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Fly News Breaks for April 29, 2016
MPLX, KRC, HMSY, BGS, ABT, ALR
Apr 29, 2016 | 10:14 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Alere (ALR) upgraded to Buy at Craig-Hallum by analyst Bill Bonello, who said the company is worth at least $50 per share as a free standing company. The upgrade comes after last night's press release reaffirming its expectation that its pending sales to Abbott (ABT) will be consummated as planned. 2.B&G Foods (BGS) upgraded to Buy at DA Davidson citing vastly improved fundamentals after the company reported higher than expected EPS. The firm thinks that the Green Giant deal has been more profitable than it anticipated. 3. HMS Holdings (HMSY) upgraded to Outperform at Oppenheimer after the company announced that Public Consulting Group has settled with HMS Holdings to resolve all pending cases against each other. Analyst Mohan Naidu says Public Consulting Group will cease to compete in Third Party Liability services for a period of seven years, virtually eliminating any serious competition for HMS Holdings and removing the risk from state contracts, which represent more than 40% of revenues. 4. Kilroy Realty (KRC) upgraded to Buy at Stifel by analyst John Guinee, who said Kilroy's balance sheet is "one of the best in the office REIT sector". The analyst thinks its self-funding model will continue. 5. MPLX (MPLX) upgraded to Outperform at Credit Suisse with analyst John Edwards saying the cost of capital has fallen and believes a strong recovery in unit prices will allow the company to grow EBITDA through dropdowns. The company was also upgraded to Buy at Stifel, saying the company's $1B private placement preferred offering removes its equity needs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
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