Analyst upgrades, downgrades and initiations: AXYS, CX, EPG, CKP, CBS ...
Posted Dec 23rd 2008 11:40AM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations
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Analyst upgrades:
- Axys Tech (NASDAQ: AXYS) was upgraded to Outperform from Market Perform at Morgan Keegan on valuation.
- Credit Suisse upgraded Cemex (NYSE: CX) to Neutral from Underperform following the company's refinancing announcement.
- Patni Computer (NYSE: PTI) was upgraded to Buy from Neutral at UBS.
Analyst downgrades:
- Merriman downgraded Environmental Power (NASDAQ: EPG) to Neutral from Buy citing a lack of visibility into the company's capital raise and lowered their estimates to reflect a slippage in project schedules.
- Jefferies cut inVentiv Health (NASDAQ: VTIV) to Hold from Buy as they believe budget cuts at the company's client base make 2009 estimates too high. The firm lowered their target to $11 from $15.
- Oppenheimer downgraded RSC Holdings (NYSE: RRR) to Perform from Outperform to reflect the continued deterioration in non-residential construction and valuation following the recent rally.
- Smurfit-Stone (NASDAQ: SSCC) was lowered to Hold from Buy at Deutsche Bank.
- Distribucion Y Servicio (NYSE: DYS) was downgraded to Sell from Hold at Deutsche Bank.
- Key Energy (NYSE: KEG) was downgraded at SMH Capital to Neutral from Accumulate.
Analyst initiations:
- AECOM Technology (NYSE: ACM) was initiated with an Outperform rating and $34 target at Baird. The firm is positive on AECOM's diverse portfolio of services and global reach.
- Baird also initiated Checkpoint (NYSE: CKP) with a Neutral rating and $11 target, citing the weak macro environment.
- Thomas Weisel said Integra LifeSciences (NASDAQ: IART) has little exposure to economically sensitive areas of healthcare and has a varied mix of products that provide a platform for sustainable organic growth. Shares were initiated with an Overweight rating.
- Piper Jaffray assumed CBS Corp (NYSE: CBS) with a Neutral rating.
- BioMarin (NASDAQ: BMRN) was started at Stanford with a Hold rating.
- Websense (NASDAQ: WBSN) was initiated with an Equal Weight at First Analysis.
Tags: ACM, AXYS, BMRN, CBS, CKP, CX, DYS, EPG, IART, KEG, PTI, RRR, SSCC, VTIV, WBSN
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