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Eye on Equities

Today's upgrades, downgrades and other analyst actions Add to ...

CIBC World Markets Inc. analyst Mark Petrie has boosted his revenue forecasts for Bauer Performance Sports Ltd. after the company reported a 29 per cent rise in its first-quarter revenue and a 25 per cent increase in its normalized EBITDA. “Driven by strong growth in its core ice hockey business and supported by beneficial moves in foreign exchange, results were ahead of our estimates on nearly all metrics.

Upside: Mr. Petrie raised his price target by 50 cents to $8.50. He continues to rate the stock as a “sector outperformer.”

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Raymond James Ltd. analyst Jamil Muji upgraded CML Healthcare Inc. CLC-T to “outperform” after it announced a new two-year lab funding agreement negotiated between the Ontario Association of Medical Laboratories and the Ontario Ministry of Health and Long-Term Care. “In our view, the new funding agreement solidifies CML's dividend over the next several quarters. We believe investors looking for a large cap, liquid stock with a predictable and industry leading yield will be well served buying CML's shares at current prices.”

Upside: Mr. Murji raised his price target by 50 cents to $10.50.

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Raymond James Ltd. analyst Ben Cherniavsky downgraded Finning International to “market perform” from “outperform.” The action was in response to follow-up channel checks with customers this week to see how Finning (Canada) has been progressing with its enterprise resource planning (ERP) system implementation in Canada. “As a result, we are no longer comfortable recommending that investors buy the shares until this issue has been definitively resolved and/or management has communicated its full impact on the financial statements ...According to some of the same sources we contacted two weeks ago, Finning is still struggling to manage parts flow efficiently and meet some of their customers' most basic needs.”

Downside: Mr. Cherniavksy placed his $26.25 price target under review.

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RBC Dominion Securities Inc. analyst Paul Quinn downgraded Mercer International Inc. to “sector perform” from “outperform,” citing his lower outlook for pulp prices and the company’s high debt levels. “Despite the 26 per cent decline in the share price over the last three months (versus the 8 per cent decline in the S&P500 index), and the stock trading 23 per cent below our price target, we believe there are better risk/reward opportunities in other paper & forest products equities at this time,” he said.

Downside: Mr. Quinn cut his price target by $5 to $9 (U.S.).

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Apple Inc. will at least meet, and may beat, consensus forecasts when it reports results for its September quarter on Tuesday, said Brigantine Research analyst Kevin Dede. “Importantly, we believe Apple's momentum continues on the heels of innovation included in the new iPhone 4S, despite initially disparaging comments after the phone's introduction early last week,” he wrote. He also notes Research In Motion Ltd.’s technical difficulties this week, which coincided with Apple’s iPhone 4S launch, “may just play to Apple’s hand.” He said his 24 million iPhone unit sales forecast for December “could be conservative.”

Upside: Mr. Dede reiterated his “buy” rating and $450 (U.S.) price target.

Related: Giddy fans queue to buy Steve Jobs’s last iPhone

Related: Apple set to beat the Street once again: RBC

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