Notable Upgrades: Integrated Device TechnologY (IDTI), Adobe Systems (ADBE), Eli Lilly (LLY), Consolidated Edison (ED)

In a report published Friday, BofA/Merrill (BAC) analysts initiated coverage on Integrated Device Technology, Inc. (IDTI) with a ‘Buy’ rating.

On valuation measures, Integrated Device Technology Inc. shares currently have a PEG and forward P/E ratio of 0.42 and 15.32, respectively. Price/sales for the same period is 4.81, while EPS is $0.71. Currently there are 6 analysts that rate IDTI a ‘Buy’ vs. one rating it a ‘Sell’ and one rating it a ‘Hold’. IDTI has a median Wall Street price target of $28.00 with a high target of $32.00.

In the past 52 weeks, shares of San Jose, California-based company have traded between a low of $11.94 and a high of $24.53 and are now at $20.08.

Shares are up 19.70% year-over-year and 0.46% year-to-date.
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Adobe Systems Incorporated (ADBE) was reiterated a ‘Buy’ by Jefferies analysts on Friday. The broker also raised its price target on the stock to $92 from $90. The upgrade came after the company reported good revenue growth and solid profits for Q3/15, but reduced guidance for the current period.

On valuation measures, Adobe Systems Inc. shares are currently priced at 112.64x this year’s forecasted earnings, compared to the industry’s 2.01x earnings multiple. Ticker has a PEG and forward P/E ratio of 1.24 and 25.22, respectively. Price/Sales for the same period is 9.19 while EPS is $0.72. Currently there are 13 analysts that rate ADBE a ‘Buy’, 8 rate it a ‘Hold’. No analyst rates it a ‘Sell’. ADBE has a median Wall Street price target of $90.00 with a high target of $105.00.
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Eli Lilly and Company (LLY) rating of ‘Buy’ was reiterated today at Jefferies with a price target increase of $115 from $105. The name was also raised to $108 from $101 at BofA/Merrill (BAC).

LLY is down $0.89 at $89.09 on heavy volume. Midway through trading Friday, 6.33 million shares of Eli Lilly & Co. have exchanged hands as compared to its average daily volume of 4.63 million shares. The stock has ranged in a price between $88.46 – $91.45 after having opened the day at $90.42 as compared to the previous trading day’s close of $89.98.

In the past 52 weeks, shares of Indianapolis, Indiana-based pharmaceutical products developer have traded between a low of $60.58 and a high of $92.85.

Shares are up 40.29% year-over-year and 33.06% year-to-date.
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Shares of Consolidated Edison, Inc. (ED) are up $1.01 to $65.52 in mid-day trading after Mizuho reiterated its ‘Neutral’ rating and increased its 12-month base case estimate on the name by 2 points to $66 a share.

ED is currently printing a higher than average trading volume with the issue trading 1.84 million shares, compared to the average volume of 2.11 million. The stock began trading this morning at $64.12 to currently trade 1.55% higher from the prior days close of $64.51. On an intraday basis it has gotten as low as $64.11 and as high as $65.83.

Consolidated Edison Inc. shares are priced at 17.38x this year’s forecasted earnings, compared to the industry’s 13.36x earnings multiple. The company’s current year and next year EPS growth estimates stand at 2.60% and 1.30% compared to the industry growth rates of 7.30% and 6.50%, respectively. ED has a t-12 price-to-sales ratio of 1.50. EPS for the same period registers at $3.77.

ED shares have declined 3.01% in the last 4 weeks while advancing 10.03% in the past three months. Over the past 5 trading sessions the stock has gained 4.78%. The New York-based company, which is currently valued at $19.19 billion, has a median Wall Street price target of $61.00 with a high target of $68.00.

Consolidated Edison Inc. is up 17.79% year-over-year, compared with a 1.05% loss in the S&P 500.

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