Agilent (A) (WFC) (ESRX) (EXPE) (AEE) (CBS) Ratings, Price Targets

Agilent Technologies (NYSE: A), Wells Fargo (NYSE: WFC), Express Scripts (NASDAQ: ESRX), Expedia (NASDAQ: EXPE), Ameren (NYSE: AEE) and CBS (NYSE: CBS) ratings and price targets.

Wells Fargo (WFC) had its price target raised by FBR Capital from $31.00 to $33.00. They have an “Outperform” rating on the company.

Express Scripts (ESRX) had its price target raised by Maxim Group from $52.00 to $64.00. They have a “Buy” rating on the company.

JPMorgan Chase & Co. (NYSE:JPM) initiated coverage on Expedia (EXPE). They placed an “Underweight” rating on the company.

Morgan Stanley (NYSE:MS) initiated coverage on Ameren (AEE). They placed an “Underweight” rating on the company.

Agilent Technologies (A) had its “Buy” rating reiterated by Deutsche Bank (NYSE:DB).

CBS (CBS) had its “Buy” rating reiterated by Needham & Company.

Exxon (XOM) (AVGO) (CBS) (CRR) (DHT) Price Targets Changed

Exxon Mobil (NYSE: XOM), Avago Technologies (NASDAQ: AVGO), CBS (NYSE: CBS), Carbo Ceramics (NYSE: CRR) and DHT Holdings Inc (NYSE: DHT) price targets adjusted by analysts.

Exxon Mobil (XOM) had its price target lowered by The Benchmark Company from $74.00 to $64.00. They have a “Sell” rating on the company.

Avago Technologies (AVGO) had its price target lowered by Kaufman Brothers from $40.00 to $37.00. They have a “Buy” rating on the company.

CBS (CBS) had its price target lowered by Needham & Company from $35.00 to $30.00. They have a “Buy” rating on the company.

Carbo Ceramics (CRR) had its price target raised by Dahlman Rose from $216.00 to $229.00. They have a “Buy” rating on the company.

DHT Holdings Inc. (DHT) had its price target lowered by UBS AG (NYSE:UBS) from $4.30 to $2.75. They have a “Neutral” rating on the company.

CNH (CNH) (UMBF) (ARO) (GLW) (UA) (CBS) Upgraded

CNH Global (NYSE: CNH), UMB Financial Co. (NASDAQ: UMBF), Aeropostale, Inc. (NYSE: ARO), Corning Inc. (NYSE: GLW), Under Armour, Inc. (NYSE: UA) and CBS (NYSE: CBS) upgraded by analysts.

CNH Global (CNH) was upgraded by Goldman Sachs (NYSE:GS) from a “Sell” rating to a “Neutral” rating.

UMB Financial Co. (UMBF) was upgraded by Keefe, Bruyette & Woods, Inc. from an “Underperform” rating to a “Market Perform” rating.

Aeropostale, Inc. (ARO) was upgraded by Brean Murray from a “Hold” rating to a “Buy” rating. They have a price target of $16.00 on the company.

Corning Inc. (GLW) was upgraded by Ticonderoga from a “Sell” rating to a “Neutral” rating.

Under Armour, Inc. (UA) was upgraded by Needham & Company from a “Hold” rating to a “Buy” rating. They have a price target of $71.00 on the company.

CBS (CBS) was upgraded by Argus from a “Hold” rating to a “Buy” rating.

CBS (CBS) (EMR) (FWLT) (MPWR) (PCS) (WFR) Price Targets Changed

CBS (NYSE: CBS), Emerson Electric Co. (NYSE: EMR), Foster Wheeler Ltd. (NASDAQ: FWLT), Monolithic Power Systems Inc (NASDAQ: MPWR), MetroPCS (NYSE: PCS) and MEMC Electronic Materials Inc (NYSE: WFR) had their price targets adjusted by analysts.

CBS (CBS) had its price target raised by The Benchmark Company from $30.00 to $33.00. They have a “Buy” rating on the company.

Emerson Electric Co. (EMR) had its price target lowered by FBR Capital from $60.00 to $57.00. They have a “Market Perform” rating on the company.

Foster Wheeler Ltd. (FWLT) had its price target lowered by UBS AG (NYSE:UBS) from $40.00 to $37.00. They have a “Buy” rating on the company.

