| Company Name | Exchange | Ticker | Last Price | Total Analyst Coverage |
Upgrade/ Downgrade |
Analyst Name | Rating Company | Target Price |
Upside/ Downside (%) |
|---|---|---|---|---|---|---|---|---|---|
| Cynapsus Therapeutics Inc | TSXV | CTH | 0.87 | 2 | Initiate with buy | Daniel Pearlstein | M Partners Inc | 2.00 | 129.9% |
| Dundee Corp | TSX | DC/A | 19.46 | 3 | Initiate with strong buy | Mohit Khanna | Value Investment Principals Ltd | 26.00 | 33.6% |
| New Gold Inc | TSX | NGD | 6.19 | 19 | Downgrade to neutral from outperform | Anita Soni | Credit Suisse | 7.00 | 13.1% |
| Canexus Corp | TSX | CUS | 6.57 | 7 | Downgrade to sector perform from sector outperform | Jacob Bout | CIBC World Markets | 7.50 | 14.2% |
M Partners Inc initiated coverage on Cynapsus Therapeutics Inc (TSXV: CTH), a specialty pharmaceutical company developing non-injectable delivery of apomorphine to be used as a rescue therapy for off motor symptoms of Parkinson’s disease, with a buy rating assigning a 12-month price target of C$2.00, indicating an upside of 129.9% from current levels. Recently, CTH announced positive top line data from its recently completed healthy volunteer pilot crossover trial comparing APL-130277, a sublingual thin film strip formulation of apomorphine, to a commercially available injectable formulation of apomorphine.
Coverage on Dundee Corp (TSX: DC/A), an independent Canadian asset management company, was initiated with a strong buy at Value Investment Principals Ltd with a 12-month price target of C$26.00, indicating an upside of 33.6% from current levels. Recently, Dundee Goodman Private Wealth, a unit of DC/A reported that a group of about 60 investment advisers and their staff are transferring to Dundee from Richardson GMP. It is expected that the move will greatly expand Dundee’s wealth management unit, giving the firm more than 100 investment advisers across Canada, who manage a portfolio worth C$6 billion.
Credit Suisse downgraded New Gold Inc (TSX: NGD), engaged in gold mining and related activities, including acquisition, exploration, extraction, processing and reclamation, to neutral from outperform lowering its price target to C$7.00 from the earlier target of C$7.53, indicating an upside of 13.1% from current levels.
CIBC World Markets downgraded Canexus Corp (TSX: CUS), engaged in manufacturing a wide range of chemical products, to sector perform from sector outperform reducing its price target to C$7.50 from C$9.00, indicating an upside of 14.2% from current levels.
| Company Name | Exchange | Ticker | Last Price |
Total Analyst Coverage |
Upgrade/ Downgrade |
Analyst Name | Rating Company | Target Price |
Upside/ Downside (%) |
|---|---|---|---|---|---|---|---|---|---|
| Cliffs Natural Resources Inc | NYSE | CLF | 22.94 | 23 | Upgrade to buy from hold | Jorge M Beristain | Deutsche Bank | 27.00 | 17.7% |
| ON Semiconductor Corp | NASDAQ | ONNN | 8.80 | 22 | Upgrade to outperform from neutral | John W Pitzer | Credit Suisse | 12.00 | 36.4% |
| VeriFone Systems Inc | NYSE | PAY | 28.82 | 18 | Upgrade to overweight from neutral | Tien-Tsin Huang | JPMorgan | 32.00 | 11.0% |
| PolyOne Corp | NYSE | POL | 34.27 | 11 | Initiate with buy/attractive | Robert Koort | Goldman Sachs | 44.00 | 28.4% |
| Southcross Energy Partners LP | NYSE | SXE | 18.62 | 7 | Downgrade to underweight from equalweight | Heejung Ryoo | Barclays | 18.00 | -3.3% |
Deutsche Bank upgraded Cliffs Natural Resources Inc (NYSE: CLF), an international mining and natural resources company, to buy from hold with a price target of $27.00, indicating an upside of 17.7% from current levels. The rating firm cites that significant management changes and cost reductions will act as a catalyst for company’s strategic outlook for 2014-15. The rating firm believes that CLF’s acquisition of Consolidated Thompson will provide an avenue for long-term growth and has re-oriented the company to seaborne iron ore market and directs sales to the Asian market.
ON Semiconductor Corp (NASDAQ: ONNN), engaged in designing, manufacturing and marketing a portfolio of semiconductor components that address the design needs of electronic systems and products, was upgraded to outperform from neutral at Credit Suisse increasing its price target to $12.00 from $8.00, indicating an upside of 36.4% from current levels.
The rating firm provided three reasons for the upgrade: 1. The Sanyo acquisition is no longer a headwind to profitability and is likely able to drive $0.05- $0.07 cents of accretion to 2014 even on down y/y revenue. 2. Management has little to no appetite for large acquisitions allowing them to focus on driving the operating model to target and to prioritize cash flow to buy back stock. 3. Potential market share gains in power management in PCs from both ISIL and TXN.
JPMorgan upgraded VeriFone Systems Inc (NYSE: PAY), engaged in the secure electronic payment solutions, to overweight from neutral raising its price target to $32.00 from $27.00, indicating an upside of 11% from current levels.
Goldman Sachs initiated coverage on PolyOne Corp (NYSE: POL), a provider of specialized polymer materials, services and solutions, with a buy/attractive rating assigning a 12-month price target of $44.00, indicating an upside of 28.4% from current levels. POL is scheduled to report its fourth quarter 2013 earnings on Tuesday January 28, 2014 after market close.
Barclays downgraded Southcross Energy Partners LP (NYSE: SXE), a limited partnership engaged in operating, developing and acquiring midstream energy assets, to underweight from equal-weight lowering its price target to $18.00 from the earlier target of $19.00, indicating a downside of 3.3% from current levels.
