New York, October 29th (TradersHuddle.com) – Following are some of the new analyst ratings before the market open.
Research Firms Initiate:
Corcept Therapeutics (NASDAQ:CORT) was initiated with Outperform at Leerink Swann.
Monsanto (NYSE:MON), the agricultural business company, was initiated with a Neutral at Boenning & Scattergood. The firm believes that 8-traited SmartStax corn seeds are not going to be the strong driver of incremental profits that company had hoped. However it sees that another group of high potential products are on the horizon, but their impact probably will not be felt until fiscal 2012 and 2013. The firm notes that On the basis of solid global demand trends for most of Monsanto’s product portfolio, together with a strong new-product pipeline promising better bottom-line trends a couple of years out, it would encourage patient investors to maintain positions and/or add to positions on any material weakness.
Navistar (NYSE:NAV), the maker of medium and heavy-duty trucks, was initiated with Underperform at Boenning & Scattergood and a target price of $27. The firm expects revenues to fall short of normal levels due to possibly uncorrectable design problems with its new MaxxForce 13 engines. Additionally, it feels the company will lose more than a third of its lucrative military business with the wind down of Mid-East conflicts.
Scripps Networks Interactive (NYSE:SNI) was initiated with Outperform at RBC Capital and a target of $54.
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