WESCO International Inc. (NYSE:WCC) have been taken off of WESCO’s Top Picks Live list by Citigroup, who has also reduced the company’s price target from $81 to $68 following the Multi-Industry & Electrical Equipment sector’s downgrade to Neutral. The firm maintains a Buy rating on the shares.
Actuant Corporation (NYSE:ATU): Due to European and Chinese macro pressures and difficult comps on U.S. growth, Citigroup has dropped its view regarding the Multi-Industry & Electrical Equipment sector from Attractive to Neutral. The firm has lowered the sector’s price target by 8%, downgraded Actuant from Buy to Neutral, and has taken WESCO (NYSE:WCC) from its Top Picks Live list.
Synta Pharmaceuticals Corp. (NASDAQ:SNTA): Jefferies is encouraged by the GALAXY trial data Synta Pharmaceuticals reported yesterday causing the firm to recommend using the sell-off as an opportunity to buy. The firm thinks that the pullback in shares is a result of lack of reported statistics and smaller sample sized withing the two prespecified subgroups.
WellCare Health Plans, Inc. (NYSE:WCG): According to Jefferies, WellCare and Coventry Health (NYSE:CVH) have applied for Kansa Medicaid awards, but did not get selected. Yesterday, the state announced that UnitedHealth (NYSE:UNH), Centene (NYSE:CNC), and Amerigroup (NYSE:AGP) had won. Jefferies also states that incumbents Coventry Health and Wellpoint (NYSE:WLP) possessed a small revenue stream from its existing contract with Medicaid, which will terminate by the year’s end.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA): After the FDA approved the company’s obesity drug, Jefferies remains a buyer. The firm views the Belviq label as a huge positive especially since it lacks restrictive REMS or cardiovascular monitoring requirements. Jefferies maintains a Buy rating on the stock.
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