Good morning. Here’s your daily equity research roundup from the Street.
Under Armour (UA): Analysts Michael Binetti and Steven Strycula are downgrading UA to Neutral from Buy due to valuation concerns after the recent run up in share prices, saying there isn’t as much upside potential from here. They also write, “We believe outperformance has diminished lately — suggesting that spring sales were pulled forward amid early warm weather in Mar/Apr.”
Bed Bath & Beyond (BBBY): Analyst Gary Balter reacts to BBBY’s earnings announcement, writing, “one of the reasons behind the weaker guidance was costs associated with the [Cost Plus] acquisition, numbers we are quite sure investors did not have in their models…we believe investors are overreacting to the costs of the acquisitions and underestimating the benefits.”
Micron Technology (MU): JMP analysts are reiterating their Market Outperform rating on MU, writing in reaction to the earnings release yesterday that “shares of MU are attractively valued towards the lower end of historic ranges and the company remains well positioned to capitalise on consolidating memory industry supply and growth in bit demand from SSD adoption trends, smartphones/tablets/ Ultrabooks, and the Windows 8 upgrade cycle.”
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