Medtronic (MDT) Ratings, Price Targets

Updates on Medtronic (NYSE: MDT) ratings and price targets.

Citigroup (NYSE: C) raised their price target on Medtronic (NYSE: MDT) to $44.00.

Susquehanna initiated coverage on Medtronic. They placed a “Neutral” rating and a price target of $40.00 on the company.

Standpoint Research downgraded Medtronic from a “Buy” rating to a “Hold” rating.

Medtronic closed Thursday at $38.34, climbing $0.91, or 2.43 percent. They have a market cap over $40 billion.

Stryker (SYK) (POR) (RAX) (RHHBY) (SLM) (SUSQ) (SWFT) Upgraded

Stryker (NYSE: SYK), Portland General Electric Company (NYSE: POR), Rackspace Hosting, Inc. (NYSE: RAX), Roche Holding Ltd. (NASDAQ: RHHBY), SLM Co. (NYSE: SLM), Susquehanna Bank (NASDAQ: SUSQ) and Swift Transportation (NASDAQ: SWFT) upgraded by analysts.

Stryker (SYK) was upgraded by Lazard Capital from a “Hold” rating to a “Buy” rating. They have a price target of $60.00 on the company.

Portland General Electric Company (POR) was upgraded by Williams Capital from a “Hold” rating to a “Buy” rating. They have a price target of $27.00 on the company.

Rackspace Hosting, Inc. (RAX) was upgraded by Raymond James (NYSE:RJF) from a “Market Perform” rating to an “Outperform” rating.

Roche Holding Ltd. (RHHBY) was upgraded by RBS from a “Hold” rating to a “Buy” rating.

SLM Co. (SLM) was upgraded by Credit Suisse (NYSE:CS) from a “Neutral” rating to an “Outperform” rating.

Susquehanna Bank (SUSQ) was upgraded by Stifel Nicolaus from a “Sell” rating to a “Hold” rating.

Swift Transportation (SWFT) was upgraded by Capstone from a “Hold” rating to a “Buy” rating.

Patriot Coal (PCX) (JNPR) (ROSE) (RRC) (ECBE) (HTGC) Downgraded

Patriot Coal Corp (NYSE: PCX), Juniper Networks (NASDAQ: JNPR), Rosetta Resources Inc. (NASDAQ: ROSE), Range Resources (NYSE: RRC), ECB Bancorp, Inc. (NASDAQ: ECBE) and Hercules Tech. (NASDAQ: HTGC) downgraded by analysts.

Juniper Networks (JNPR) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from an “Overweight” rating to a “Neutral” rating. They have a price target of $26.00 on the company.

Patriot Coal (PCX) was downgraded by Howard Weil from an “Outperform” rating to a “Market Perform” rating. They have a price target of $26.00 on the company, down from $33.00.

Rosetta Resources (ROSE) was downgraded by Susquehanna from a “Positive” rating to a “Neutral” rating.

Range Resources (RRC) was downgraded by Keybanc from a “Buy” rating to a “Hold” rating.

ECB Bancorp (ECBE) was downgraded by Keefe, Bruyette & Woods, Inc from an “Outperform” rating to a “Market Perform” rating.

Hercules Tech. (HTGC) was downgraded by Keefe, Bruyette & Woods, Inc from an “Outperform” rating to a “Market Perform” rating.

Apple (NASDAQ:AAPL) PT Boosted by Needham, Susquehanna

With sales of Apple's (NASDAQ:AAPL) iPad and iPhone appearing to be higher than expected, analysts at Needham & Co. and Susquehanna raised their price target on the company even more.

Needham analyst Charlie Wolf wrote, "Our forecast of the iPad’s ultimate share of the media table market is materially higher than the forecasts of most pundits. In our opinion, that’s because they’re confusing the media tablet market with the smartphone market. Sales of smartphones ... have been driven by the carriers who can turn the phones into revenue producers by loading them with their own content, software and services (colloquially referred to as “crapware”). However, carriers should play a far more limited role in the distribution of tablets, because tablets are primarily content consumption, not communications devices. We believe the media tablet market will more closely emulate the portable music player market, where the iPod continues to dominate, than the smartphone market."

Wolf sees Apple selling about $75 million iPhones in 2011. Over the next five years he believes their current market share of 16 percent will rise to 22 percent.

Needham maintains a "Buy" rating on Apple, which was trading at $352.33, gaining $5.83, or 1.68 percent, as of 2:40 PM EST. Wolf raised his price target on Apple from $375 to $450.

