NEW YORK ( TheStreet) -- RATINGS
Alcoa (AA) - Get Report was downgraded to neutral from buy by Sterne Agee, which set a 12-month price target of $12, saying the company is working through a challenging period in its portfolio transformation and is facing fundamental risks to its commodity business.
Axis Capital Holdings (AXS) - Get Report was downgraded to neutral from buy by MKM Partners, which set a 12-month price target of $56. The shares have reached MKM Partners' price target due in part to press stories that the company may become a takeover target itself if its merger plans with PartnerRe (PRE) are not approved by PartnerRe shareholders, MKM said.
Eagle Pharmaceuticals (EGRX) - Get Report was started at outperform by RBC Capital, which set a 12-month price target of $97. Bendamustine is key and drives 54% of the equity value, but there is a solid pipeline of opportunities that can help to support a sustainable growth story, RBC said. Expected near-term M&A on sizable cash balance presents another important catalyst that shouldn't be overlooked, the firm added.
EQT GP Holdings (EQGP) was started at outperform by Credit Suisse, which set a 12-month price target of $43. EQT is a pure-play general partner deriving 100% of its cash flow from its MLP, EQM Midstream Partners (EQM) - Get Report, via incentive distribution rights (IDRs) and distributions from EGT's 30% ownership of EQM LP units. Analysts expect EQM to generate a three-year Ebitda compound annual growth rate of 78% and a distribution CAGR of 23% since its 2012 IPO (based on 2015 CS estimates) which has been driven primarily through an aggressive dropdown program with sponsor, EQT Corp. (EQT) - Get Report, Credit Suisse said.
EQT GP Holdings (EQGP) was started at outperform by RBC, which set a 12-month price target of $38. EQM's general partner (EQGP) will be among the fastest growth vehicles in the MLP space, near 35% five-year distribution growth CAGR, RBC said. EQGP comes at a hefty premium, but EQGP's premium is warranted and sustainable given line-of-sight for underlying MLP distribution growth and potential upside longer term from ability to leverage EQT E&P relationship, RBC added.
MetLife (MET) - Get Report was upgraded to outperform from sector perform by RBC Capital, which set a 12-month price target of $68, saying the company is leveraged to higher interest rates and will likely repurchase more shares.
Priceline.com (PCLN) was downgraded to hold from buy by Deutsche Bank, which cited valuation, saying a new analyst has a 12-month price target of $1,325.