NEW YORK (TheStreet) -- RATINGS CHANGES
AmerisourceBergen (ABC) - Get Report was downgraded at FBR Capital Markets to market perform from outperform. Valuation call, as McKesson (MCK) - Get Report and Cardinal Health (CAH) - Get Report appear more attractive at current levels, FBR Capital Markets said.
Automatic Data Processing (ADP) - Get Report was initiated with a sell rating at Topeka. Twelve-month price target is $73. Valuation call, as the company should struggle to meet consensus expectations, Topeka said.
Caterpillar (CAT) - Get Report was initiated with a buy rating at Stifel Nicolaus. Twelve-month price target is $122. Company has both cyclical and seasonal drivers that should boost growth, Stifel Nicolaus said.
Cyberonics (CYBX) was downgraded at Sterne Agee to neutral. Domestic sales have stalled and growth headwinds remain, Sterne Agee said.
Dillard's (DDS) - Get Report was downgraded at Bank of America/Merrill Lynch to neutral from buy. Valuation call, based on a 12-month price target of $125. REIT strategy is unlikely, BofA/Merrill said.
FMC Tech (FTI) - Get Report was initiated at Citigroup with a buy rating. Company is most attractive in its group given product exposure, subsea services strategy, improving execution, customer relationships and technology development, Citigroup said. Twelve-month price target is $68.
Hormel Foods (HRL) - Get Report was initiated at Deutsche Bank with a hold rating. Company has a strong track record, commitment to innovation, experienced management team and potential for balance sheet optimization, but current valuation is reasonable, thus not providing an ideal entry point, Deutsche Bank said.
National Oilwell (NOV) - Get Report was initiated at Citigroup with a neutral rating. Company has reduced exposure to offshore rigs, but remaining end markets do not offer sufficient growth potential, Citigroup said. Twelve-month price target was set at $76, Citigroup said.
Wesco Aircraft Holdings (WAIR) - Get Report was downgraded at Barclays to equal-weight from overweight. Twelve-month price target was reduced to $16 from $24 on poor fourth-quarter results following a surprise miss in the third quarter, Barclays said. Margins continue to underperform, Barclays also said.
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This article was written by a staff member of TheStreet.