KKR (KKR) (LPS) (MDT) (CME) (WYNN) (ULTA) Price Targets Changed

KKR (NYSE: KKR), Lender Processing Services Incorporated (NYSE: LPS), Medtronic, Inc. (NYSE: MDT), CME Group Inc. (NYSE: CME), Wynn Resorts, Limited (NASDAQ: WYNN) and Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ: ULTA) had price targets on them adjusted by analysts.

KKR (KKR) had its price target lowered by Barclays Capital (NYSE:BCS) from $20.00 to $18.00. They have an “Overweight” rating on the company.

Lender Processing Services Incorporated (LPS) had its price target lowered by Barclays Capital from $20.00 to $17.00. They have an “Equal Weight” rating on the company.

Medtronic, Inc. (MDT) had its price target raised by Barclays Capital from $38.00 to $41.00. They have an “Equal Weight” rating on the company.

CME Group Inc. (CME) had its price target lowered by Barclays Capital from $347.00 to $281.00. They have an “Equal Weight” rating on the company.

Wynn Resorts, Limited (WYNN) had its price target lowered by Deutsche Bank (NYSE:DB) to $157.00.

Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) had its price target raised by RBC Capital from $76.00 to $78.00. They have a “Sector Perform” rating on the company.

Peregrine (PPHM) (CBI) (CRZBY) (KFN) (MLM) Get New Coverage

Peregrine Pharmaceuticals Inc (NASDAQ: PPHM), Chicago Bridge & Iron Company (NYSE: CBI), Commerzbank AG (NASDAQ: CRZBY), KKR Financial Holdings LLC (NYSE: KFN) and Martin Marietta Materials, Inc. (NYSE: MLM) getting new coverage from analysts.

UBS AG (NYSE:UBS) initiated coverage on Chicago Bridge & Iron Company (CBI). They placed a “Buy” rating and a price target of $41.00 on the company.

RBC Capital initiated coverage on Commerzbank AG (CRZBY). They placed a “Sector Perform” rating on the company.

Jefferies (NYSE:JEF) initiated coverage on KKR Financial Holdings LLC (KFN). They placed a “Hold” rating and a price target of $9.00 on the company.

Keybanc initiated coverage on Chicago Bridge & Iron Company (CBI). They placed a “Hold” rating on the company.

JMP Securities initiated coverage on Peregrine Pharmaceuticals Inc (PPHM). They placed an “Outperform” rating and a price target of $5.00 on the company.

Niska (NKA) (PRMW) (ISIL) (KKR) (LLTC) (LPLA) Downgraded

Niska Gas Storage (NYSE: NKA), Primo Water Co. (NASDAQ: PRMW), Intersil Corp. (NASDAQ: ISIL), KKR (NYSE: KKR), Linear Technology Co. (NASDAQ: LLTC) and LPL Investment Holdings Inc. (NASDAQ: LPLA) downgraded by analysts.

Niska Gas Storage (NKA) was downgraded by Raymond James (NYSE:JRF) from a “Market Perform” rating to an “Underperform” rating.

Primo Water Co. (PRMW) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating.

Intersil Corp. (ISIL) was downgraded by Longbow Research from a “Buy” rating to a “Neutral” rating.

KKR (KKR) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.

Linear Technology Co. (LLTC) was downgraded by Longbow Research from a “Buy” rating to a “Neutral” rating.

LPL Investment Holdings Inc. (LPLA) was downgraded by Goldman Sachs from a “Buy” rating to a “Neutral” rating.

Ratings on (TK) (KFN) (NXPI) (IFT) (FRF) Reiterated

Ratings on shares of Teekay Corporation (NYSE:TK), KKR Financial Corp. (NYSE:KFN), NXP Semiconductors N.V. (NASDAQ:NXPI), Imperial Holdings, Inc. (NYSE:IFT) and Fortegra Financial Corp. (NYSE:FRF) were reiterated by analysts.

Credit Suisse (NYSE:CS) reiterated an “Outperform” rating on Teekay Corporation (TK). They have a price target of $38 on the company. Up from $35.

FBR Capital Markets reiterated an “Outperform” rating on KKR Financial Corp. (KFN). They have a price target of $12 on the company.

Credit Suisse (NYSE:CS) reiterated an “Outperform” rating on NXP Semiconductors N.V. (NXPI). They have a price target of $40 on the company.

FBR Capital Markets reiterated an “Outperform” rating on Imperial Holdings, Inc. (IFT). They have a price target of $15 on the company.

FBR Capital Markets reiterated an “Outperform” rating on Fortegra Financial Corp. (FRF). They have a price target of $15 on the company.

