Seeking Alpha
  • Friday, August 22, 2014

  • 12:09 PM
    • Imperial Capital has launched coverage on MDM software vendor MobileIron (MOBL +3.2%) with an Outperform and $11 target, and on RFID hardware/software provider SuperCom (SPCB +5.7%) with an Outperform and $14 target.
    • "We believe MobileIron is positioned to capitalize on the network effect of its mobile ecosystem," writes Imperial's Michael Kim. He sees plenty of room for the company to grow sales to existing clients via cross-selling and up-selling, and to add to its customer base via channel partnerships.
    • MobileIron is now slightly above its $9 June IPO price. SuperCom is up 149% YTD.
  • Thursday, August 21, 2014

  • 3:53 PM
    • Jim Cramer offers a shout-out for DistributionNOW (DNOW +1.6%), the distribution business that recently was spun out from National Oilwell Varco, as a long-term gainer based on the amount of money set to be spent on oil pipelines.
    • Cramer notes that Rich Kinder believes $800B will be spent on new pipeline, and DNOW CEO Robert Workman confirmed the outlook on CNBC's Mad Money.
    • Cramer sees DNOW as a one-stop shop for the industry's pipe, valve and flange needs, and notes that Warren Buffett has acquired a stake in the company.
  • 1:58 PM
    • Cameco (CCJ -4.9%) slumps nearly 5% after Cowen analysts downgrade the stock to Market Perform from Outperform with a $20 price target, lowered from $25, as the firm anticipates an extended malaise in uranium pricing.
    • Cowen reassesses its uranium market outlook and expect that a meaningful recovery in pricing will not surface until 2017; despite strong long-term fundamentals, expectation for a recovery is more distant as a result of Japan's painfully slow restart process and ample global supply.
  • 1:55 PM
    • Ahead of Tuesday's FQ2 report, Brean's Todd Mitchell predicts TiVo (TIVO +1.5%) will continue seeing positive trends "through the remainder of fiscal 2015, as TiVo's value proposition is resonating with its core customer base who are facing an increasingly challenging competitive dynamic and accelerating investment in their service profile."
    • Mitchell also sees the Digitalsmiths acquisition laying the foundation for a healthy cloud services businesses. He cautions TiVo will ultimately need new distributions deals with major MSOs to "generate upside to the company's current valuation," but also notes such a deal (with a European MSO) has been rumored to be in the pipeline.
    • Back in July, Mitchell declared (following an agreement with Canada's Cogeco) new deals with tier-2 U.S. cable companies were likely. Shares are close to their 52-week high of $14.25.
    | Comment!
  • 12:41 PM
    • Goldman has downgraded Russian search king Yandex (YNDX -1.2%), as well as Russian mobile carriers MTS (MBT +0.2%) and MegaFon, to Neutral.
    • The firm is worried about a rising cost of capital for Russian firms amid rising local interest rates and evidence of higher borrowing costs. In Yandex's case, Goldman argues the company's high P/E - shares go for 21x 2015E EPS - makes it especially vulnerable to a cost of equity increase.
    • At the same time, Goldman thinks Yandex will continue to benefit from improving monetization and Russian online ad growth, and believes its contextual ads will be relatively immune to macro headwinds.
    • Previous: Deutsche worried about Sberbank's Yandex stake
    | 1 Comment
  • 12:36 PM
    • Rosetta Resources (ROSE +0.6%) is benefiting slightly from an upgrade from KLR Group, which raises its rating to Accumulate from Hold and announces a $59 price target after shares have sold off ~7% since Aug. 11.
    • ROSE has significant upside potential in the Eagle Ford and Delaware Basin sites, the firm says, seeing the two locations driving 30% growth in 2015.
    • An Upper Eagle Ford pilot test has been successful, exhibiting similar performance as Lower Eagle Ford, according to KLR; in the Delaware Basin, only 4-5 rigs are currently in place while ROSE plans to add 20 more in 2014.
    | Comment!
  • 12:01 PM
    • Ten day after DTS (NASDAQ:DTSI) surged in response to a big Q2 beat, Barrington's James C. Goss has upgraded shares to Outperform.
    • Goss thinks DTS' Headphone-X (high-end headlphone audio) and Play-Fi (wireless music streaming) platforms "provide some intermediate-term potential," and notes near-term sales have been boosted by a console-driven Blu-ray rebound and strong penetration rates for network-connected devices.
    • He adds new product opportunities will "require powerful DTS decoding capabilities as streaming and downloading delivery technologies become used more widely." Goss' target is at $27.
    | Comment!
  • Wednesday, August 20, 2014

