Apple (NASDAQ: AAPL): JMP Securities on Wednesday initiated coverage on the stock with an Market Outperform rating and a price target of $290. Shares of the company rallied more than 2% in morning trading.
Cree, Inc. (NASDAQ: CREE): Kaufman Bros. resumed coverage on Cree with a Hold rating and a price target of $58. In a research analyst, the firm said "CREE is a leader in the manufacturing of High Brightness Light Emitting Diodes (HB LEDs) for various applications, the most meaningful of which is commercial lighting. Currently, this market is predominantly serviced by incandescents, compact fluorescents and Halide lighting...We would look to become more constructive on the stock as the company starts to see the benefits of capacity expansion, the stock pulls-in, or expectations for the stock become more reasonable." Shares of the LED lighting maker surged more than 3% in early trading.
Potash (NYSE: POT): BMO Capital this morning lowered its rating on the company to Market Perform from Outperform.
Saks Incorporated (NYSE: SKS): JP Morgan on Wednesday cut its rating on the company to Neutral from Overweight.
Veeco Instruments Inc. (NASDAQ: VECO): Kaufman Bros. initiated coverage on the stock with a Buy rating and a price target of $56. In a research note to clients, the firm said, "While the industry is still cyclical, we believe the diversification of products should provide a base of demand with new products providing cyclical growth on top of that." Shares of the company jumped more than 3% in Wednesday morning trading.
CIT Group, Inc. (NYSE: CIT): Barclays Capital this morning initiated coverage on CIT Group with an Overweight rating and a price target of $46.
Disclosure: Author doesn't own any of the stocks discussed here.
