Let’s take a look at analysts’ morning research notes.
- Exxon (XOM): Downgraded to equalweight. We no longer believe the shares could outperform the peers over the next 12-18 months primarily because it will likely underperform other energy stocks in a bullish oil price scenario, lack of near-term organic production growth through 2012 and valuation is not compelling compared to other mega-cap integrated oil companies.
- Frontier Oil: Downgraded to underweight.
- Bruker Corporation: upgraded to buy from neutral. It has critical mass and more margin potential. We are giving it a target price of $21.
- General Electric: Upgraded to buy from neutral because of improving visibility. The target price was moved from $19 to $23.
- Financials: UBS has upgraded the entire financial sector and downgraded healthcare.
- ProShares UltraShort Financials: Upgrade to buy from hold. Re-rating set to continue as it is progressively closing the profitability gap with its peers.
- Manpower: Upgrade to buy from hold. It has more attractive valuation, more positive momentum in its non-truck business and speculative appeal should allow it to outperform Volvo.
- Advanced Micro Devices: Upgrade to buy from neutral. We believe it is one of the few companies in the semiconductor sector that will generate positive margin leverage this year.
- Upping estimate on Apple to $400
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