Micron (MU) (NBL) (TD) (TEVA) (NRGY) (NSC) Ratings, Price Targets

Micron Technology, Inc. (MU), Noble Energy (NBL), Toronto-Dominion Bank (TD), Teva Pharmaceutical Industries Ltd (TEVA), Inergy (NRGY) and Norfolk Southern Corp. (NSC) ratings and price targets.

Piper Jaffray (NYSE:PJC) reiterated its “Overweight” on Micron Technology, Inc. (MU). They have a price target of $8.00 on the company.

Wunderlich raised its price target on Noble Energy (NBL) from $110.00 to $120.00. They have a “Buy” rating on the company.

Keefe, Bruyette & Woods, Inc. downgraded Toronto-Dominion Bank (TD) from an “Outperform” rating to a “Market Perform” rating.

Deutsche Bank (NYSE:DB) lowered its price target on Teva
Pharmaceutical Industries Ltd (TEVA) to $46.00. They have a “Buy” rating on the company.

RBC Capital lowered its price target on Inergy (NRGY) from $32.00 to $26.00. They have a “Sector Perform” rating on the company.

Sanford C. Bernstein downgraded Norfolk Southern Corp. (NSC) from a “Market Perform” rating to an “Underperform” rating.

Teva (TEVA) (CVLT) (DHR) (RHT) (IART) (LPS) (PRX) (PSMT) Get New Coverage

Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA), Commvault Systems (NASDAQ: CVLT), Danaher Co. (NYSE: DHR), Red Hat (NYSE: RHT), Integra LifeSciences (NASDAQ: IART), Lender Processing Services Incorporated (NYSE: LPS), Par Pharmaceutical Companies Incorporated (NYSE: PRX) and PriceSmart, Inc. (NASDAQ: PSMT) getting new analyst coverage.

Leerink initiated coverage on Teva Pharmaceutical Industries Ltd (TEVA). They placed an “Outperform” rating on the company.

Jefferies initiated coverage on Commvault Systems (CVLT). They placed a “Hold” rating on the company.

Macquarie initiated coverage on Danaher Co. (DHR). They placed an “Outperform” rating on the company.

Citigroup (NYSE:C) initiated coverage on Red Hat (RHT). They placed a “Buy” rating and a price target of $45.00 on the company.

Stifel Nicolaus initiated coverage on Integra LifeSciences (IART). They placed a “Hold” rating on the company.

Sterne Agee initiated coverage on Lender Processing Services Incorporated (LPS). They placed a “Neutral” rating on the company. They cited valuation as the catalyst behind the call.

Leerink initiated coverage on Par Pharmaceutical Companies Incorporated (PRX). They placed an “Outperform” rating on the company.

Janney Montgomery Scott initiated coverage on PriceSmart, Inc. (PSMT). They placed a “Buy” rating on the company.

Wal-Mart (WMT) (TNK) (SLE) (TEVA) (ITW) (IMMR) Downgraded

Wal-Mart Stores Inc (NYSE: WMT), Teekay Tankers Ltd. (NYSE: TNK), Sara Lee (NYSE: SLE), Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA), Illinois Tool Works Inc. (NYSE: ITW) and Immersion Corp. (NASDAQ: IMMR) were downgraded by analysts.

Wal-Mart Stores Inc (WMT) was downgraded by Goldman Sachs (NYSE:GS) to a “Hold” rating. They have a price target of $56.00 on the company.

Teekay Tankers Ltd. (TNK) was downgraded by Deutsche Bank (NYSE:DB) from a “Buy” rating to a “Hold” rating.

Sara Lee (SLE) was downgraded by Sanford C. Bernstein from an “Outperform” rating to a “Market Perform” rating.

Teva Pharmaceutical Industries Ltd (TEVA) was downgraded by Oppenheimer from an “Outperform” rating to a “Perform” rating.

Illinois Tool Works Inc. (ITW) was downgraded by ISI Group from a “Buy” rating to a “Hold” rating.

Immersion Corp. (IMMR) was downgraded by Capstone from a “Buy” rating to a “Hold” rating.

Hess (HES) (DOW) (PFCB) (QEP) (TEVA) (DOX) EPS Estimates Changed

Hess Corp. (NYSE: HES), The Dow Chemical Company (NYSE: DOW), P.F. Chang’s China Bistro (NASDAQ: PFCB), QEP Resources (NYSE: QEP), Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) and Amdocs Limited (NYSE: DOX) EPS estimates adjusted.

UBS AG (NYSE:UBS) cut its EPS estimates on Hess Corp. (HES). They have a “Buy” rating and a price target of $90.00 on the company.

