Analyst calls: AB, WPI, TEVA, LYG, UACL, NTAP, SIMO, BRCM ...
Posted Sep 22nd 2008 10:15AM by Laurie Pasternack
Filed under: Analyst reports, Analyst upgrades and downgrades, Watson Pharmaceuticals (WPI), Tyson Foods'A' (TSN), Analyst initiations, Teva Pharm Indus ADR (TEVA), Garmin Ltd (GRMN)
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Analyst upgrades:
- Keefe Bruyette upgraded shares of AllianceBernstein (NYSE: AB) to Outperform from Market Perform as they find AB's risk/reward attractive given its attractive long-term business model. Wachovia upgraded Watson Pharma (NYSE: WPI) and Teva Pharma (NASDAQ: TEVA) to Outperform from Market Perform citing valuations and positive drivers for generics that include patent expirations and market share expansion.
- UBS raised Lloyds TSB Group (NYSE: LYG) to Neutral from Sell on expected pricing power following the HBOS (OTC: HBOOY) acquisition.
- Otter Tail (NASDAQ: OTTR) was upgraded to Outperform from Neutral at Baird.
- GFI Group (NASDAQ: GFIG) was upgraded at Citigroup to Hold from Sell.
- Merrill upgraded Logitech (NASDAQ: LOGI) to Neutral from Underperform.
Analyst downgrades:
- JP Morgan downgraded shares of Lloyds TSB Group to Underweight from Neutral on capital concerns and believes the HBOS acquisition is not in the best interest of shareholders.
- Stephens downgraded Universal Truckload (NASDAQ: UACL) to Equal Weight from Overweight on valuation and concerns about a slowdown in the flatbed sector. The firm's target remains $28.
- Wachovia downgraded NetApp (NASDAQ: NTAP) to Market Perform from Outperform because the firm believes that storage spending will slow down as a result of the economic downturn.
- Thomson Reuters (NYSE: TRI) was lowered to Sector Perform from Outperform at RBC Capital.
- United Financial (NASDAQ: UBNK) and Raymond James (NYSE: RJF) were cut to Market Perform from Outperform at Keefe Bruyette.
- CIBC downgraded Celestica (NYSE: CLS) to Sector Performer from Sector Outperformer.
Analyst initiations:
- B. Riley initiated Silicon Motion (NASDAQ: SIMO) with a Buy rating and $11.30 target. The firm believes the recent weakness in shares provides value investors an opportunity to own a premier memory controller company with a solid growth and margin profile.
- Collins Stewart is cautious on Broadcom's (NASDAQ: BRCM) handset opportunity. Shares were assumed with a Hold rating.
- Merill resumed coverage of Garmin (NASDAQ: GRMN) with an Underperform rating.
- JP Morgan initiated Sanderson Farms (NASDAQ: SAFM) with an Underweight rating, Pilgrim's Pride (NYSE: PPC) with a Neutral rating and Tyson Foods (NYSE: TSN) with an Overweight rating.
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