Analysts: FedEx Buybacks Signal Turnaround Progress and 3 More Research Notes to Read
FedEx (NYSE:FDX): Citigroup believes that FedEx’s announcement on Tuesday that it will buy back as much as 10 percent of its outstanding float may indicate a shift in the company’s capital allocation and progress in its turnaround, and Citi views the development as a positive; the firm raised its price target for Citigroup shares to $140 from $130 while reiterating a Buy rating on the stock.
Vivus Inc. (NASDAQ:VVUS): Leerink has lowered its price target for Vivus, citing softer-than-expected Qsymia Scripts after the company issued an update on Tuesday. The firm notes that actual third-quarter Qsymia scripts grew 33 percent quarter-over-quarter to around 108,000 but are trending below its numbers as well as the consensus. The firm keeps an Outperform rating on Vivus stock.
Johnson & Johnson (NYSE:JNJ): After Johnson & Johnson reported higher-than-expected third-quarter earnings per share and in-line revenue, Bernstein thinks the company’s pharmaceutical business performed well last quarter and raised its price target on the stock accordingly, to $99 from $97. The firm keeps an Outperform rating on Johnson & Johnson shares.
Cisco (NASDAQ:CSCO): MKM Partners has downgraded Cisco to Neutral from Buy, as it believes that soft macro conditions in several emerging markets will cause a deceleration in product orders year-over-year, noting that the government shutdown has slowed U.S. Enterprise spending. Cisco’s price target has been lowered to $26 from $28.