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Oct 13, 2009 - 12:27 PM EDT
This morning, Deutsche Bank initiated coverage on shares of Citigroup (C) with a Buy rating. The firm expects Citi to lose forty six cents in 2009 and set a price target of $5.50 per share. The new price target amounts to a fifteen percent upside for investors based on yesterday's closing price. In morning trading, shares of Citigroup were trading relatively flat, up just one penny on the day. Lazard upgraded shares of DryShips (DRYS) from Hold to Buy following the company's announcement it had come to an agreement with lenders to waive the terms on $183 million of debt. The company has $187.5 million of debt left to negotiate waivers on and the CEO said in a statement, the company "expects to have those concluded shortly". Following the upgrade, shares of DryShips climbed more than seven percent in morning trading. And Benchmark upgraded shares of Yahoo! (YHOO) from Hold to Buy. Yahoo! reports third quarter earnings next week, which analysts at Benchmark expect to fall in-line with estimates. Furthermore, the stock is trading at seven times 2010 cashflow estimates, which has been historically low for the company and could present investors with a low risk scenario. With the upgrade, Benchmark raised its price target from $16 per share up to $20. Shares of Yahoo! inched higher on the news, gaining a little more than one half of one percent. For MarketNewsVideo.com, I'm Angela Salvucci.Source: Market News Video (Oct 13, 2009 - 12:27 PM EDT)
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