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Good morning. Here’s your daily equity research round up from the Street.Citi:
AT&T (T): Citi has raised its price target for the telecom giant from $34 to $39. The positive outlook comes from improving revenue in 2012, share repurchases and asset portfolio optimization, and the fact that shares trade at a discount relative to peers in the industry.
United Parcel Service (UPS): DB has downgraded UPS from buy to hold, and reduced its price target from $88 to $82. They believe it is near fair value due to uncertainty in Europe and a decline in international parcel volumes, the stock already has a premium valuation, and they expect a deceleration in share buybacks over the next two years.
DuPont (DD): DuPont shares have been been downgraded from Buy to Hold, and Jefferies’ price target has been reduced from $62 to $55. The downgrade and PT reduction reflect EU weakness and the reduced likelihood of multiple expansion in the near future.
KKR and Co. (KKR): The private equity firm is raised to Outperform from Perform by Oppenheimer analyst Rick Schafer. The rating change comes on the heels of the company’s success at monetizing investments from its large 2006 fund, which represents nearly half of the firm’s invested capital.
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