NEW YORK (
price target was boosted by analysts Tuesday, while
coverage was initiated with an overweight rating.
Analysts at Citigroup lifted their price target on PepsiCo shares to $73, from $69, citing positive meetings with management. The firm maintained a hold rating on the stock.
In late April
PepsiCo beat profit expectations Thursday and reaffirmed its outlook despite what it called "high
global commodity cost inflation."
Morgan Stanley analysts initiated coverage of Arcos Dorados, which began trading publicly on the New York Stock Exchange in April, with an overweight rating and $26 price target. The analysts said Arcos Dorados is operating in an attractive and underpenetrated region.
Arcos Dorados is
South American franchisee, the burger chain's largest franchisee by sales and number of locations. As of the end of 2010 it operated 1,755 restaurants in 19 countries, including in its native Argentina, Mexico and Brazil. Its initial public offering of 73.5 million shares was priced at $17 each, above the $13 to $15 originally anticipated, valuing the company at around $1.25 billion.
shares were upgraded to neutral, from underperform, by analysts at Credit Suisse, and the company's price target was lifted by $3 to $35. The firm noted that management's comments eased concerns about competitive intensity.
Citigroup also gave a nod of near-term approval to Campbell Soup, raising its 2011 earnings-per-share estimate to $2.45. The analysts were not as bullish long term, however, lowering their 2012 EPS estimate by 15 cents to $2.45, noting that U.S. soup sales continue to show weakness. The firm maintained a hold rating on the stock.
Campbell Soup beat quarterly profit expectations, but slower soup sales for the fourth consecutive quarter ignited investor concern.
Capstone analysts initiated coverage of
shares with a hold rating and $90 price target. The firm said that commodity costs continue to rise and that the Sam Adams maker has limited pricing power given its competitive industry.
Boston Beer expects fiscal 2011 EPS between $3.45 and $3.95. Analysts, on average, expect the brewer to earn $3.91 this year.
saw its earnings estimates cut through 2012 by analyst at JPMorgan. The firm lowered its price target on Smithfield by $3 to $20, and set a neutral rating on the stock. Analysts said corn prices continue to rise even as hog prices fall, indicating that pork margins are shrinking.
Last month a Smithfield Foods subsidiary,
Premium Standard Farms
, divested a 21,500-acre hog production site in Texas to
for $33 million.
Research in Motion
( RIMM) shares were downgraded at Wunderlich from buy to hold. The firm had a $46 price target on the stock. It said the downgrade was a result of Research in Motion losing its foothold in the smartphone market.
Earlier this month
Research in Motion recalled nearly 1,000 of its Playbook tablets but said most of the affected devices were still in the distribution channel and had not yet reached customers. The batch of 16GB tablets had a faulty build of the operating system "that may result in the devices being unable to properly load software upon initial set-up," Research in Motion said.
Analysts at Goldman Sachs initiated coverage of recently-IPO'd
( ZIP) shares with a neutral rating and $24 price target, citing valuation.
Oppenheimer analysts initiated coverage of the car rental chain with an outperform rating and $30 price target, noting that the company can deliver solid growth over the next several years.
-- Written by Miriam Marcus Reimer in New York.
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