Monolithic Power Systems Inc. (MPWR) had its price target lowered by Needham & Company from $20.00 to $19.00. They have a “Buy” rating on the company.

MetroPCS (PCS) had its price target lowered by UBS AG from $23.00 to $15.00. They have a “Buy” rating on the company.

MEMC Electronic Materials Inc. (WFR) had its price target lowered by Citigroup (NYSE:C) to $15.00. They have a “Buy” rating on the company.

Apple (AAPL) (MPC) (CBS) (CTSH) (EMR) (LNC) EPS Estimates Changed

Apple, Inc (NASDAQ: AAPL), Marathon Petroleum (NYSE: MPC), CBS (NYSE: CBS), Cognizant (NASDAQ: CTSH), Emerson Electric Co. (NYSE: EMR) and Lincoln National Co. (NYSE: LNC) EPS estimates adjusted by analysts.

Jefferies (NYSE:JEF) boosted its EPS estimates on Apple, Inc. (AAPL). They have a “Buy” rating and a price target of $500.00 on the company.

Morgan Stanley (NYSE:MS) raised its EPS estimates on Marathon Petroleum (MPC). They have an “Overweight” rating and a price target of $58.00 on the company.

UBS AG (NYSE:UBS) raised its EPS estimates on CBS (CBS). They have a “Buy” rating and a price target of $31.00 on the company.

Citigroup (NYSE:C) raised its EPS estimates on Cognizant (CTSH). They have a “Buy” rating and a price target of $88.00 on the company.

Goldman Sachs (NYSE:GS) lowered its EPS estimates on Emerson Electric Co. (EMR). They have a “Buy” rating and a price target of $58.00 on the company.

UBS AG raised its EPS estimates on Lincoln National Co. (LNC). They have a “Buy” rating and a price target of $41.00 on the company.

Ternium (TX) (NFLX) (AMZN) (CBS) (CSCO) Price Targets Adjusted

Ternium S.A. (NYSE: TX), Netflix, Inc. (NASDAQ: NFLX), Amazon.com, Inc. (NASDAQ: AMZN), CBS (NYSE: CBS) and Cisco Systems, Inc. (NASDAQ: CSCO) had their price targets changed by analysts.

Goldman Sachs (NYSE:GS) raised their price target on Netflix, Inc. (NFLX) to $330.00. They have a “buy” rating on the company.

The Benchmark Company raised their price target on Amazon.com, Inc. (AMZN) from $212.00 to $246.00. They have a “buy” rating on the company.

Needham & Company analysts raised their price target on CBS (CBS) from $28.00 to $35.00. They have a “buy” rating on the company.

Deutsche Bank (NYSE:DB) cut their price target on Cisco Systems, Inc. (CSCO) to $18.00.

Barclays Capital cut their price target on Ternium S.A. (TX) from $43.00 to $39.00. They have an “overweight” rating on the company.

Netflix closed Monday at $2.90.74, falling $4.40, or 1.49 percent. Amazon.com closed at $212.55, losing $5.73, or 2.63 percent. CBS ended the day at $27.94, down $0.73, or 2.55 percent. Cisco closed at $15.43, dropping $0.31, or 1.97 percent. Ternium closed at $29.43, plunging $1.07, or 3.51 percent.

Price Targets on (AGN) (CBS) (COCO) (CPT) (EXBD) Updated by Analysts

Analysts updated the price targets on Allergan, Inc. (NYSE: AGN), CBS (NYSE: CBS), Corinthian Colleges, Inc. (NASDAQ: COCO), Camden Property Trust (NYSE: CPT) and The Corporate Executive Board Company (NASDAQ: EXBD).

Collins Stewart raised their price target on Allergan, Inc. (AGN) from $75.00 to $85.00. They have a “hold” rating on the company.

Barclays Capital raised their price target on CBS (CBS) from $25.00 to $30.00. They have an “equal weight” rating on the company.

Barclays Capital cut their price target on Corinthian Colleges, Inc. (COCO) from $4.00 to $3.00. They have an “underweight” rating on the company.

Barclays Capital raised their price target on Camden Property Trust (CPT) from $58.00 to $65.00. They have an “overweight” rating on the company.

