Good morning. Here's your daily equity research round up from the Street.
Verizon (V): Credit Suisse has downgraded the company from Outperform to Neutral. The downgrade comes primarily on valuation, CS still considers the company to be the best in the sector. However, since the bank's price target has been reached, analysts don't see upside on EPS and the company already trades at a 35 percent premium to the S&P.
Google (GOOG): After yesterday's earnings announcement, which the bank described as "better than feared," Morgan Stanley increased its price target for Google to $675 from $625. Ad revenue was nearly in line with consensus and above Morgan Stanley's estimates. Paid click growth accelerated 42 percent.
Stanley Black & Decker (SWK) KeyBanc is upgrading SWK to buy from hold and taking its price target to $80. The upgrade comes due to an effective response to European challenges, low risk earnings, and attractive cash flow. Despite slowing growth and consumer spending, analysts consider the fundamentals and value strong enough to recommend teh stock.
BMO Capital Markets:
Noble (NE): BMO upgraded the offshore drilling company from Market Perform to Outperform, and increased its price target to $50. Earnings were roughly in line, and BMO expects earnings growth to continue as the company wraps up troubled construction projects.
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