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Good morning. Here’s your daily equity research roundup from the Street.Deutsche Bank:
Wynn Resorts (WYNN): Deutsche Bank analyst Richard Ramsden is lowering his price target on WYNN to $118 from $144 after the company reported lackluster earnings yesterday, writing, “We continue to find valuation appealing (11.3x 2013 EBITDA and 8.9% 2013 FCF yield), but recognise a lack of catalysts, and more importantly, a murky China/Macau environment, makes new money investments difficult at current levels.”
Johnson & Johnson (JNJ): RBC analyst Glenn Novarro is raising his price target on JNJ to $71 from $65 after the company reported earnings and reduced forward guidance yesterday, writing, “Although we are raising our price target from $65 to $71, or ~13x our 2013 EPS estimate of $5.47, we believe further P/E multiple expansion is limited until the company can demonstrate double digit EPS growth.”
CSX Corp (CSX): Citi analyst Christian Wetherbee is reiterating his Buy rating on the freight rail giant after the company reported earnings just above consensus, writing, “Looking forward, with the worst of coal likely in 2Q results, it appears that the company is well positioned to leverage non-coal volume growth toward margin expansion and greater profitability going forward, dispelling most concerns about coal’s relative profitability. A remaining question lies with the sustainability of export coal in 2H.”
Intel (INTC): Credit Suisse analyst John Pitzer is reiterating his Outperform rating on INTC after the company announced earnings yesterday and lowered forward guidance, writing, “While macro headwinds persist and are forcing INTC to lower 2012 rev guidance from +7-9% y/y to +3-5%, management continues to demonstrate significant flexibility around the operating model – lowering 2012 opex by $100m, maintaining full year GM of 64%, controlling capex/depreciation in-line/below the low end of the range – resulting in 2012 EPS declining by only 3 cents to $2.45.”
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