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Analyst upgrades:
- Jefferies upgraded shares of Anadarko Petroleum Corporation (NYSE: APC) to Buy from Hold and raised the target to $79 from $52.50 on valuation and believes the company can use its strong cash flow position to acquire assets.
- Baird said The Corporate Executive Board Company's (NASDAQ: EXBD) valuation is discounting a miss and that the company is well positioned as an early-cycle story with a new CFO, continued mid-market traction, and likely better than feared 2009 results. The firm upgraded shares to Outperform from Neutral and raised its target to $38 from $41.
- Merrill upgraded Novartis AG (ADR) (NYSE: NVS) to Buy from Neutral and Sanofi-Aventis SA (ADR) (NYSE: SNY) and Shire Plc (ADR) (NASDAQ: SHPGY) to Buy from Underperform on valuation and defensive earnings.
- Marshall & Ilsley Corporation (NYSE: MI) was upgraded to Market Perform from Underperform at Keefe Bruyette.
- Barclays Plc (ADR) (NYSE: BCS) was raised to Hold from Sell at Citigroup.
- Novellus Systems, Inc. (NASDAQ: NVLS) was upgraded at Soleil to Buy from Hold.
Analyst downgrades:
- Jefferies downgraded shares of BPZ Resources, Inc. (AMEX: BZP) to Hold from Buy and lowered their target to $9 from $22 after eliminating probable reserves recognition from their model pending firm financing.
- Merrill downgraded Bayer AG (ADR) (OTC: BAYRY) to Neutral from Buy to reflect concerns about the company's non-healthcare earnings.
- Credit Suisse cut STMicroelectronics N.V. (ADR) (NYSE: STM) to Underperform from Neutral to reflect the company's exposure to the PC, Wireless Industrial and Automotive markets.
- Anglo American Plc (ADR) (NASDAQ: AAUK) was lowered to Neutral from Buy at Goldman.
- Telefonica S.A. (ADR) (NYSE: TEF) was downgraded at Bernstein to Market Perform from Outperform.
- Citigroup downgraded MDU Resources Group, Inc. (NYSE: MDU) to Hold from Buy.
- Merriman initiated Exelixis, Inc. (NASDAQ: EXEL) with a Buy rating. The firm sees a number of catalysts in Q4 and 2009, including clinical data updates from several candidates as well as opt-in decisions from partners and the potential for new partnership signings.
- Kaufman Bros. believes Rentrak Corporation (NASDAQ: RENT) is well-positioned to be the arbiter of ratings for VOD advertising. Shares were assumed with a Buy rating and $15 target.
- Oppenheimer believes KHD Humboldt Wedag International Limited (NYSE: KHD) is an attractive play on the growing demand for cement, coal and minerals in the Middle East, Russia and the CIS and started shares with an Outperform rating and $25 target.
- The Procter & Gamble Company (NYSE: PG) was initiated at Caris with an Above Average rating.
- MSCI Inc (NYSE: MXB) was initiated with an Outperform rating and $25 target at JMP Securities.
- Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) was initiated with a Buy rating and $30 target at ThinkPanmure.
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