Analyst calls: AMAT, CSCO, PFE, DAI, INTC, COP, MNST, SGP ...
Posted Oct 20th 2008 11:40AM by Eric Buscemi
Filed under: Analyst upgrades and downgrades, Cisco Systems (CSCO), Pfizer (PFE), Intel (INTC), Daimler (DAI), Applied Materials (AMAT), ConocoPhillips (COP), Monster Worldwide (MNST), Analyst initiations
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Analyst upgrades:
- Goldman upgraded Applied Materials (NASDAQ: AMAT) to Buy from Sell and added shares to its Conviction Buy List citing valuation. The firm also upgraded the Semiconductor Capital Equipment Sector to Attractive.
- Morgan Keegan believes Cisco Systems (NASDAQ: CSCO) will emerge from the slowdown as a stronger company with greater market share and expansion into adjacent markets. Shares were upgraded to Outperform from Market Perform.
- Pfizer (NYSE: PFE) was upgraded to Overweight from Equal Weight at Barclays.
- Daimler (NYSE: DAI) was upgraded at UBS to Neutral from Sell.
- Friedman Billings upgraded Mariner Energy (NYSE: ME) to Market Perform from Underperform on valuation and the company's upcoming catalysts in the deepwater GOM.
- Swiss Reinsurance (OTC: SWCEY) was raised to Buy from Hold at Citigroup.
Analyst downgrades:
- Intel (NASDAQ: INTC) was downgraded to Neutral from Buy at Goldman.
- Deutsche Bank cut Hess Corp (NYSE: HES) and Marathon Oil (NYSE: MRO) to Hold from Buy and Suncor (NYSE: SU) and ConocoPhillips (NYSE: COP) to Sell from Hold after cutting their oil price forecast for 2009 to $60/bbl and 2010 to $58/bbl.
- Merrill downgraded Akzo Nobel (OTC: AKZOY) to Neutral from Buy on expectations the company's coatings end markets will worsen and chemicals division will see pressure next year.
- Monster (NASDAQ: MNST) was lowered at Citigroup to Hold from Buy.
- Piper downgraded Accuray (NASDAQ: ARAY) to Neutral from Buy.
- Jefferies downgraded shares of Libbey (NYSE: LBY) to Underperform from Buy following the company's guidance reduction and is concerned about the impact the deteriorating domestic consumer environment will have on its highly leverage. The firm lowered their target to $2 from $19.
Analyst initiations:
- Barclays assumed Schering-Plough (NYSE: SGP) with an Equal Weight rating.
- Keefe Bruyette believes Arch Capital's (NASDAQ: ACGL) balance sheet is solid and finds the stock attractively valued at current levels. Shares were initiated with an Outperform rating and $84 target.
- ONEOK Partners (NYSE: OKS) was assumed with a Neutral rating at JP Morgan.
- Keefe Bruyette started National Penn Bancshares (NASDAQ: NPBC) with a Market Perform rating and $15 target.
- Youbet.com (NASDAQ: UBET) was assumed with a Buy rating and $2 target at B. Riley. The firm expects further margin expansion in FY09 and views Youbet.com as an attractive value-play.
- Collins Stewart initiated Savient Pharmaceuticals (NASDAQ: SVNT) with a Buy rating and $25 target. The firm's checks indicate that approval of Puricase is a high likelihood. Collins believes Savient could trade higher after the American College of Rheumatology meeting Oct. 24 to 29 in San Francisco on positive physician sentiment and additional efficacy data.
Tags: acgl, akzoy, amat, aray, cop, csco, dai, hes, intc, lby, me, mnst, mro, npbc, oks, pfe, sgp, su, svnt, swcey, ubet
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