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Good morning. Here’s your daily equity research round up from the Street.Cantor Fitzgerald:
Qualcomm, Inc. (QCOM): Cantor Fitzgerald initiates coverage of the company with a $66 price target. Analysts see Qualcomm as dominant in the mobile chipset market, and describe their array of intellectual property as “daunting”. They supply an estimated 45 per cent of smartphone baseband chips, and will benefit as that market grows.
Monsanto (MON): Citi likes quite a bit about Monsanto including gains in the U.S. corn and soybean seed markets, its position in Latin America, and new products like Droughtguard corn and Integrated Farm Systems. Look for the company’s August tour as the next catalyst, as they’ve used it as an R&D update in the past. Target price is raised to $93 from $90.
Arena Pharmaceuticals (ARNA): Arena just had Belviq (lorcaserin) approved. Its the first approved weight loss drug in 13 years. Jefferies sees the approval as a major positive, as it comes without major restrictions. They maintain a buy rating, and raise their target price from $9 to $20.
General Mills (GIS): Morgan Stanley is revising its near term outlook for the company after weaker guidance for F2013. MS would like to see greater reinvestment, and is concerned about pension and tax headwinds. The company has long term value, but EPS estimates are cut from $2.78 to $2.65 for 2013, and to $2.89 from $3.07 for 2014.
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