Analyst Actions: POM, DUK, PLXS, ANF, JCG
Tuesday, August 24, 2021 10:59 AM

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Pepco Holdings, Inc. (NYSE: POM): Wells Fargo on Tuesday downgraded its rating on the company to Market Perform from Outperform, citing valuation. Shares of he company fell 0.84% to $17.73 in morning trading.

Duke Energy (NYSE: DUK): Citigroup downgraded the stock to Hold from Buy and lowered its price target to $18 from $19. In a research note to clients, the firm said "Since our last note, DUK: Ohio Retail Switching Plus New EPA Regs Equals New Uncertainty, we have reviewed more context surrounding whether environmental remediation costs are bypassable or non-bypassable for Duke Ohio’s 2012 rate plan. We believe there is enough uncertainty surrounding this risk that we are adjusting our risk rating on DUK to Medium from Low. Also, we have lowered our DUK EPS forecast to account for greater retail competition drag, resulting in a lower target price as well...Our new EPS for 2011-12 is 1.31/$1.32 vs. 1.39/1.44.." 

Plexus Corp. (NASDA: PLXS): Ticonderoga Securities this morning downgraded Plexus to Neutral from Buy. In a research note to clients, the firm commented "In our view, Plexus has been the "star performer" of the North American EMS industry over the past few years with leading profit metrics and sales growth, however, we believe the acceleration in weakening demand trends that we expect across the tech landscape (i.e., networking/wireless and industrial for Plexus), will eventually catch up with the company. As such, we are reducing our investment opinion on Plexus and lowering our estimates. Keep in mind, September is the weakest month of the year for the Ticonderoga EMS Basket and Plexus has delivered the worst performance during this month." Plexus shares slumped more than 6% in early trading.

Abercrombie & Fitch (NYSE: ANF): Janney Montgomery Scott on Tuesday initiated coverage on the stock with a Buy rating and $42 price target. Shares of the the teen clothing retailer plunged more than 3% in Tuesday morning trading.

J. Crew Group (NYSE: JCG): Janney Montgomery Scott initiated coverage on the company with a Buy rating and $41 price target. In a research note to clients, tthe firm stated, "We commend management for stellar performance in recent years, and we believe the company will continue to perform. Through our checks over the course of the quarter, we have witnessed sustained strong traffic and conversion trends. We are seeing a mallwide increase in promotional activity, which could make for a more challenging fall season. However, we believe JCG presents one of the few remaining unit growth stories and has one of the most revered merchants, Mickey Drexler, at the helm. Despite tougher upcoming compares, we believe JCG can successfully anniversary the strong inventory discipline that led to record margins, which began in 2Q09."

Disclosure: Author doesn't own any of the stocks discussed here.

 

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