Barclays Capital raised their price target on The Corporate Executive Board Company (EXBD) from $39.00 to $45.00. They have an “equal weight” rating on the company.

Ratings on (ARCC) (AVP) (BEAT) (BLK) (CBS) Upgraded by Analysts

Analysts upgraded ratings on Ares Capital (NASDAQ: ARCC), Avon Products, Inc. (NYSE: AVP), Cardionet Inc (NASDAQ: BEAT), BlackRock, Inc. (NYSE: BLK) and CBS (NYSE: CBS) today.

Evercore Partners upgraded Ares Capital (ARCC) from an “underweight” rating to an “equal weight” rating.

Caris & Company upgraded Avon Products, Inc. (AVP) from a “below average” rating to an “average” rating. They have a price target of $32.00 on the company.

Citigroup (NYSE:C) upgraded shares of Cardionet Inc (NASDAQ: BEAT) from a “sell” rating to a “hold” rating. They have a price target of $4.45 on the company.

Ticonderoga upgraded BlackRock, Inc. (BLK) from a “neutral” rating to a “buy” rating. They have a price target of $225.00 on the company.

Piper Jaffray (NYSE:PJF) upgraded shares of CBS (CBS) from a “neutral” rating to an “overweight” rating.

Price Targets On (ALB) (ANR) (BGFV) (CBS) (CCC) Updated by Analysts

Analysts have updated their price targets on Albemarle Co. (NYSE: ALB), Alpha Natural Resources (NYSE: ANR), Big 5 Sporting Goods (NASDAQ: BGFV), CBS (NYSE: CBS) and Calgon Carbon Corp (NYSE: CCC) .

Goldman Sachs (NYSE:GS) raised their price target on Albemarle Co. (ALB) to $74.00. They have a “buy” rating on the company. The EPS on the company was also boosted.

Brean Murray cut their price target on Alpha Natural Resources (ANR) from $81.00 to $77.00. They now have a “buy” rating on the company.

Credit Suisse (NYSE:CS) cut their price target on Big 5 Sporting Goods (BGFV) from $16.00 to $10.00. They have a “neutral” rating on the company. Cited as catalysts were rising expenses and short-term negative outlook.

UBS AG (NYSE:UBS) raised their price target on CBS (CBS) to $30.00. They have a “buy” rating on the company. EPS estimates were raised on the company because of momentum in advertising.

Brean Murray raised their price target on Calgon Carbon Corp (CCC) from $22.00 to $24.00. They have a “buy” rating on the company.

Sirius XM Radio (SIRI) Earnings Meet Expectations

Earnings from Sirius XM Radio Inc. (NASDAQ:SIRI) managed to meet analysts' expectations, as the company had net income of $78.1 million or one cent a share, against $41.6 million, or one cent a share in the same quarter last year. That was an increase of 87.8 percent over last year in the same period.

Revenue for the quarter jumped to $723.8 million, a 9 percent improvement over last year in the same quarter.

Sirius said, “SiriusXM’s first quarter results have put us on track to attain our full year goals for subscriber, revenue, and adjusted EBITDA growth. Significantly, we are now in a position to raise our free cash flow estimate for the year,” said Mel Karmazin, Chief Executive Officer, SiriusXM. “Consumers are buying cars again and demand for our product is strong. Were it not for the OEM supply chain uncertainty resulting from the tragedy in Japan, we would be in a position to raise our subscriber guidance today.”

Major competitors of Sirius include Westwood One, Inc. (NASDAQ:WWON), Entercom Communications Corp. (NYSE:ETM), Cumulus Media Inc. (NASDAQ:CMLS), Saga Communications, Inc. (AMEX:SGA), Emmis Communications Corp. (NASDAQ:EMMS), Radio One, Inc. (NASDAQ:ROIAK), CBS Corporation (NYSE:CBS), Disney (NYSE:DIS), Time Warner (NYSE:TWX), Grupo Radio Centro SAB de CV (NYSE:RC) and Salem Communications Corp (NASDAQ:SALM).

Shares of Sirius soared to $2.08, gaining $0.17, or 8.64 percent, as of 1:35 PM EDT.

