We are maintaining our Outperform recommendation on Celgene Corp. (CELG) following impressive preliminary results disclosed for the fourth quarter (adjusted EPS up 46%) and full year 2011 (adjusted EPS up 36%). Preliminary adjusted revenues in the final quarter of 2011 came in at .28 billion, 22% above the year-ago figure. For 2011, sales came in [...]
We are upgrading MarkWest Energy Partners (MWE) to Outperform from Neutral, reflecting its promising future prospects. The master limited partnership’s (MLP) targeted growth capital investments since 2006 have been driving its strong, long-term volume growth. We continue to like MarkWest for its high-quality and diverse portfolio of midstream assets, as well as its proven track [...]
Berkshire Hathaway-B (BRKB) reported its third quarter 2011 operating earnings of .54 per share up 36% year-over-year, led by higher operating income across all the business segments except Finance & Financial Products. Insurance, Railroad, Utilities and Energy, Manufacturing, Service and Retailing have performed well. Berkshire’s property and casualty insurance business has been the engine behind [...]
Texas Capital Bancshares, Inc. (TCBI) reported third-quarter 2011 operating earnings of .56 per share, which came well ahead of the Zacks Consensus Estimate of .50 per share. The results were also above the prior-year quarter’s earnings of .25 per share. Quarterly results benefited from an increase in net interest income. Texas Capital’s net interest income [...]
In June 2011, SurModics, Inc. (SRDX) received a blow when Johnson & Johnson announced that it will stop manufacturing Cypher stents by year end, as SurModics receives royalties on sales of the product. However, we believe the impact of the blow will not be very severe, and that the current price represents an attractive entry [...]
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