UBS AG boosted its EPS estimates on The Dow Chemical Company (DOW). The y have a “Buy” rating and a price target of $46.50 on the company.

Credit Suisse (NYSE:CS) lowered its EPS estimates on P.F. Chang’s China Bistro (PFCB). They have a “Neutral” rating and a price target of $34.00 on the company.

Goldman Sachs (NYSE:GS) raised its EPS estimates on QEP Resources (QEP). They have a “Neutral” rating and a price target of $49.00 on the company.

UBS AG raised its EPS estimates on Teva Pharmaceutical Industries Ltd (TEVA). They have a “Buy” rating and a price target of $64.00 on the company.

Citigroup (NYSE:C) raised its EPS estimates on Amdocs Limited (DOX). They have a “Buy” rating and a price target of $37.00 on the company.

EPS Est on (MDR) (TEVA) (WMT) Updated

EPS estimates on McDermott International (NYSE: MDR), Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) and Wal-Mart Stores Inc (NYSE: WMT) updated by analysts.

UBS AG (NYSE:UBS) cut their EPS estimates on McDermott International (MDR). They have a “buy” rating and a price target of $28.00 on the company.

Morgan Stanley (NYSE:MS) raised their EPS on Teva Pharmaceutical Industries Ltd (TEVA). They have an “equal weight” rating on the company.

Jefferies (NYSE:JEF) raised their EPS on Wal-Mart Stores Inc (WMT). They have a “buy” rating and a price target of $61.00 on the company.

Ratings on (SPRD) (UPL) (TEVA) (VRTX) Upgraded

Analysts upgraded their ratings on Spreadtrum Communicationss (NASDAQ: SPRD), Ultra Petroleum Corp. (NYSE: UPL), Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) and Vertex Pharmaceuticals (NASDAQ: VRTX) today.

Bank of America (NYSE:BAC) upgraded Spreadtrum Commications (SPRD) from an “underperform” rating to a “buy” rating.

Sanford C. Bernstein upgraded Teva Pharmaceutical Industries Ltd (TEVA) from a “market perform” rating to an “outperform” rating.

Canaccord Genuity upgraded Ultra Petroleum Corp. (UPL) from a “sell” rating to a “hold” rating.

ThinkEquity upgraded Vertex Pharmaceuticals (VRTX) from a “hold” rating to a “buy” rating.

Pharmaceuticals (LLY) (BMY) (ABT) (PFE) (TEVA) Trade Mixed Tuesday

Shares of pharmaceuticals Eli Lilly (NYSE:LLY), Bristol-Myers Squibb (NYSE:BMY), Abbott Labs (NYSE:ABT), Pfizer (NYSE:PFE) and Teva (NASDAQ:TEVA) closed mixed Tuesday, with the NYSE Drug index ending the session at 331.74.

Leading the drug winners on Tuesday was Eli Lilly (:LLY), which closed at $38.09, gaining $0.78, or 2.09 percent.

Bristol-Myers Squibb (BMY) also had a good Tuesday, closing the session at $28.83, up $0.38, or 1.34 percent.

Next was Abbott Labs (ABT), which closed out at $52.85, rising $0.26, or 0.49 percent.

Pfizer (PFE) was on the other end of the action, plunging $0.58, or 2.76, to end the day at $20.44. Teva was also under pressure, closing at $46.46, down $0.81, or 1.71 percent.

Biogen (BIIB) BG-12 Results Surprise, Shares Soar

Shares of Biogen Idec Inc are soaring today on the surprising results from a clinical trial of its experimental multiple sclerosis drug BG-12.

According to Biogen, results showed the drug, when given twice a day, cut the annualized relapse rate by 53 percent at two years compared with placebo, and lowered the rate of disability progression by 38 percent.

BG-12 is a pill that would compete with Gilenya, a drug launched recently from Novartis AG (NOVN); and laquinimod, an experimental pill being developed by Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA).

Biogen already sales drugs for multiple sclerosis called Avonex, which is injected, and Tysabri, which is infused.

Doug Williams, Biogen's head of research and development, said, "Based on the data we've seen so far, if we can replicate it in the next trial, I feel very comfortable that we will have a very competitive drug in the MS space."

Biogen also reported earnings, which excluding one-time items, came to $1.43 a share in the first quarter. Analysts were on average expecting earnings of $1.41 a share and revenue of $1.18 billion.

Biogen was trading at $104.01, up $17.44, or 20.15 percent, as of 12:47 PM EDT.

