Analyst Insights: Potash Corp, Broadcom, Leap, Apple, Nike June 1st
Potash Corp. of Saskatchewan, Inc. (NYSE:POT): Deutsche Bank believes shares of Potash will be range-bound in the near-term due to macro concerns and above normal potash inventories. The firm lowered its price target for shares to $45 from $55 and maintains a Hold rating on the stock.
Broadcom Corp. (NASDAQ:BRCM): Citigroup added Broadcom to its Top Picks Live list citing valuation as well as the company’s inclusion in the iPhone 5 and momentum at Samsung. Citi keeps a Buy rating on the stock with a $45 price target.
Leap Wireless International Inc. (NASDAQ:LEAP): Deutsche Bank views Leap Wireless’s deal to offer the iPhone as a modest positive since it believes the subsidy is reasonable and the device could expand the company’s addressable market. However, Deutsche feels the high price point suggests the iPhone won’t be a game changer for Leap. The firm keeps a Hold rating on the stock with an $8 price target.
Apple Inc. (NASDAQ:AAPL): Piper Jaffray continues to believe Apple will unveil its TV late in 2012 with a launch in the first half of 2013. Piper suspects Apple TV will retail between $1,500 and $2,000 with 42 to 55 inch screens and estimates the product could add 4%-8% to 2013 revenue. The firm says Apple TV’s key selling point will be revolutionizing the way consumers interact with their living room and it reiterates an Overweight rating on Apple shares with a $910 price target.
Nike Inc. (NYSE:NKE): Citigroup said yesterday that it believes Dick’s Sporting (NYSE:DKS) could potentially be interested in acquiring Nike’s (NYSE:NKE) Umbro brand and points out the brand currently has an exclusive license with Dick’s in the U.S. Citi lists Wolverine World Wide (NYSE:WWW) and VF Corp. (NYSE:VFC) as potential acquirers of Nike’s Cole Haan brand. Citi continues to recommend buying shares of Nike after the company announced yesterday plans to divest its Cole Haan and Umbro brands.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.