Top Stocks Analyst Upgrades (CRM, TLAB, BCH)
Stocks Analyst
Dallas, TX 11/24/2009 03:55 PM GMT (TransWorldNews)
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salesforce.com, inc. (NYSE:CRM) jumped 1% to $65.20 after Wedbush upgrades Salesforce.com (NYSE: CRM) from Neutral to Outperform and raised their price target from $63 to $74, saying the company is well-positioned for an economic upturn in 2010. Analyst Michael Nemeroff said, "we believe they will appreciate more relative to many of the other stocks in our coverage universe over the next 12 months, given the company's strong and stable base of recurring revenue and low and very achievable expectations for growth in F2011. To be sure, as the global economic environment slowly lifts from its protracted decline, we believe CRM is in an optimum position to capitalize on improving business trends such as enterprises shifting their primary imperatives to revenue generating activities from cost-savings. This shift could be precipitated by increases in sales capacity (i.e., hiring), which likely would benefit Salesforce.com's core SFA product sales."
Tellabs, Inc. (NASDAQ:TLAB) soared 2.80% to $5.87 after Soleil Securities upgrades Tellabs (Nasdaq: TLAB) from Hold to Buy. Price target $7.25. Soleil analyst says, "With Tellabs trading more than 25% below our $7.25 price target we are upgrading the shares to Buy from Hold. The $7.25 price target is based on 15x taxed operating earnings minus cash on the balance sheet...We view this upgrade as more of a short term trading call than a fundamental change in our long-term view of Tellabs. We view the WiChorus acquisition as a solid move towards increasing the next-generation exposure but much more work is needed in our view...We think Tellabs could trade back up towards our price target on solid 4Q results, positive momentum in the router and optical products, and continued success in winning next-generation backhaul business. We also think there is limited down side in the shares given the current valuation."
Banco de Chile (ADR) (NYSE:BCH) fell 1.92 % to $53.18. today, J.P. Morgan upgrades Banco de Chile (NYSE: BCH) from Neutral to Overweight. Price target increased from $56 to $67. Banco de Chile (the Bank) is a commercial bank that provides a range of financial products and services to a broad customer base that includes large corporations, small and medium-sized businesses, and the retail market.
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