Good morning. Here's your daily equity research round up from the Street.
American Tower Corp. (AMT): Credit Suisse has downgraded the company's shares from Outperform to Neutral. They reported better than expected growth in the second quarter, leading CS to increase estimates slightly. However, the shares are edging up on the bank's price target, prompting a downgrade on valuation.
Citi:
Aon Corp. (AON): Citi has raised its price target for the risk management company from $34 to $39. The revision comes after the company beat expectations for its second quarter results. Citi's takeaway from the earnings was that the company's brokerage business is performing nicely, and management seems to be doing a good job working through a difficult period for HR solutions.
Johnson & Johnson (JNJ): It was announced yesterday that an experimental Alzheimer's drug being developed by a Johnson and Johnson subsidiary did not meet its endpoint in two different studies. Further studies are being discontinued. Deutsche Bank expects a limited decline in J&J shares of a couple percent at most, and a small drop in Baxter's stock as investors reduce expectations for Alzheimer's programs.
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