Susquehanna boosted their price target on Apple from $445 to $465.

Caterpillar (NYSE:CAT) Machinery in High Demand

While mining stocks have been taking a breather lately, that does nothing to change the dynamics of the industry, which is the continual pursuit of new resources, as well as working existing mines. That's good news for Caterpillar (NYSE:CAT), as many mining companies are flush with cash after a super 2010, and are looking to spend on new equipment.

Consequently, after a solid fourth quarter, Susquehanna is boosting their EPS estimates and price target on CAT raising their guidance.

Susquehanna raised their full year 2011 by 6 percent and their full year 2012 EPS estimate by 5 percent. The new full year 2011/12 EPS estimates were bumped up from $5.90 and $7.50 to $6.25 and $7.85.

They maintain their "Positive" rating on Caterpillar, which closed Friday at $95.68, losing $0.95, or 0.98 percent. Susquehanna boosted their price target on Caterpillar from $105 to $118.

Susquehanna Likes Amazon.com (NASDAQ:AMZN) on International Growth, Groceries and Apparel

Amazon.com (NASDAQ:AMZN), even after a sub-par quarter for them, is still an attractive company to invest in, according to analysts, who mostly see the company continuing to grow, with Susquehanna believing international growth, along with growth in apparel and groceries will propel the online retailer forward.

Susquehanna said that "while margins have been frustrating since 3Q, the top-line was also a touch below estimates this quarter. Weaker than expected international results can be attributed to weather-related delivery problems in the UK, which meant some lost sales and tough Y/Y comps."

They believe the first quarter of 2011 for Amazon.com will show strong growth.

Even so, Susquehanna is keeping their "Neutral" rating on Amazon.com, which closed Friday at $171.14, dropping $13.31, or 7.22 percent. Susquehanna boosted their price target on Amazon from $170 to $202.

Susquehanna is reiterating their Neutral rating on Amazon.com (NASDAQ:AMZN) as the firm feels that the only reason the company beat their estimates was the lower than anticipated tax rate.

Microchip Technology (NASDAQ:MCHP) Favorite Low Beta Semi Pick of Susquehanna

Microchip Technology (NASDAQ:MCHP) is the top pick of Susquehanna in the low beta segment, as their risk appears to be lower as lead times have shrunk.

Susquehanna noted, "we believe the risk that another shoe will drop is lower for MCHP than others in the group because its lead times have come down. MCHP remains our favorite low beta semiconductor name."

They raised their due to their full year 2011 and full year 2012 EPS estimates from $2.34 and $2.50 to $2.36 and $2.53.

Susquehanna maintains a "Positive" rating on Microchip Technology (MCHP), which was trading at $37.07, down $0.82, or 2.16 percent, as of 2:35 PM EST.

Even with their strong performance, valuation at the low end of the range caused Susquehanna to increase their price target on Microchip Technology from $38 to $44.

Canadian Pacific Railway (NYSE:CP) Hindered By Weather, Rest of Year Looks Solid

Canadian Pacific Railway Limited (NYSE:CP) has been frustrated by the weather for the quarter, but once the inclement weather passes, they should soar for the rest of 2011.

Susquehanna said the "bitter cold and record snowfall have reduced network fluidity in recent weeks, while avalanches in Western Canada blocked CP's main line and reduced network capacity to -30% for several days."

Nevertheless, Susquehanna is raising their full year 2011 and full year 2012 EPS estimates from $4.41 and $4.87 to $4.55 and $4.99.

Susquehanna maintains a "Neutral" rating on Canadian Pacific Railway, which closed Thursday at $69.44, gaining $0.95, or 1.39 percent. Susquehanna raised their price target on Canadian Pacific from $68 to $70.

Susquehanna Bancshares' (NASDAQ:SUSQ) Progress Continues

Susquehanna Bancshares (NASDAQ:SUSQ) is emerging strongly from the recession, and with the acquisition of Abington Bancorp, seems positioned to grow again, as they continue to trade at a discount to peers.

FBR says, "In addition to strong quarterly performance, SUSQ announced the acquisition of Abington Bancorp, which adds 20 branches in metro Philadelphia and approximately $1.2 billion in assets. We consider the 1.3x tangible book value multiple reasonable for the acquisition. We were encouraged by the fourth quarter's continued improvement in credit metrics, as NPAs decreased for the third quarter in a row, charge-offs remained flat, and credit costs declined. Susquehanna has now repaid TARP, its credit metrics are improving, and it has begun to make reasonably priced acquisitions, yet shares trade at a discount to peers. We raise our 2011 operating EPS estimate to $0.50 (from $0.40) and our 2012 operating EPS estimate to $0.80 (from $0.75), largely to reflect stronger net interest income."

