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Analyst calls: GM, F, CB, MER, LLY, UL, BRCM, AAPL, PALM ...

Analyst upgrades:
  • Merrill upgraded shares of General Motors (NYSE: GM) and Ford (NYSE: F) to Neutral from Underperform on expectations for fundamentals to improve in 2009.
  • Citigroup upgraded Chubb (NYSE: CB) and Travelers Group (NYSE: TRV) to Buy from Hold as they expect the company to benefit from the AIG (NYSE: AIG) fallout. The firm raised Chubb's target to $57 from $56 and Travelers Group's target to $51.50 from $49.50.
  • Credit Suisse upgraded shares of SAP AG (NYSE: SAP) to Outperform from Neutral as they believe margin expansion can drive higher profitability.
  • JetBlue (NASDAQ: JBLU) was upgraded to Buy from Hold at Argus.
  • Goldman raised Merrill Lynch (NYSE: MER) to Neutral from Sell.
  • NetLogic (NASDAQ: NETL) was upgraded to Buy from Neutral at Piper.
Analyst downgrades:
  • JP Morgan downgraded Eli Lilly (NYSE: LLY) to Underweight from Neutral citing the company's early stage pipeline and generic competition.
  • Merrill downgraded Unilever (NYSE: UL) to Neutral from Buy as they believe the incoming CEO is unlikely to bring a major restructuring or split up the company.
  • UBS downgraded Broadcom (NASDAQ: BRCM), Micron (NYSE: MU) and Lam Research (NASDAQ: LRCX). The analyst assigned a Short-Term Sell rating on KLA-Tencor (NASDAQ: KLAC) and a Short-Term Buy rating on Qimonda (NYSE: QI). The firm said there has been a deceleration in orders in recent weeks and they do not expect an improvement in semiconductor equipment orders until at least 3Q09.
  • Apple (NASDAQ: AAPL) and NRG Energy (NYSE: NRG) were removed from Goldman's Conviction Buy List.
  • Zep Inc (NYSE: ZEP) was lowered to Hold from Buy at KeyBanc.
  • Argus cut Diamond Management (NASDAQ: DTPI) to Sell from Hold.
Analyst initiations:
  • William Blair initiated GreenHunter Energy (NYSE: GRH) with an Outperform rating. The firm believes demand for alternatives to traditional energy sources is increasing rapidly, creating rapid growth potential for the company.
  • Lazard Capital Markets started Concur Tech (NASDAQ: CNQR) with a Hold rating on valuation.
  • Morgan Joseph is positive on Palm's (NASDAQ: PALM) newest smartphone devices and its push into the mass market. Shares were assumed with a Buy rating and $10 target.
  • MedAssets (NASDAQ: MDAS) and McDermott (NYSE: MDR) were initiated at UBS with Buy ratings.
  • Morgan Stanley started Atwood Oceanics (NYSE: ATW) with an Equal Weight rating and $54 target and Oceaneering (NYSE: OII) with an Overweight rating and $85 target.

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Last updated: November 21, 2008: 05:24 PM

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