Analyst EPS Change

Needham & Company reiterated a Hold rating on Applied Materials (NASDAQ: AMAT) following Q2 results and light guidance after the close.

Analyst Y. Edwin Mok comments, "AMAT reported F2Q13 results but provided guidance below Street’s estimates. In the near term, we believe some softness in foundry and a limited growth in logic are offsetting improved outlook for memory. Beyond the current quarter, management is optimistic on further growth driven by increased customer spending, SAM expansion in foundry, share gains and transition to 3D NAND. Beyond top-line growth, we are encouraged by management’s increased focus on profitability. However, we are worried the stock price already reflects some of the benefits from AMAT's strategic efforts, leaving little upside for investors. Therefore, we maintain our Hold."

The firm raised FY 2013 EPS from $0.60 to $0.64 and FY 2014 EPS from $0.78 to $1.05.

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

Shares of Applied Materials closed at $14.66 yesterday, with a 52 week range of $9.95-$15.00.

Jefferies downgraded Limited Brands (NYSE: LTD) from Hold to Underperform with a price target of $40.00 (from $46.00), saying numbers are at a peak.

Analyst Randal J. Konik comments, "We see downside to LTD shares due to slowing sales growth with difficult topline compares and margin pressures. Further, we think shareholder enhancing actions are likely to wane given a less attractive balance sheet and cash flow profile. We also view a potential slowdown in the Pink brand as a risk. Downgrade to UP, lowering EPS estimates (with our FY'15 est 12% below consensus) and PT to $40. We would exit LTD shares and buy GPS."

The firm cut FY 2013 EPS estimates on LTD from $3.12 to $2.90.

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

Shares of Limited Brands closed at $50.49 yesterday, with a 52 week range of $40.32-$53.33.

Needham & Company downgraded Aruba Networks (NASDAQ: ARUN) from Buy to Hold following weak Q3 results and outlook.

Analyst Richard Valera said, "Following ARUN’s pre-announcement of an unprecedented ~10% miss of its 3Q results, we had held out hope that the miss would not have longer-term competitive implications. Unfortunately, the combination of Aruba’s commentary regarding the incremental competitive bundling it saw from Cisco during the quarter and the company’s very weak 4Q guidance suggest that ARUN is likely dealing with a multi-quarter, if not structural, change in its competitive landscape and growth rate. While management remains optimistic of an eventual reacceleration in growth to the 20% level as ClearPass revenue ramps and it adjusts to Cisco’s new bundling techniques, we don’t have the visibility/conviction to model this given the recent turn of events. As such, and with the shares trading at 17x our ex-cash F14 NG EPS in the after-market against our current model of a low double-digit top-line growth rate, we see the shares as fairly valued and downgrade the shares to Hold from Buy. We’d look for evidence of success in top line reacceleration to become more positive on the shares."

The firm cut FY 2013 EPS estimates from $0.69 to $0.63 and FY 2014 EPS from $0.89 to $0.68.

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

Shares of Aruba Networks closed at $17.61 yesterday, with a 52 week range of $12.36-$26.78.

Jefferies lowered its price target on Supernus Pharmaceuticals (NASDAQ: SUPN) from $13 to $9 but maintained a Buy rating after a neurologist survey suggests significant market opportunity.

The firm lowered FY 2013 EPS estimates from ($2.87) to ($2.97) and FY 2014 from ($0.81) to ($1.27).

The primary conclusions of Jefferies' survey were:
1. 28% of patients are considered “not well controlled.”
2. 64% of neurologists say that adverse events are a very large factor.
3. 68% think non compliance is the main reason for breakthrough seizures.
4. Neurologists indicated that 24% of their Trileptal patients and 28% of Topamax patients can't attain ideal efficacy because side effects are limiting.
5. Neurologists indicated 41% of their Trileptal patients and 46% of their Topamax patients would benefit from once-daily versions with better side effects.
6. Neurologists said they would switch 23% of their patients to Oxtellar XR in a year. It is sofar falling woefully short of that prediction from our survey.
7. Neurologists said they would switch 19% of Topamax patients to Trokendi XR within the first year of launch.

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

Shares of Supernus Pharmaceuticals closed at $5.84 yesterday, with a 52 week range of $4.30-$16.68.

Wells Fargo downgraded Aruba Networks (NASDAQ: ARUN) from Outperform to Market Perform and cut its price target from $20-22 to $13-15 following disappointing FQ3 results and FQ4 guidance, and now question Aruba's ability to drive materially better growth and profitability over the next few quarters.

Analyst Jess Lubert comments, "The crux of our concern stems from increased product bundling efforts by Cisco, which appeared to impact Aruba's ability to close a number of large deals in North America & Europe during the month of April. Cisco is now implementing these efforts in Europe & Asia, which may create additional challenges in the quarters ahead. In order to combat this concern, Aruba plans to add sales resources and invest to extend technology leadership. That said, these initiatives are likely to take time to bear fruit and may present a near-term overhang for margins. And with shares of Aruba trading at 21x our revised CY2014E EPS of $0.69, we think visibility to improved growth and profitability is needed for the stock to work from current levels, which may not become apparent for several quarters."

The firm cut FY2013 and F2014E EPS estimates from $0.67 & $0.75 to $0.63 & $0.61.

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

Shares of Aruba Networks closed at $17.61 yesterday, with a 52 week range of $12.36-$26.78.