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Oct 23, 2009 - 11:58 AM EDT
This morning, Dendreon (DNDN) saw its shares rated a Buy at Canaccord Adams as the firm believes the prostate cancer therapy launch will prove to be an earnings driver for the company. Analysts at the firm expect sales to eclipse $4 billion by 2020 with gross margins in excess of sixty percent. With the upgrade, Canaccord Adams set a price target of $43 per share. In morning trading, shares of Dendreon were trading close to flat, up just a few pennies on the day. Jesup & Lamont upgraded shares of Diamond Offshore Drilling (DO) from Hold to Buy as the earnings picture is looking better with the improvements to the jackup market. The firm raised 2009 EPS estimates by forty cents to $10.30, increased 2010 EPS estimates by twenty cents per share to $9.35 and introduced 2011 EPS estimates of $10.50 per share. Shares of Diamond Offshore Drilling were not responding to the upgrade from Jesup & Lamont, as investors sent shares lower by about one half of one percent. And Wells Fargo upgraded shares of PNC Financial (PNC) from Market Perform to Outperform as the credit portfolio seems to be holding up well compared to peers. Analysts at Wells Fargo increased their 2009 EPS estimates to $4.31 per share and push the valuation range higher to $64 to $67 per share. Shares of PNC rose on the news, gaining more than three percent this morning. For MarketNewsVideo.com, I'm Sayoko Murase.Source: Market News Video (Oct 23, 2009 - 11:58 AM EDT)
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