FBR Capital maintains an "Outperform" rating on Susquehanna Bancshares (SUSQ), which was trading at $9.41, down $0.29, or 2.99 percent, as of 2:03 PM EST. FBR raised their price target on Susquehanna from $10 to $11.

Netflix (NASDAQ:NFLX) Getting No Love from Susquehanna

Netflix (NASDAQ:NFLX) continues to get a negative outlook from Susquehanna, which sees the lowering of visibility another thing to be concerned about.

In what is an ultimate, but understandable, contrarian view of Netflix when they're riding high, Susghuehanna says "NFLX has ceased providing forward guidance in any detail, citing the dynamic nature of its business. It will also cease providing information on subscriber cancellations and churn statistics."

Susquehanna sees this as a possible reluctance on the part of Netflix to reveal how many of their subscribers are using the service for free, and what the churn rate is.

They maintain their "Negative" rating on Netflix (NFLX), which was trading at $209.70, gaining $26.67, or 14.57 percent.

Motorola Mobility Holdings (NYSE:MMI) Down on iPhone (Nasdaq:AAPL) Launch

Motorola Mobility Holdings (NYSE:MMI) shares are getting hit hard today, even though they had a good earnings quarter and gave guidance in line with expectations. The concern is the effect of Apple's iPhone (Nasdaq:AAPL) release on the Verizon (NYSE:VZ) network, and the resultant loss in unit sales.

Susquehanna said, "we estimate about 2 million Android units for MMI in 4QCY10 and model a 40% Q/Q decline to 1.2 million units in 1QCY11 to account for the launch of the iPhone. We believe consumer interest in 4G , and the launch of the Xoom tablet could help offset the impact from the iPhone."

They lowered their full year 2011 and full year 2012 EPS estimates to from $1.19 and $1.93 to $1.09 and $1.91.

Susquehanna is raising their price target on the company to $37 from $35.

Susquehanna reiterates their "Positive' rating on Motorola Mobility Holdings (MMI), which was trading at $30.79, falling $4.04, or 11.60 percent, as of 1:24 PM EST.

BlackRock's (NYSE:BLK) High Performance Fees Lead Company, Core Business Flat

BlackRock (NYSE:BLK) was able to beat expectations in their latest quarter via high performance fees, but their core business remains flat.

Concerning their latest performance, Susqhehanna said, "EPS beat on higher performance fees, but core business remains lackluster as merger-related outflows continue."

Even so, Susquehanna raised their full year 2011 EPS estimate from $12.04 to $12.13 on the expected strength of the first half.

Susquehanna also introduced their full year 2012 estimate at $13.73, which is 10 cents higher than the Street's.

Susquehanna reiterates their "Neutral" rating on Blackrock (BLK), which closed Wednesday at $199.96, gaining $1.95, or 0.98 percent. Susquehanna raised their price target on Blackrock from $183 to $206.

Stryker (NYSE:SYK) to Boost Earnings on Acquisitions, Portfolio

Stryker (NYSE:SYK) reported earnings inline with guidance and expectations, and is poised for a solid earnings performance in 2011.

The company said their earnings will be generated by their diversified portfolio and acquisitions they recently made.

Susquehanna introduced their full year 2012 EPS and revenue estimates for Stryker at $4.12 and $8.7 billion.

They reiterate their "Positive" rating on Stryker, which closed Wednesday at $57.35, losing $1.02, or 1.75 percent. Susquehanna raised their price target on Stryker from $63 to $70.

Allergen (NYSE:AGN) Gets Botox Boost

Allergen (NYSE:AGN) is one of Susquehanna's top picks for 2011, based on what they see as an increase in Botox sales.

For 2011 they see sales reaching $15 million; for 2012 Botox sales are expected to climb to $65 million; and for 2013-14, they're estimated to come in at $100 million.

EPS estimates for Allergen in 2012 and 2013 were raised by $0.02, and for 2014 by $0.04. Over the next few years Susquehanna believes Allergen's EPS will grow by close to 15 percent.

Allergen closed Wednesday at $70.72, losing $1.36, or 1.89 percent.

Total System Services (NYSE:TSS) Releases Strong 2011 Guidance

Total System Services (NYSE:TSS) beat expectations in the fourth quarter, and with low exposure to Durbin and building out of international operations, had their EPS and PT raised by Susquehanna.

