Good morning. Here’s your daily equity research round up from the Street.Citi:
Chipotle Mexican Grill (CMG): Citi has upgraded Chipotle from Neutral to Buy and raised its price target from $486 to $490. The upgrade comes from the bank’s near term belief that the company’s same store sales held up well in Q2, and an expected long runway for growth. Citi thinks there is room for 4,000 stores, versus the 1,300 that currently exist in the United States.
Sprint (S): Credit Suisse has raised its target price from $4 to $6. The move comes on new information on Sprint’s Network Vision plan to combine all of its network technologies into a single unit. Based on their analysis of the project’s progress and expense, as well as revised analysis of device costs they have raised their PT and EBITDA estimates.
Cummins Inc. (CMI) After the company reduced its revenue guidance from +10 per cent to “in line with 2011”, Citi lowered its price target from $130 to $110. The weakened guidance came on the heels of softer demand in emerging markets, slow U.S. truck orders and currency headwinds.
Citigroup (C): Oppenheimer has upgraded Citi to Outperform after yesterday’s EPS beat. While revenue has not growing at a fast clip, Citi’s “core earnings power has been pretty stable and asset quality has been improving.”