Price Targets on (BKS) (BP) (CAT) (CBS) Updated by Analysts

Barnes & Noble Inc (NYSE: BKS), BP PLC (NYSE: BP), Caterpillar Inc. (NYSE: CAT) and CBS (NYSE: CBS) get price targets Updated today by analysts.

Goldman Sachs (NYSE:GS) cut their price target on Barnes & Noble Inc (BKS) from $17.00 to $14.00.

The Benchmark Company raised their price target on BP PLC (BP) from $65.00 to $70.00. They have a “buy” rating on the company.

RBC Capital raised their price target on Caterpillar Inc. (CAT) from $120.00 to $140.00. They have an “outperform” rating on the company.

Morgan Stanley (NYSE:MS) raised their price target on Caterpillar Inc. from $120.00 to $127.00.

Citigroup (NYSE:C) raised their price target on CBS (CBS) from $24.00 to $26.00. They have a “hold” rating on the company.

Dividend Yields for (XLNX) (AMAT) (NSM) (TXN) (ALTR)

Indicated dividend yields for Standard & Poor's 500 Index companies Gannett Co Inc (GCI), Walt Disney Co (DIS), News Corp (NWS-A), CBS Corp (CBS) and Scripps Networks Interactive (SNI).

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

Gannett Co Inc (GCI) has a dividend yield of 1.06 percent on a declared dividend of $0.04. The payout ratio is 10.6 percent.

Walt Disney Co (DIS) has a dividend yield of 0.93 percent on a declared dividend of $0.40. The payout ratio is 58.1 percent.

News Corp (XLNX) has a dividend yield of 0.84 percent on a declared dividend of $0.07. The payout ratio is 25.4 percent.

CBS Corp (CBS) has a dividend yield of 0.79 percent on a declared dividend of $0.19. The payout ratio is 12.0 percent.

Scripps Networks Interactive (SNI) has a dividend yield of 0.58 percent on a declared dividend of $0.07. The payout ratio is 9.6 percent.

Netflix (NFLX) Gets No Original Content in Showtime Deal

Netflix Inc. (NASDAQ:NFLX) lost another chance at offering original content of a partner, as Showtime (NYSE:CBS) announced they have pulled its original content from the deal they signed with the company.

Showtime said it decided to change the terms of the deal concerning original content, and will offer them solely on their own service, which includes shows like "Californication" and "Dexter."

"A number of Showtime original series will continue to be available and stream on Netflix including 'The Tudors' and 'Sleeper Cell,' among others," Showtime said in a statement.

A Netflix spokesman said, "We have a great relationship with CBS licensing content from all of its channels, including Showtime, and we continue to negotiate for more movies and shows," .

HBO has also disallowed Netflix from offering first-run show in order to try to have potential subscribers sign up with them to watch content.

Netflix was trading at $225.23, gaining $3.84, or 1.73 percent, as of 11:39 AM EDT.

CBS (CBS), Charlie Sheen Legal Battle Looks Like a Tossup

With legal commentary from both sides of the Charlie Sheen, CBS debacle weighing in on the situation, is seems most consider it about even as to who will come out on top if it goes to court.

"While showbiz legal experts say that referring to Lorre as a 'clown' and a 'retarded zombie' on television doesn't help Sheen's cause, many believe he has a decent case, especially if reports are true that his deal with WBTV includes no morals clause. The controversy, say the lawyers consulted by The Hollywood Reporter, will hinge on which side breached the heavily negotiated contract that pays Sheen more than $1.2 million an episode," noted Hollywood Reporter via Reuters.

On the other hand if Sheen were to lose his argument and eventually a lawsuit, some say he could end up having to pay damages up to $250 million, assuming the show never goes back on air. That would be determined by lost revenue from breach of contract.

This is obviously the latest celebrity sport, but the stakes in this game are about as high as they get in relationship to one actor, a hit show, and media companies depending on its success to deliver shareholder value. This isn't going to go away anytime soon, and is a disaster whatever way you look at if; from a personal or a business viewpoint.

CBS closed Thursday at $24.25, gaining $0.47, or 1.97 percent.



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Borders (NYSE:BGP) Says Enough, Declares Bankruptcy

After fighting against the grain for years, Borders Group Inc (NYSE:BGP) has had enough, filing for bankuptcy.

