Davenport upgrades Martin Marietta Materials (NYSE: MLM) from Neutral to Buy. Price target $91.
Davenport analyst says, "Shares of MLM were crushed yesterday in a strong market, likely due to the 4Q YOY aggregate price decline. However, we don’t believe that is permanent and think the selloff presents an opportunity to buy the shares at an attractive level. Applying a mid-cycle target EV/EBITDA multiple of 9.5x and a 10% discount rate to our FY2012 EBITDA estimate yields a 12-month target price of $91, implying 22% upside from current levels (including MLM’s 2.1% dividend yield)."
"Following Martin’s release and conference call, we are slightly lowering our volume assumption
for 2010 from +2.6% YOY to +2.0% and leaving both 2011 and 2012 unchanged at +10%. Our pricing assumption for FY2010 goes from +2.0% to essentially flat, and 2011 and 2012 are unchanged at +3.0% and +5.0%, respectively. Along with the worse-than-expected 4Q miss, these slight changes lead us to reduce our FY2010 EPS estimate from $2.90 to $2.66. For FY2011, our EPS estimate goes from $4.32 to $4.05, and for FY2012, from $5.93 to $5.58. On an EBITDA basis, our FY2010 estimate is unchanged at $427MM and our FY2011 and FY2012 estimates go from $530MM and $635MM to $523MM and $623MM, respectively."
To see all the upgrades/downgrades on shares of MLM, visit our Analyst Ratings page.
International Rectifier (NYSE: IRF) shares have moved into positive territory in the last few minutes of trading as Fitch has raised its rating outlook on the company from Negative to Stable.
Shares last traded at $19.50, up 0.25% from yesterday's closing price.
Shares of Vulcan Materials (NYSE: VMC) are now coming off session lows as we are hearing that an analyst at DA Davidson has upgraded the stock from Underperform to Neutral. Still, shares are down more than 1.2%. The stock most recently traded at $42.14.
Check out our Analyst Ratings page to see all the market-moving analyst calls on shares of Vulcan.
Vulcan Materials Company, together with its subsidiaries, engages in the production and sale of basic materials for the infrastructure primarily in the United States.
Citi upgrades Developers Diversified Realty (NYSE: DDR) from Sell to Hold.
To see all the upgrades/downgrades on shares of DDR, visit our Analyst Ratings page.
Developers Diversified Realty Corporation (DDR) is a self-administered and self-managed real estate investment trust (REIT).
Stifel Nicolaus upgrades Cognizant Technology (Nasdaq: CTSH) from Hold to Buy.
To see all the upgrades/downgrades on shares of CTSH, visit our Analyst Ratings page.
Cognizant Technology Solutions Corporation (Cognizant) is a provider of custom information technology (IT) consulting and technology services, as well as outsourcing services for Global 2000 companies located in North America, Europe and Asia.
More Upgrades
View Older Stories-
UBS Upgrades Commerce Bancshares (CBSH) to Buy; Valuation: Quality Deserves a Premium
-
UBS Upgrades Cimarex (XEC) to Buy; Raises Estimates & PT on Positive Q4 Report
-
Sidoti & Co Upgrades AMCOL International (ACO) to Buy
-
Davenport Upgrades Foster Wheeler (FWLT) to Buy; Sell-off is Overdone
-
Brean Murray Upgrades Iconix Brand Group (ICON) to Buy
-
Brean Murray Upgrades WMS Industries (WMS) to Buy; Attractive Opportunity
-
Thomas Weisel Upgrades Agrium (AGU) to Market Weight, Boosts Target to $68
-
Calyon Securities Upgrades NYSE Euronext (NYX) to Outperform
-
SunTrust Upgrades Hancock Holding (HBHC) to Buy
-
Raymond James Upgrades Canadian National Railway (CNI) to Outperform
-
UBS Upgrades Commerce Bancshares (CBSH) to Buy
-
UBS Upgrades Veolia Environnement (VE) to Neutral
-
J.P. Morgan Upgrades Entergy (ETR); Downgrades Wisconsin Energy (WEC) - Cuts Price Targets
-
J.P. Morgan Upgrades Peabody Energy (BTU); Downgrades Massey (MEE)
-
Bank of America Upgrades OpenTable (OPEN) to Buy
-
Bank of America Upgrades Tiffany & Co (TIF) to Buy
-
Credit Suisse Upgrades Harman International (HAR) to Neutral
-
Jefferies & Co. Upgrades Adobe Systems (ADBE) to Buy
-
JPMorgan Upgrades Gaylord Entertainment (GET) to Overweight, Raises Target to $24
-
ThinkEquity Upgrades SXC Health Solutions (SXCI) to Buy
-
Baird Upgrades Zebra Technologies (ZBRA) to Outperform
-
Baird Upgrades Air Products (APD) to Outperform
-
KeyBanc Upgrades BWAY Holding (BWY) to Buy; Attractive Entry Point
-
Wells Fargo Upgrades Apollo Investment Corp (AINV) to Outperform; Risk/Reward Compelling
-
FBR Research Upgrades Gaylord Entertainment (GET) to Outperform
-
BofA/Merrill Lynch Upgraded Dell (DELL) to Buy
-
Soleil Securities Upgrades Zebra Technologies (ZBRA) to Gradually Accumulate; Valuation Call
-
UBS Issues Intraday Upgrade on Cimarex Energy (XEC)
-
Boenning & Scattergood Upgrades Equinix (EQIX) to Outperform
-
Avondale Partners Upgrades ADC Telecommunications (ADCT) to Market Outperform
-
Johnson Rice Upgrades Pool Corp (POOL) to Overweight
-
Stifel Nicolaus Upgrades CSX Corp (CSX) to Buy
-
RBC Capital Upgrades Spectra Energy (SE) to Outperform
-
CL King Upgrades ADC Telecommunications (ADCT) to Strong Buy
-
RBC Capital Upgrades Sierra Wireless (SWIR) to Outperform
-
Sidoti & Co Upgrades NCI, Inc. (NCIT) to Buy
-
Stifel Nicolaus Upgrades Canadian National Railway (CNI) to Buy
-
Sidoti & Co Upgrades Kennametal (KMT) to Buy
-
Capital One Southcoast Upgrades Oil Well Services and Equipment Stocks
-
Raymond James Upgrades Cimarex Energy (XEC) to Outperform
-
Barclays Upgrades Vodafone (VOD) to Overweight
-
Credit Suisse Upgrades CarMax (KMX) to Neutral
-
Argus Upgrades Universal Technical Institute (UTI) to Buy
-
Argus Upgrades UPS (UPS) to Buy
-
SunTrust Upgrades Brinker International (EAT) to Buy
-
Wedbush Upgrades Monolithic Power Systems (MPWR) to Neutral
-
Wunderlich Securities Upgrades Casella Waste (CWST) to Buy
-
BMO Capital Upgrades Compass Minerals (CMP) to Outperform
-
Caterpillar (CAT): Upgraded to Overweight at Morgan Stanley; Possible double in 2-3 yrs?
-
Morgan Stanley Upgrades CAT to Overweight, ROK, IR to Equalweight
