Analyst calls: RIMM, NYX, NDAQ, PMCS, DENN, DAI . . .

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Analyst upgrades:

  • Jefferies upgraded shares of Constellation Energy (NYSE: CEG) to Buy from Hold and raised its target to $26.50 from $25 on valuation as they believe MidAmerican Energy will consummate the merger. The firm points out shares are trading at a 14% discount to the $26.50 offer.
  • Merriman upgraded Denny's Corp. (NASDAQ: DENN) to Buy from Neutral as they believe the company's restructuring and successful menu and food cost management should stabilize operating margins.
  • Daimler (NYSE: DAI) was upgraded at Merrill to Buy from Neutral on valuation as they believe the stock is oversold at current levels.
  • Taiwan Semi (NYSE: TSM) was upgraded to Overweight from Neutral at HSBC.
  • Veolia Environnement (NYSE: VE) was lifted to Neutral from Underperform at Credit Suisse.
  • Goldman raised PMC Sierra (NASDAQ: PMCS) to Buy from Neutral.

Analyst downgrades:

  • Jefferies downgraded shares of Dominion Resources (NYSE: D) to Underperform from Hold and lowered its target to $30 from $43.50 based on the company's growing need to issue equity as they believe Dominion will face a growing funding gap from reduced asset sales and lower cash contributions from its commodity businesses.
  • Piper cut Zymogenetics (NASDAQ: ZGEN) to Neutral from Buy and lowered its target to $4 from $14 to reflect the slower-than-expected launch of RecoThrom.
  • Friedman Billings downgraded Aeropostale (NYSE: ARO) to Market Perform from Outperform as they believe macro challenges and tougher compares will limit upside. The firm recommends selling into strength and lowered their target to $28 from $32.
  • Goldman cut Altera (NASDAQ: ALTR) to Sell from Neutral at Xilinx (NASDAQ: XLNX) to Neutral from Buy.
  • Andersons (NASDAQ: ANDE) was downgraded to Equal Weight from Overweight at Stephens.
  • LodgeNet (NASDAQ: LNET) was lowered to Neutral from Buy at B. Riley.

Analyst initiations:

  • Merrill initiated Apollo Investment (NASDAQ: AINV) with a Buy rating and $12 target. The firm is positive on the company's low debt levels vs. other business development companies.
  • Pharmasset (NASDAQ: VRUS) was assumed with an Outperform rating at Cowen. The firm is positive on Pharmasset's valuation based on prospects for its HCV nucleoside polymerase inhibitor, R7128.
  • Morgan Stanley initiated NYSE Euronext (NYSE: NYX) with an Underweight rating and $21 target and Nasdaq (NASDAQ: NDAQ) with an Equal Weight rating.
  • Research in Motion (NASDAQ: RIMM) was started at BMO Capital with a Market Perform rating.
Symbol Lookup
IndexesChangePrice
DJIA+150.2510,058.64
NASDAQ+24.822,150.87
S&P 500+13.781,070.52

Last updated: February 09, 2010: 09:39 PM

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