Apple (NASDAQ:AAPL): Piper Jaffray believes that short supply of the iPhone 5S could weigh on opening weekend sales numbers. The firm continues to assert that Apple could sell 5 million or 6 million iPhone 5S/5C units in 11 launch countries during the first weekend, which starts Friday morning. Piper’s work indicates that demand for the phone is healthy, but the firm says some may view a 5 million or 6 million opening weekend number as a disappointment, since Apple will include China as a launch country for the first time. The firm thinks that if Apple doesn’t release a weekend sales press release, it’s likely because sales were less than 5 million units, which is the year-over-year comparison from the iPhone 5 launch. Piper maintains an Overweight rating on Apple shares with a $640 price target.
Chesapeake (NYSE:CHK): Wells Fargo increased its price target on Chesapeake to $25-$30 from $18-$22 after it slightly raised its 2014 earnings per share estimate and its net asset value estimate for the company slightly. However, the firm still has near-term liquidity concerns about the company based on low natural gas prices, and it keeps a Market Perform rating on the shares.
General Mills (NYSE:GIS): Wells Fargo downgraded General Mills to Market Perform from Outperform, citing valuation and limited upside to 2014 fiscal year consensus estimates given the weak U.S. retail environment. Wells lowered its price target range for the shares to $48-$50 from $53-$55.
Express (NYSE:EXPR): Following management meetings, UBS believes that Express momentum will continue to build. The analyst sees upside in the second half of 2013 from new fashion trends and Portofino trends, easier comps, increased open-to-buy, and an improved promotional message. The firm expects further merchandise margin gains in the second half of this year and reiterates its Buy rating and $25 price target on the shares.