Cubist (CBST) Settles with Teva (TEVA) Over Patent Dispute

Cubist Pharmaceuticals (NASDAQ:CBST) announced they've come to a settlement with Teva Pharmaceuticals, Inc. (NASDAQ:TEVA) which allows the Israeli-based drug company to be licensed to produce a generic version of its blockbuster antibiotic, Cubicin. The new generic version could be come to market as early as 2017, according to Cubist.

Terms of the agreement are Teva can launch the new version on June 24, 2018. If Teva is able to secure a six month pediatric exclusivity, the launch date will be moved up to December 24, 2017.

Teva also must acquire ingredients used to develop the drug from Cubist, with the price of source materials including a percentage of Teva's net profit on sales of its generic version, which will be called daptomycin.

The agreement is in relationship solely to the U.S. market, and settles the March 2009 patent case Cubist had brought against Teva.

Teva was trading at $49.97, falling $0.07, or 0.14 percent, as of 9:00 AM EDT. Cubist Pharmaceuticals was soaring at the open, jumping to $28.96, gaining $3.71, or 14.69 percent, as of 9:02 AM EDT.

P&G (PG), Teva (TEVA) Partnering in Global OTC Drug Strategy

Procter & Gamble Co. (NYSE:PG) and Teva (NASDAQ:TEVA) announced they have entered a partnership to develop and market over-the-counter drugs outside of North America, including existing brands such as Pepto-Bismol and Vicks.

Cincinnati-based P&G and Jerusalem-based Teva Pharmaceutical Industries Ltd. said they plan to combine their over-the-counter drug businesses outside of North America, building leadership in key markets such as Germany, Russia and Brazil while positioning them for faster growth in emerging markets and with more offerings to aging populations in developed markets.

The deal could also eventually help consumers choose from more medicines without a prescription and at lower prices.

P&G's products include Vicks cold medicines, Pepto-Bismol stomach relief, Metamucil fiber supplement and Prilosec OTC heartburn medicine.

The deal will expand the companies' reach geographically and in retail outlets including drugstores and groceries, said Shlomo Yanai, Teva's CEO and president, in a conference call. It also combines Teva's drug research and development experience and global manufacturing with P&G brand-building, marketing and consumer knowledge.

Teva closed Thursday at $50.35, gaining $1.23, or 2.50 percent. P&G closed at $61.14, up $0.23, or 0.38 percent.




Source

General Motors (GM), Citigroup (C),LyondellBasell (LYB), JPMorgan (JPM) Top Hedge Fund Picks

General Motors (NYSE:GM), Citigroup (NYSE:C), LyondellBasell (NYSE:LYB) and JPMorgan (NYSE:JPM) are the top four investment picks of hedge fund managers, according to a list compiled by Seeking Alpha.

The remaining top six picks of hedge fund managers of the top 10 in order, are Google (GOOG), Genzyme (GENZ), Hewlett Packard (HPQ), Cisco (CSCO), Williams Cos Inc (WMB) and Teva Pharmaceutical (TEVA).

Alpha said this about General Motors being No. 1: "Hedge funds snatched 6% of GM’s outstanding shares and amassed a $3.4 billion position. There were 112 hedge funds with GM positions at the end of December. John Griffin’s Blue Rigde, William Ackman’s Pershing Square, George Soros, David Tepper’s Appaloosa, Roberto Mignone’s Bridger Management, Richard Perry’s Perry Capital and Leon Cooperman’s Omega Advisors are among the several high profile hedge funds with GM positions."

General Motors closed Tuesday at $32.72, up $1.02, or 3.22 percent. Citigroup closed at $4.64, up $0.12, or 2.65 percent. LyondellBasell ended the session at $40.73, up $0.90, or 2.26 percent. JPMorgan closed at $46.40, up $1.21, or 2.68 percent.




Source

Biogen (BIIB), Elan's (ELN) Facing Massive Challenges

The number of cases of progressive multifocal leukoencephalopathy, or PML, in patients taking Biogen Idec (Nasdaq:BIIB) and Elan's (NYSE:ELN) Tysabri increased by nearly 12% in less than a month. Annualize that out, and it isn't a pretty picture.

The latest monthly update listed 10 new cases of PML, bringing the total count to 95. The brain infection has killed 20 of the 95 patients that have been stricken while taking the multiple sclerosis drug.

As the number of patients taking Tysabri increases, we're bound to see the PML cases increase, but the update for January was considerably higher than the last two updates; November had four new cases and December had six.

Of course, one month doesn't make a trend, and Biogen points out the overall rate is still fairly low at 1.16 per 1,000 patients.