  • 3:59 PM
    • ConocoPhillips (COP +0.7%) works its way higher after BMO Capital raises its price target for the shares to $80 from $70 and boosts its EPS estimates through 2016, citing improving upstream margins.
    • In modeling COP's cash generation to test its ability to grow upstream margins at its target of 3%-5% compound annual growth rate to 2017, BMO says its analysis provides for just 2%-3% growth but sees upside if COP can grow its Lower 48 unconventional volumes faster than expected - highly possible given COP's successful development program, the firm says, as resources already have been substantially increased.
  • 11:33 AM
    • CenterPoint Energy (CNP +0.4%) is upgraded to Buy from Hold with a $29 target price at Argus, based primarily on an expanding infrastructure improvement program and the new Enable Midstream Partners MLP formed as a joint venture between CNP, OGE Energy and ArcLight Capital Partners.
    • CNP has a solid base of regulated utility assets and a well-managed non-regulated interstate gas pipeline and storage operation, Argus says; CNP is committed to electric and gas service expansion strategies in its regulated service territory, and sees significant growth opportunities in its non-regulated segment.
    | Comment!
  • Tuesday, August 19, 2014

  • 12:52 PM
    • Ingersoll-Rand (IR -0.8%) is downgraded to Neutral from Outperform with a $65 price target, down from $68, at Robert W. Baird, which is shifting to a more conservative stance as it recognizes IR's strong outperformance over the past two years.
    • While appreciating the long-term strategic fit of Cameron's centrifugal compression business, Baird says a shift away from share buybacks towards M&A raises the risk profile of future earnings growth.
    • From an execution standpoint, the firm believes 2015 sets up as a more difficult year given deal integration, tougher comps in ThermoKing, and stubbornly slow Institutional end markets.
    | Comment!
  • 7:46 AM
    • Kinder Morgan's (NYSE:KMI) price target is raised to $45 from $40 at RBC Capital, which remains positive on KMI's proposed acquisition of its MLP entities; it rates shares at Outperform (
    • In the firm's view, KMI has effectively created an MLP in a corporate structure, given its cash tax savings, payout ratio and cost of capital, and it believes the transaction better positions KMI for faster dividend growth.
    • RBC also raises its target for Kinder Morgan Partners (NYSE:KMP) to $109 from $83, seeing the deal as the best alternative for the Kinder complex given the cost of capital at KMP, adding that ~46% of the distribution currently accrues to KMI.
  • Monday, August 18, 2014

