Equity Insights June 4th: Immunogen, Under Armour, Reliance Steel, GT Advanced Technologies
Immunogen Inc. (NASDAQ:IMGN): After Roche 9RHHBY) reported Phase III results for its T-DM1 breast cancer drug that uses Immunogen’s (NASDAQ:IMGN) technology, RBC Capital believes that the data was very impressive and should increase interest in Immunogen’s technology. The firm maintains an Outperform rating on Immunogen.
Under Armour, Inc. (NYSE:UA): Cowen said Under Armour has the least earnings risk and exposure to Europe in the branded apparel group. The firm noted the company’s products are skewed towards petroleum based fabrics over cotton and with the recent decline in the price of oil it should support a clear path to improved margins. Cowen also believes Under Armour’s running footwear will gain market share and should see a strong follow through in newer product categories. Shares are Outperform rated.
Reliance Steel & Aluminum Co. (NYSE:RS): Goldman recommends using recent weakness in Reliance Steel (NYSE:RS) and Allegheny Technologies (NYSE:ATI) as a buying opportunity given exposure to attractive end markets and growth opportunities. Shares are Buy rated.
EXFO Inc (NASDAQ:EXFO): Stifel Nicolaus reduced its target on EXFO after the company lowered its Q3 guidance. However, the firm still thinks that the company has a number of positive catalysts and it maintains a Buy rating.
GT Advanced Technologies Inc (NASDAQ:GTAT): After visiting GT’s customers, Stifel Nicolaus is more upbeat on GT’s outlook, as the firm thinks that the company’s customers are doing relatively well. The firm believes that GT’s valuation is compelling, and that it has several upcoming growth drivers. Stifel maintains a $10 target and Buy rating on the stock.
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