UPGRADES
- Solar Capital (NASDAQ:SLRC) upgraded to Outperform from Market Perform at Wells Fargo
- CME Group (NASDAQ:CME) upgraded to Buy from Neutral at ISI Group
- SolarCity (NASDAQ:SCTY) upgraded to Outperform from Neutral at Credit Suisse – Target $50
- Groupon (NASDAQ:GRPN) upgraded to Buy from Hold at Deutsche Bank – Target $10
DOWNGRADES
- SunTrust (NYSE:NYSE:STI) downgraded to Neutral from Buy at UBS – Target $34
- Wells Fargo (NYSE:WFC) downgraded to Neutral from Buy at Sterne Agee – Target $42.
- Southern Company (NYSE:SO) downgraded to Hold from Buy at Jefferies – Target $46
NEW COVERAGE
- Praxair (NYSE:PX) initiated with a Strong Buy at Raymond James – Target $135
- Freeport McMoRan (NYSE:FCX) re-initiated with an Outperform at Credit Suisse – Target $40
HEADLINES
Visa (NYSE:V) is suing Wal-Mart (NYSE:WMT) in an attempt to stop the world’s largest retailer from bringing price-fixing claims over merchant swipe fees. Wal-Mart is one of more than 7,000 retailers that has dropped out of a $7.25 billion settlement with Visa and MasterCard Inc. Walmart spokesman Randy Hargrove said challenging the decision was a positive step for consumers, which would have been hurt by a broken system. A hearing on final approval for the settlement is scheduled for September 12.
Following the housing rebound, HD Supply (HDS) plans to raise up to $1.3B in its IPO by selling 53.2M shares, a 29% stake in the company, for $22-25 per share. At the midpoint of the range, the building supplies firm would have an enterprise value of $8.67B. HDS will use the proceeds to reduce current debt to $5.6 billion. Bloomberg reports that the IPO is set for June 26. HD Supply’s owners former parent company Home Depot (HD), which has a 12.5% stake.
Leave a Reply