The question is where does it cross the line from being an acceptable risk to being an unacceptable one. Tysabri is the best multiple sclerosis drug out there, but there's a point at which doctors and patients won't think the benefits outweigh the risk, and they'll head to other treatments such as Teva Pharmaceutical's (Nasdaq:TEVA) Copaxone, Novartis' (NYSE:NVS) Gilenya, and Rebif, which is sold by Merck KGaA and Pfizer (NYSE:PFE).




Full Story

Paulson Adds Transocean (NYSE:RIG), Anadarko (NYSE:APC), Keeps Core Holdings

As a number of hedge funds and managers of holding companies are revealing their investments in the fourth quarter via 13-F filings with the SEC, a trend is emerging as far as funds and companies holding onto their core assets, while also venturing a little further into energy and financial stocks.

That's true with John Paulson and his fund as well, which kept his top long-term holdings in place, but added big in energy and healthcare.

For energy, he took big stakes in Anadarko Petroleum (NYSE:APC) and Transocean (NYSE:RIG); both connected to BP's (NYSE:BP) oil spill.

Paulson added 7.8 million shares of Anadarko and 7.2 million shares of Transocean to his portfolio. His fund now owns over 21 million shares of Anadarko.

In the health sector, he took new stakes in Medtronic Inc (NYSE:MDT), Teva Pharmaceutical (NASDAQ:TEVA) and Baxter International (NYSE:BAX).

He also boosted his stake in biotechnology firm Genzyme Corp (NASDAQ:GENZ) to 6.8 million shares, which is close to being taken over by France-based Sanofi-Aventis.

Core holdings he continues to hold onto are SPDR Gold Trust (NYSEArca:GLD), AngloGold Ashanti (NYSE:AU), Citigroup (NYSE:C) and Bank of America (NYSE:BAC).

In what appears to be based on Paulson's thoughts people are spending more, he dropped discount retailer (NYSE:FDO) from his holdings and added J. Crew (NYSE:JCG).

Momenta Pharmaceuticals (NASDAQ:MNTA) Driven by M356 Potential

Based on the potential of M356, Canaccord continues to be positive on Momenta Pharmaceuticals (NASDAQ:MNTA), with the high probability of it being approved with minimal trials.

Canaccord says, "Reiterate BUY, price target, and thesis based on M356 potential, technology platform - We think launch of m-enoxaparin (Momenta/Sandoz’ generic Lovenox) is going well but that Teva’s (Nasdaq:TEVA) generic enox may be out H1/11. We think M356, Momenta/Sandoz’ generic of Copaxone, is approvable without large clinical trials and MNTA will get positive clarity in the M356 patent suit in 2011. Our PT target is based on a sum of the parts analysis."

Canaccord Genuity maintains a "Buy" rating on Momenta Pharmaceuticals (MNTA), which closed Monday at $15.80, up $0.65, or 4.29 percent. Canaccord has a price target of $27 on them.

Teva Pharmaceutical (NASDAQ:TEVA) Files Third Citizen Petition

Needham & Company maintains a "Strong Buy" on Teva Pharma (NASDAQ:TEVA), citing the filing of a third Citizen Petition with the FDA.

Here's why they say it's different this time:

"Teva has filed a third Citizen Petition (CP) with the FDA requesting that the regulatory agency refuse to approve any ANDA applications related to Teva’s blockbuster MS drug Copaxone.

"Though we have not yet read the petition, Teva management insists the latest submission is not simply a regurgitation of disputed criterion contained in two prior petitions--both technically "denied" but more accurately simply not acted upon. The latest petition purportedly draws on many of the lessons learned and rationale proposed by FDA for the approval of Momenta's generic enoxaparin (Lovenox), essentially outlining the case that much of the rationale for supporting the enoxaparin approval is exactly why a generic Copaxone could not be approved by the agency using similar criteria. Most interesting about the petition is that Teva has gone the additional step of requesting a multidisciplinary FDA advisory committee to consider the approval of follow-on Copaxone products. Though this may seem like just another item on the Xmas wish list, we don't think the significance of this should be underappreciated. If Teva management were not 100% confident of their position, the best path to follow would be to simply rely on the vagaries of the generic drug approval process and the historical tendency of the Office of Generic Drugs to behave like a “deer in headlights” anytime complex issues are raised in a petition; at least this would buy time and potentially lots of it even if Teva's position wasn't ultimately supported. By essentially saying to the agency "we'll show you ours, if you show us yours", Teva is laying out all its cards on the table and taking a potentially huge gamble. Whether or not FDA will take the company up on their offer or how the agency responds to other requests in the petition remain to be seen, though obviously management would not do so unless they were supremely confident in their position."

Teva Pharmaceutical closed Monday at $53.42, down $0.38, or 0.71 percent. Needham has a price target of $65 on them.