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Analyst upgrades:- Jefferies upgraded shares of Red Hat (NYSE:RHT) to Buy from Hold after their checks indicated Red Hat's November quarter results will be in-line due to solid Jboss sales. The firm also believes a potential new partnership with Cisco (NASDAQ:CSCO) could provide share upside.
- Barclays upgraded Amazon.com (NASDAQ:AMZN) to Overweight from Equal Weight as they believe the company's competitive position will strengthen during the current downturn and that the company will gain share.
- JP Morgan upgraded YRC Worldwide (NASDAQ:YRCW) to Neutral from Underweight following the announcement that the company and the Teamsters will vote on contract modifications.
- Del Monte Foods (NYSE:DLM) was raised to Overweight from Equal Weight at Stephens.
- Thomson Reuters (NYSE:TRI) was upgraded at Morgan Stanley to Equal Weight from Underweight.
- Reliant Energy (NYSE:RRI) was lifted to Outperform from Market Perform at Wachovia.
- B. Riley downgraded shares of Hot Topic (NASDAQ:HOTT) to Neutral from Buy to reflect a lack of visibility into 2009 and valuation but raised their target price to $9.30 from $8.20.
- Citigroup cut KLA-Tencor (NASDAQ:KLAC) to Hold from Buy to reflect their more offensive stance on the semi group as they view KLA-Tencor as a more defensive name. The firm lowered their target to $22 from $31.
- KeyBanc downgraded Arch Chemicals (NYSE:ARJ) to Underweight from Hold citing global economic headwinds, the stronger dollar, pension costs, and continued weakness in North American housing, among other reasons.
- Jo Ann Stores (NYSE:JAS) was cut to Hold from Buy at Soleil.
- Calyon downgraded Schlumberger (NYSE:SLB) to Outperform from Buy.
- Amdocs (NYSE:DOX) was downgraded to Neutral from Buy at Goldman.
Analyst initiations:
- Cantor views CECO Environmental (NASDAQ:CECO) as a value play on air pollution control. Shares were initiated with a Buy rating and $6 target.
- Brink's Home Security (NYSE:CFL) was initiated at Jefferies with a Buy rating and $26 target, as the firm is positive on the company's high recurring revenues and solid balance sheets.
- Banc of America started CAI International (NYSE:CAP) with a Neutral rating and $5 target and expects shares to remain range-bound given the tough business environment.
- BHP Billiton (NYSE:BHP) and Rio Tinto (NYSE:RTP) were re-initiated with Neutral ratings at Goldman.
- SumTotal (NASDAQ:SUMT) was assumed with a Buy rating and $4.75 target at B. Riley.
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