Manav Patnaik at Barclays Capital on Tuesday raised his price target for shares of Corrections Corp. of America to $45 from $38 and reiterated his 'overweight' rating of the prison operator. Driving his move are improving fundamentals: Almost half of the company's state customers are budgeting for price increases and more than that expect more inmates in the coming year. Shares of CCA (Ticker: CXW) rose more than 3 percent Tuesday to more than $40 and have climbed about 14 percent so far this year.
Manav Patnaik at Barclays has reiterated his overweight rating on shares of Corrections Corp. of America and raised his price target to $38 from $35. Shares of the prison management company (Ticker: CXW), whose execs are mulling a conversion to a real estate investment trust, are up more than 70 percent this year.
Credit Agricole analyst Mark Connelly has downgraded shares of Louisiana-Pacific to 'underperform' from 'outperform.' But like a number of his peers recently, Connelly has coupled his downgrade with a higher price target of $15 from $14. LP shares (Ticker: LPX) are up more than 1 percent this morning to about $14.30.
A number of analysts covering Tractor Supply have raised their price targets for the specialty retailer's shares, which already are up more than 40 percent this year. Joan Storms at Wedbush Securities sees the stock climbing to $112 on the back of the powerful combination of strong execution and continued growth potential. And Brent Rystrom at Feltl now rates Tractor Supply a 'buy' and has lifted his target to $105 from $91.
Two researchers following Corrections Corp. of America have recently gone in different directions on the prison operator. At Barclays Capital, Manav Patnaik has lifted his price target to $33 from $30 and reiterated his 'overweight' rating. But over at First Analysis, Todd Van Fleet sees the steady 2012 climb of CCA stock (Ticker: CXW) as a reason to lighten up. He has lowered the stock to 'equalweight' from 'overweight.'
Wells Fargo Securities analyst Jeff Omohundro likes the changes Cracker Barrel Old Country Store CEO Sandy Cochran has made to the chain's holiday retail offerings and seasonal menu items as well as its new, more concentrated media strategy. He has reiterated his 'outperform' on Cracker Barrel shares (Ticker: CBRL) but now sees them rising more than 20 percent to a range of $60 to $64, up from $50 to $55.
Manav Patnaik at Barclays Capital has hiked his rating of Corrections Corp. of America shares to 'overweight' and says the company's relatively low leverage will let it weather what looks to be a "slow and frustrating" 2012 for new contract awards. Patnaik says Nashville-based CCA has the flexibility to buy back more shares — the board in August boosted its plan by $150 million — and maybe even issue a dividend. He has raised his price target by a dollar to $26. The company's shares (Ticker: CXW) have fallen about 13 percent this year and closed Wednesday trading at $21.67.