Analyst EPS Change

AcelRx Pharmaceuticals (NASDAQ: ACRX) is lower Tuesday despite a bullish call at Jefferies.

The firm made numerous model adjustments and raised its price target from $8 to $13 as a results.

Corey Davis comments, "We are making numerous model adjustments as we move closer to an NDA filing for ARX-01 (3Q'13). We raise initial pricing expectations, but temper uptake in the early years. We also increase our terminal value assumptions. Net, net, our peak utilization rate is unchanged (10%), our peak sales estimates in 2025 rise (to $478M from $398M), and our DCF now yields a $13 PT (prior $8)."

FY 2013 EPS estimate goes from ($1.09) to ($1.11) and FY 2014 EPS estiamtes goes from ($0.74) to ($0.87).

The firm notes the 27th analyst day is the next catalyst.

For an analyst ratings summary and ratings history on AcelRx Pharmaceuticals click here. For more ratings news on AcelRx Pharmaceuticals click here.

Shares of AcelRx Pharmaceuticals are down 3.8 percent to $9.54.

MKM Partners analyst Jon LeCroy weighed in on Amarin (NASDAQ: AMRN) Tuesday following news that NCE status on Vascepa was once again delayed. LeCroy said the NCE delay does have a silver lining, however.

"Obviously NCE designation is the preferred outcome but we view continued delays as better than no NCE, as delays effectively prevent Paragraph IV filings," the analyst notes. "While a lack of NCE designation is delaying generic filings, it also is perceived as preventing an acquisition of the company and Amarin shares may remain under pressure until an NCE decision is made. We expect the next
Orange Book update for June to occur around July 12."

The firm notes Vascepa prescriptions continue to grow but are running slightly below their previous estimates and they are slightly lowering 2013 and 2014 revenue and EPS estimates. That said, the firm views the 2013 consensus Vascepa revenue estimate of $57.4mn as "easily attainable."

LeCroy cut 2013 and 2014 revenue estimates to $68 million and $254.9 million, from $73.6 million and $263.7 million, previously. The firm's 2013 and 2014 EPS estimates are ($1.51) and ($0.82) from ($1.49) and ($0.78), previously.

The firm reiterated a Buy rating and price target of $12 on Amarin.

For an analyst ratings summary and ratings history on Amarin Corporation click here. For more ratings news on Amarin Corporation click here.

Shares of Amarin Corporation closed at $6.62 yesterday, with a 52 week range of $6.25-$15.96.

Goldman Sachs today maintained a Neutral rating on Terex (NYSE: TEX) and lowered its price target to $31.00 (from $35.00). The change reflects reduced EPS estimates through 2015, which were lowered 17% to $2.04/$2.60/$3.09.

Commenting, Jerry Revich said, "We lower our EBIT forecasts by $54mn on average for 2013-2015, as European industrial crane orders appear to have weakened further and sustained profitability remains challenging. We now forecast an operating loss of $43 mn in 2013 (from $15 mn prior) versus prior guidance of 3-5% segment operating margin."

Goldman maintained a Buy rating on related stock, The Manitowoc Company (NYSE: MTW).

"We maintain our Buy rating and estimates on MTW, as the news implies modest (3-5%) cuts to TEX 2013 Crane sales growth guidance of 8-16%, driven primarily by Europe (30% of TEX vs. 10% of MTW). We continue to estimate 12% crane sales growth for MTW driven by accelerating US crane capex, where MTW has more significant exposure (40%) than TEX (20%)," said Revich.

For an analyst ratings summary and ratings history on Terex click here. For more ratings news on Terex click here.

Shares of Terex closed at $31.74 yesterday, with a 52 week range of $14.05-$37.12.

Wells Fargo upgraded ProLogis (NYSE: PLD) from Market Perform to Outperform and raised its valuation range to $40.00 to $43.00 from $38.00 to $41.00 saying PLD offers a compelling growth opportunity at a reasonable value.

Analyst Brendan Maiorana comments, "We downgraded PLD in late January based on our more cautious stance on the industrial REIT universe (in conjunction with a sector downgrade) and our view that pricing from PLD’s large asset monetizations (NPR and Norges JV) was below our prior value estimates. Since PLD’s recent peak on May 21, shares are down -14.1% vs. -10.3% for the overall REIT Index. We think the company looks attractive now with solid prospects for internal growth (ssNOI outlook appears favorable and FFO/FAD should ramp-up) and strong prospects on the development pipeline."

He added, "The valuation also appears more reasonable, in our view - we estimate P/NAV at 6% premium (pure play industrial peers at 5% premium). Finally, we believe PLD offers downside protection as its balance sheet is now the most conservative in the industrial REIT sector."

The firm tweaked 2013E FFO to $1.62/share from $1.66/share due to near-term dilution from the equity raise and the delayed redeployment of capital from the recent Norges and NPR transactions.


For an analyst ratings summary and ratings history on ProLogis click here. For more ratings news on ProLogis click here.

Shares of ProLogis closed at $38.48 yesterday, with a 52 week range of $30.79-$45.52.

Jefferies boosted its price target on Buy-rated Micron Technology (NASDAQ: MU) from $15 to $18 on DRAM and NAND price stability.

Analyst Sundeep Bajikar comments, "Moore Stress has led to DRAM prices ~2X higher and NAND prices ~40% higher from their 2H12 troughs, bucking seasonal 1H demand weakness. We expect stable pricing to continue. With evidence of continued execution we think the valuation basis for MU stock is likely to shift to P/E, from EV/S or P/B now. We expect a strong CQ2 report and CQ3 guidance, particularly in DRAM."

The firm maintained FY 2013 EPS estimate of ($0.23) and trimmed FY 2014 EPS estimate from $2.33 to $2.29.

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $12.76 yesterday, with a 52 week range of $5.16-$13.20.