The book seller said they're going to shutter almost 33 percent of the stores as part of the process.

Some believe this could be an opportunity for rival Barnes & Noble Inc (NYSE:BKS), but they face the same challenges Borders has, and while there may be a modest boost for them in some markets, overall they need to push out their digital strategy and not be distracted by this event.

Borders President Mike Edward said the company "does not have the capital resources it needs to be a viable competitor." He's referring partially to the inability to service the large debt load the company was under.

He said that's why the company had to file for Chapter 11 bankruptcy, which will allow it to restructure its debt and remain operational.

As for the store closings, the company isn't going to wait on it, as over 30 percent will be closed over the next month.

Liabilities of Borders are $1.29 billion in debt and assets valued at $1.28 billion, as of Christmas day, 2010, according to bankruptcy documents.

The major unsecured creditors of Borders according to court documents are book publishers Pearson PLC's (LSE:PSON) Penguin $41.2 million, Hachette Book Group USA $36.9 million, and CBS's (NYSE:CBS) Simon & Schuster $33.8 million,

Borders made about every mistake a company could make in being behind the trends of their particular industry. They failed to see the permanent change in how people were reading books, and made an ill-fated attempt to sell CDs and DVDs at a time when those industries was beginning to shrink as well.

Borders last trade was $0.2284.

News Corp (Nasdaq:NWS-A), CBS (NYSE:CBS), Disney (NYSE:DIS), Viacom (NYSE:VIA) Top Major Media Companies in 2011 Say Nomura

News Corp (Nasdaq:NWS) continues to be the top media pick of Nomura Securities in 2011, which also likes CBS (NYSE:CBS), Disney (NYSE:DIS) and Viacom (NYSE:VIA).

Media companies expected to continue to struggle in 2011 are Scripps Networks (NYSE:SNI) and Discovery (Nasdaq:DISCA), although in the short term Discovery may get a boost for their fourth quarter results, which Nomura raised their estimates on, as well as they did with Disney.

Nomura said, "For calendar 4Q10 earnings, we are raising our EPS estimates for Disney (DIS) and Discovery (DISCA) (lower EBITDA offset by lower marked-to-market equity-based comp) and lowering our estimates. We continue to rate News Corp (NWSA) our top pick for 2011 and reiterate our Buy ratings for CBS Corp (CBS), Disney (DIS) and Viacom (VIA)."

"Since the beginning of 2011, Discovery and Scripps Networks, the two pure-play cable network companies, have underperformed the market and their closest media peers. Year-to-date, DISCA and SNI have lagged the S&P 500 by 603 bps and 1,150 bps, respectively. Conversely, Time Warner and Viacom have performed markedly better - Time Warner currently lags the market by 12 bps while Viacom has outpaced the market by 470 bps."

"This month’s slide appears to have been triggered by comments made at a recent industry conference at which Scripps Networks' management noted 4Q10 advertising would unlikely match the prior quarter’s growth rate due in part to ratings softness at its networks. Scripps Networks, which posted impressive mid-to-high teen growth ex-Travel Channel through the first three quarters of 2010, seems to finally be slowing down. We are lowering our underlying advertising growth estimate for 4Q to a still-respectable +13.4% down from our last published estimate of +19.6% (see the end of this report for a detailed 4Q preview). Due primarily to that change, we are reducing our estimates by $0.03 and now project SNI will report 4Q10 EPS of $0.68 vs. consensus of $0.70.

"Disney will report F1Q11 earnings after the market close on Tuesday, February 8th. We anticipate Disney will start its fiscal year strongly and are increasing our F1Q11E EPS to $0.58, $0.02 ahead of consensus and our prior $0.56 estimate.

"Discovery Communications will report 4Q10 earnings before the market opens on Friday, February 11th. We believe Discovery will have an in-line quarter, as some ratings weakness should limit the usual outperformance investors expect from the company. We project EPS of $0.51, a penny below consensus driven by +8% revenue growth (vs. +9% previously) and +19.5% EBITDA growth (vs. +21.8% previously).

News Corp. was trading at $17.53, gaining $0.62, or 3.67 percent, as of 2:02 PM EST. CBS was at $20.80, up $0.10, or 0.48 percent. Disney was trading at $39.89, gaining $0.15, or 0.38 percent. Viacom was trading at $48.45, up $0.24, or 0.50 percent.

