, MIC)
Athabasca Oil (TSE:ATH) was upgraded by analysts at BMO Capital Markets from an underperform rating to a market perform rating. They currently have C$1.30 target price on the stock.
“Belo Sun Mining Corp” (TSE:BSX) was downgraded by analysts at National Bank Financial from an outperform rating to a sector perform rating. They currently have C$0.45 price target on the stock, down from their previous price target of C$1.00.
CL King assumed coverage on shares of Central Garden & Pet (NASDAQ:CENT). The firm issued a buy rating on the stock.
Capstead Mortgage (NYSE:CMO) was upgraded by analysts at Keefe, Bruyette & Woods from a market perform rating to an outperform rating.
Fresnillo (OTCMKTS:FNLPF) was upgraded by analysts at Goldman Sachs Group Inc from a sell rating to a neutral rating.
Greif Bros. (NYSE:GEF) was upgraded by analysts at DA Davidson from a neutral rating to a buy rating. They currently have $54.00 price target on the stock.
Gilead Sciences (NASDAQ:GILD) had its buy rating reissued by analysts at Credit Suisse Group AG. Credit Suisse Group AG currently has a $82.00 target price on the stock.
Inphi (NYSE:IPHI) was downgraded by analysts at B. Riley to a buy rating.
Medley Capital (NYSE:MCC) had its neutral rating reaffirmed by analysts at National Securities. They currently have a $6.00 target price on the stock. The analysts wrote, “• MCC posted NII/share of $0.16 for fiscal 4Q17, matching the dividend but falling 2 cents short of our estimate. The company did not earn an incentive fee for the third quarter in a row given the NAV decline and lookback feature of the incentive fee structure and we do not anticipate the company to earn an incentive fee through fiscal 2018.
• We expect NII/share to exceed the dividend by a penny per share on average through fiscal 2018 and 2019 but we note that with MCC generally recognizing origination fees up-front as opposed to amortizing them over the expected life of the loan the company is on somewhat of a hamster wheel to ensure earnings do not decline materially if origination volume slows. We think this is a significant risk, especially in a challenging loan market, and will likely be at least part of the reason for the stock to continue to trade at a heavily discounted NAV multiple and such a high yield even as an imminent dividend reduction does not seem to be in the cards.
• Medley continues to earn a 175 bps base fee on gross assets and 150 bps on gross assets over $1 billion. Despite very poor performance, MCC remains a higher fee vehicle and we do not think investors will buy MCC relative to peers with better performance and lower fees, even if those peers are more expensive on a NAV basis. Additionally, the company did not seem too keen on repurchasing shares despite a discount to NAV of more than 30%. We think this is less than optimal capital management and that repurchases could be highly accretive for NAV.
• We are revising our fiscal 2018 NII/share estimate to $0.69 from $0.72 and are rolling out our fiscal 2019 NII/share estimate of $0.67. “
Genworth MI Canada (TSE:MIC) was downgraded by analysts at TD Securities from a buy rating to a hold rating. They currently have C$46.00 target price on the stock, up from their previous target price of C$45.00.
Redwood Trust (NYSE:RWT) was upgraded by analysts at Keefe, Bruyette & Woods from a market perform rating to an outperform rating.
Sage Therapeutics (NASDAQ:SAGE) had its outperform rating reaffirmed by analysts at BMO Capital Markets. The firm currently has a $203.00 price target on the stock.
Sucampo Pharmaceuticals (NASDAQ:SCMP) had its buy rating reissued by analysts at Maxim Group. The firm currently has a $23.00 target price on the stock. The analysts wrote, “Sucampo’s stock has risen sharply in the past few weeks (from ~$10 to $16+) on no new fundamental news. However, a Bloomberg story has been circulating that the company may be entertaining suitors. We have no specific knowledge to confirm this, but do see an undervalued company that is generating free cash flow and has a strong (orphan) pipeline. Our last note (from 11/21) reviewed the R&D Day which focused on two key pipeline products, VTS-270 (Neeman Pick Disease) and CPP-1X/sulindac (Familial Adenomatous Polyposis ).””
Stryker (NYSE:SYK) had its hold rating reiterated by analysts at Needham & Company LLC. The analysts wrote, “SYK is acquiring ENTL for $24.00 per share (a 50% premium) or $662M of cash which is 7.1x consensus 2017E sales. ENTL is the leader in minimally invasive surgical (MIS) treatment of ear, nose, and throat (ENT) diseases and manufactures products that specifically cover nasal procedures. We think that the deal makes strategic and financial sense for SYK since it broadens SYK’s ENT offering and we expect ENTL’s sustained double-digit growth to be accretive to SYK’s overall growth in coming years.””
Total (NYSE:TOT) was downgraded by analysts at J P Morgan Chase & Co from a neutral rating to an underweight rating.
Take-Two Interactive Software (NASDAQ:TTWO) had its hold rating reiterated by analysts at Credit Suisse Group AG. They currently have a $116.00 target price on the stock.
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