  • 3:42 PM
    • Bernstein analyst Paul Gait lowers his FY 2014 earnings outlook for Vale (VALE +0.7%) to $2.15/share, down from his prior estimate of $2.55, after Q2 earnings missed expectations.
    • Although revenue should grow in H2 on higher production and possible stronger iron ore prices, costs should increase too, Bernstein says while maintaining its thesis that supports Vale’s high-quality assets and its growing presence in base metals.
    • The firm expresses some concern that Vale's ambitions to regain the market share it has lost in the iron ore market over the past decade "could translate into a relaxation in the company’s capital discipline."
    | 1 Comment
  • 2:37 PM
    • Susser Petroleum Partners' (SUSP +3.3%) price target is raised to $57 from $48 at RBC Capital, which believes SUSP is poised for double-digit distribution growth over the next several years as Energy Transfer Partners' acquisition of SUSP's parent increases the inventory of dropdowns available to SUSP.
    • Greater scale and geographic diversity could better position SUSP to complete accretive third-party acquisitions, the firm says.
    • RBC rates the shares at Outperform.
    | Comment!
  • 2:29 PM
    • BofA/Merrill's Tal Liani has launched coverage on Mavenir (MVNR) with a Buy and $19 target.
    • Liani predicts shares will get a 2H14 lift from the rollout of VoLTE and other services. He also praises the mobile infrastructure software provider's leverage to 4G subscriber growth.
    | Comment!
  • 2:23 PM
    • Morgan Stanley has upgraded Perfect World (PWRD +1.6%) to Overweight ahead of this afternoon's Q2 report. Shares have ticked higher in response.
    • The Chinese game developer is trading near a 5-month high. It's still 13% below a 52-week high of $26.25.
    | Comment!
  • 12:58 PM
    • Ultrapetrol's (ULTR -1.2%) price target is lowered to $4.50 from $5 at Stifel, noting Q2's EBITDA contribution from the River segment was $14M below its expectations due to high water levels resulting in delays for 22% of cargo in the quarter and also lower than expected contribution from barge sales as ULTR shifted more of its construction capacity to the owned fleet.
    • The firm believes Southern Cross' increased stake in ULTR to 85% from 67% could precipitate a buyout of the remaining 15% of public equity, closing the gap between current valuation and the sum of the parts (
    | Comment!
  • 12:23 PM
    • General Electric (GE +1.4%) hits $26 after Credit Suisse reinstates coverage with an Outperform rating and $30 price target, which looks for GE's industrial margin expansion to accelerate in 2015.
    • The firm thinks the current GE share price implies a mid-teens 2016 P/E multiple for the industrial businesses, which looks cheap given the high share of profits accruing from aftermarket (80%-90%); by that time, "services/AM businesses should/will be valued more highly than cyclical assets" after GE’s segment profits barely declined during the last downturn.
    | 1 Comment
  • 10:43 AM
    • Halcon Resources (HK -0.8%) is upgraded to Buy from Hold with an $8 price target at MLV & Co., which notes HK has suffered a rocky road to this point but believes its growth outlook has been enhanced by a focus on three core oil plays.
    • MLV says it is encouraged by consecutive quarters of better than expected execution, highlighted by a 2014 production guidance raise.
    • The firm says the market can't keep ignoring HK's continued execution, with the recent pullback in the stock unwarranted and representing a compelling entry point.
  • 10:11 AM
    • Synergy Resources (SYRG +1.2%) receives a Buy rating from Canaccord Genuity, which initiates coverage of the oil and gas company with a $17 price target, 33% above the stock's Friday closing price.
    • The firm describes SYRG as "Kodiak 2.0" - Kodiak Oil & Gas (KOG -1.1%) has jumped 33% YTD, 53% from a year ago, and 11-fold over the past five years.
    • Separately, SYRG enters into a joint development agreement with KOG to drill wells and develop acreage in Nebraska.
    | 1 Comment
  • 9:38 AM
    • Citing the company's ability to benefit from improving IT spending, Monness Crespi has upgraded H-P (HPQ +0.9%) to Buy ahead of the IT giant's Wednesday FQ3 report.
    • Cisco reported strong July quarter enterprise/SMB order growth last week (carriers and emerging markets were a different story), and NetApp mentioned during its earnings CC it's seeing stronger enterprise demand. Both companies added the U.S. was an area of strength.
    • IDC forecast 4.1% 2014 IT spending growth in May, with pent-up demand in developed markets offsetting emerging markets softness. H-P continues trading near a 52-week high of $36.21, and is up 28% YTD.
    | Comment!
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