Viacom (NYSE:VIA-B) Disney (NYSE:DIS) Scripps Networks (NYSE:SNI): News Corp (Nasdaq:NWSA), CBS (NYSE:CBS) Most Potential in Entertainment Says Barcla

Barclays gave a review of entertainment stocks in the U.S., and those considered to have the best potential in 2011 are Viacom (NYSE:VIA-B) Disney (NYSE:DIS) Scripps Networks (NYSE:SNI): News Corp (Nasdaq:NWSA) and CBS (NYSE:CBS).

They said "We remain constructive on the Entertainment group, as (1) we believe in the strength of the U.S. advertising recovery; (2) we believe 2011E Street estimates are achievable; and (3) we continue to believe valuation is undemanding relative to Consumer stocks."

Comments:

Viacom (VIA-B): Trades at most attractive EV/EBITDA, P/E, and P/FCF valuations and at the largest discount relative to historical valuation.

Disney (DIS): Operates best-in-class asset portfolio. A recovery at the Parks & Resorts segment, which is mid-cycle in nature, offers upside potential.

Scripps Networks (SNI): Strongest organic growth, continued outperformance from the Travel Channel, opportunities for international expansion, and the potential purchase of the outstanding portion of the Food Network.

News Corp (NWSA): Attractive valuation relative to US Entertainment and historical multiples. An acquisition of BSkyB, assuming it goes through, would improve News Corp's asset mix and increase the efficiency of its free cash flow generation.

CBS (CBS): Offers the most exposure to a cyclical rebound. Strong ratings at the network and retransmission consent fees keep us constructive on the TV network business.

Time Warner (NYSE:TWX): Least exposure to the advertising recovery; while valuation is reasonable, structural growth upside less likely given maturity of assets.

Discovery (Nasdaq:DISCA): Continues to trade at the highest valuation multiple in the group. While we expect Discovery to generate above-average growth in 2011, growth is decelerating and programming costs rising.

Viacom was trading at $41.09, down $0.13, or 0.32 percent, as of 2:40 PM EST. Disney was at $39.21, up $0.04, or 0.10 percent. Scripps was trading at $47.48, down $0.35, or 0.73 percent. News Corp. was at $14.18, down $0.18, or 1.25 percent. CBS was at $19.81, up 0.02, or 0.13 percent. Time Warner was trading at $33.66, down $0.03, or 0.15 percent. Discovery Communications was at $38.84, down $0.82, or 2.07 percent.

CBS (NYSE:CBS) EPS, PT Raised on Strong Ratings

Needham & Company raised their full year 2011 revenue estimates on CBS (NYSE:CBS), as well as their EPS estimates and price target, citing stronger-than-expected ratings.

Needham said, "We are raising our FY 2011 revenue estimates by 0.6% to $14.3B, and our EPS estimate by 7% to $1.37. This positive revision is based on better than expected ratings for CBS’s new Fall 2010 shows which should result in higher pricing at the May 2011 up-fronts, faster debt repayment than we expected which should result in lower interest expense in FY11E and lower expected losses from films in 2011. We also believe that the local advertising market is gathering strength which should bode well for radio and outdoor segment profits in FY11. As a result of our higher FY11 estimates, we are raising our 12-month Target Price to $23, 23% above current trading levels."

Needham & Company maintains a "Buy" on CBS (NYSE:CBS), which closed Monday at $19.28, gaining $0.23, or 1.21 percent. Needham raised their price target on CBS from $19 to $23.

CBS (NYSE:CBS) Has Turned into FCF Machine

Share prices for CBS (NYSE:CBS) are expected to go higher, as net debt is down and cash from operations is rising.

Needham said, "CBS has turned into a FCF machine. Cash from Operations is up $1.4B y/y in the first 9 months of FY2010 and net debt is down $1.14B (17%) today vs 12 months ago...We maintain our BUY rating on CBS and believe rising ROICs will continue to drive CBS’s share price higher."

Needham is maintaining their "Buy" rating on CBS, which was trading at $18.01, up $0.21, or 1.18 percent, as of 12:17 PM EDT. They have a price target of $19 on the entertainment company.