Price Targets on (KKR) (MEAS) (MELI) (K) (KAR) Updated by Analysts

Price targets on KKR (NYSE: KKR), Measurement Specialties, Inc. (NASDAQ: MEAS), MercadoLibre, Inc. (NASDAQ: MELI), Kellogg (NYSE: K) and KAR Auction Services Inc (NYSE: KAR) were updated by analysts.

Citigroup (NYSE:C) raised their price target on KKR (KKR) from $22.00 to $24.00.

Needham & Company raised their price target on Measurement Specialties, Inc. (MEAS) from $32.00 to $37.00. They have a “buy” rating on the company.

RBC Capital raised their price target on MercadoLibre, Inc. (MELI) from $78.00 to $95.00. They have an “outperform” rating on the company.

UBS AG (NYSE:UBS) raised their price target on Kellogg (K) from $59.00 to $63.00. They have a “buy” rating on the company.

Credit Suisse (NYSE:CS) raised their price target on KAR Auction Services Inc (KAR) from $20.00 to $22.00. They have an “outperform” rating on the company.

Barclays (BCS) Successfully Growing Brand in U.S., Landing Big Deals

Barclays (NYSE:BCS) has been working hard to implement its five-year plan to boost its brand in the U.S., and has won some significant deals along the way.

Barclays Capital, a division of Barclays PLC, "had roles in the $4.7 billion debt financing for KKR & Co.'s (NYSE:KKR) buyout of Del Monte Foods Co. and the $3.4 billion financing for the buyout of Tomkins PLC, the two largest leveraged buyouts of 2010. It also had recent big loan-refinancing deals for Dunkin' Brands Inc., Burger King and Michael Foods," according to the Wall Street Journal.

"Now it, along with other lenders, faces speed bumps. In the past two weeks, $19.5 billion of leveraged-loan and high-yield bond offerings have been postponed or canceled because of market turmoil, according to Standard & Poor's Leveraged Commentary & Data. That put a crimp on an otherwise strong start to the year.

"Through last week, Barclays had 33 U.S. loan deals this year, totaling $10 billion, nearly double in number what it had during last year's full first quarter, according to Dealogic. It currently ranks fourth among U.S. leveraged lenders, up from eighth last year."

Barclays was trading at $18.88, gaining $0.03, or 0.16 percent, as of 1:58 PM EDT.




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Bank of America (BAC) Downgrades Citi (C), Goldman (GS)

Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS) were downgraded by Bank of America (NYSE:BAC) analyst Guy Moszkowski, citing weak results in the first quarter.

Moszkowski said in the note to clients, "Results [are] unlikely to be dismal, and should show improvement over Q4, but we don't expect seasonal improvement as strong [and] as often seen in the past. Client engagement remains subdued, Mid-East turmoil likely only to further reduce customer risk appetite."

Also noted were the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which will probably drive investors to financial institutions like The Blackstone Group (NYSE:BX), KKR (NYSE:KKR) and Lazard (NYSE:LAZ), which benefit from the new rules, or at minimum aren't affected as much by them.

Citigroup was trading at $4.57, down $0.11, or 2.46 percent, as of 12:03 PM EST. Goldman Sachs was trading at $161.91, down $2.58, or 1.57 percent.

KKR Financial (NYSE:KFN) Improves Capital Base

KKR Financial (NYSE:KFN) has improved their capital base with their secondary equity offering last week, positioning itself for investment opportunities.

FBR said, "We reiterate our rating and price target on KFN shares following last week's successful secondary equity offering pricing. We believe that proceeds simply bolster KFN's already strong capital base and enable the company to be more aggressive on the new investment front. While details regarding specific targeted assets and timing of capital deployment were scarce, we believe that management, as noted in past conference calls, has 'irons in the fire' across several asset classes, including investments in oil and gas assets, private equity/lending opportunities, and the potential for a new CLO."

FBR Capital maintains an "Outperform" rating on KKR Financial. They have a price target on them of $12.

KKR Financial (NYSE:KFN) Will Ride Refinancing Wave

FBR Capital said they're maintaining their "Outperform" rating on KKR Financial (NYSE:KFN), citing their positioning in relationship to the refinancing trend.

FBR said, "We reiterate our rating and price target on KFN shares as we believe that the company's business model is uniquely positioned to take advantage of the continuous refinancing wave in below-investment-grade corporate credit. Year-to-date results have evidenced the structural advantages of the company's legacy CLO business model via increasing portfolio spread (50+ bps increase in 3Q), higher run-rate operating earnings ($0.43 in 3Q), higher run-rate cash earnings ($0.27 in 3Q), and higher dividends ($0.14 in 3Q). We expect this earnings power to continue, and to be augmented on a go-forward basis via the potential for a new CLO issuance in 2011 as well as strategic non-CLO investments."

KKR Financial closed Tuesday at $8.79, falling $0.02, or 0.23 percent. FBR has a price target of $12 on them.