The company said, "TSS plans to continue to build out its international operations and its merchant acquiring business. The Durbin amendment should not have a negative impact as TSS is not a big debit card processor."

Susquehanna raised their full year 2011 EPS estimate from $1.03 to $1.09 released their FY12 estimate at $1.18.

They maintain their "Neutral" rating on Total System Services (TSS), which was trading at $18.00m, gaining $0.47, or 2.68 percent, as of 2:05 PM EST. Susquehanna boosted their price target on TSS from $15 to $17.50.

Yahoo!'s (NASDAQ:YHOO) Guidance Puts Damper on Quarter

Yahoo! (NASDAQ:YHOO) had a good quarter on their continual slashing of costs, but weak guidance weighs on the company, as little in the way of catalysts in the near future are visible.

Susquehanna noted, "Fundamentals should continue to be overshadowed by Y's investment portfolio. The Asian assets are likely to see a monetization event by late 2011 or early 2012. Y indicated it is evaluating options for its Y Japan stake on the conference call last night, and we see a Taobao event as likely."

They lowered their full year 2011 and full year 2012 EPS estimates on Yahoo from $0.93 and $1.08 to $0.88 and $1.07.

Susquehanna reiterates its "Positive" rating on Yahoo!, which was trading at $15.56, down $0.47, or 2.90 percent, as of 1:25 PM EST. They have a price target on Yahoo! of $20.

ASML (NASDAQ:ASML) EPS Estimate Boosted on Strong Guidance

ASML (NASDAQ:ASML) had their 2011 EPS estimate raised by Susquehanna, citing the strong guidance given by the company.

Susquehanna also said,"The new system sale, combined with EU 162 million of used system sale and EU 700 million of services, leads to our updated overall revenue estimate of EU 5,289 million."

Full year 2011 EPS estimate was raised from $2.10 to $2.66.

Susquehanna is maintaining their Neutral rating on share of ASML Inc. (NASDAQ:ASML), but is raising their 2011 estimates as the company released a strong guidance during their conference call last week.

Susquehanna reiterates their "Neutral" rating on ASML, which was trading at $41.61, gaining $0.57, or 1.39 percent, as of 1:14 PM EST. Susquehanna increased its price target on ASML from $30 to $36.

Texas Instruments (NYSE:TXN) Guidance Above Street Expectations

While Texas Instruments' (NYSE:TXN) guidance was above Street estimates, Susquehanna sees share growth taking time.

Susquehanna said, "While management's commentary suggests that the inventory correction is largely over, bookings declined by 9%, a function of shortening lead times. Going forward, we think accelerating top-line growth will require significant share gains, which will likely take time, and runs the risk of pricing pressure."

They boosted their full year EPS estimate on Texas Instruments from $2.43 to $2.51 in response to their revised guidance.

Susquehanna reiterates a "Neutral" rating on Texas Instruments (TXN), which closed Tuesday at $33.98, down $0.67, or 1.93 percent. Susquehanna raised their price target on TXN from $25 to $35.

D.R. Horton (NYSE:DHI), Pultegroup (NYSE:PHM) Previewed by Susquehanna

D.R. Horton (NYSE:DHI) and Pultegroup (NYSE:PHM) were previewed by Susquehanna, as they approach their expected earnings report days.

Horton is scheduled to report on January 27, and Pultegroup on February 4.

Earnings for both companies are expected to beat analysts' estimates, with DHI projected to come in at $0.03 a share, and PHM at $0.08 a share.

Both companies will probably report minor inventory impairments, "given both the normal seasonality of these charges and due to geographic focus."

D.R. Horton (DHI) closed Tuesday at $13.01, up $0.07, or 0.54 percent. Pultegroup (PHM) closed at $8.33, down $0.10, or 1.19 percent.

VMware's (NYSE:VMW) Recent Drop a Buying Opportunity Says Susquehanna

Saying they see potential in increased licensing revenue and FCF growth for VMware (NYSE:VMW), Susquehanna believes their recent drop in share price is a buying opportunity.

Susquehanna, noted "For Q4, we see the potential for meaningful upside to license revenue and notable acceleration in FCF growth, predominately driven by growth in the number of ELA contracts being signed. We reiterate our Positive rating and $110 price target."

They have a full year 2010 and 2011 EPS estimate on VMWare of $1.49 and $1.85.

Susquenhanna reiterates their "Buy" rating on VMware (VMW), which was trading at $88.40, down $2.26, 2.49 percent, as of 1:17 PM EST. Susquehanna has a price target on VMWare of $110.