Analyst upgrades, downgrades and initiations: AXYS, RDEN, GHL, AOB, BWY ...
Posted Dec 30th 2008 10:45AM 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 Buy from Hold at Morgan Joseph based on valuation.
- Elizabeth Arden (NASDAQ: RDEN) was upgraded to Buy from Hold at Wedbush on valuation and the success of the company's Viva La Juicy launch.
Analyst downgrades:
- Keefe Bruyette downgraded Greenhill & Co. (NYSE: GHL) and Evercore Partners (NYSE: EVR) to Market Perform from Outperform on valuation and lowered its estimates to reflect slower than initially expected M&A advisory transactions. Greenhill's target was lowered to $66 from $72 and Evercore's was cut to $14.50 from $16.
- Collins Stewart downgraded shares of Thermage (NASDAQ: THRM) to Hold from Buy following the Reliant acquisition to reflect integration and balance sheet concerns.
Analyst initiations:
- Roth Capital views American Oriental (NYSE: AOB) as a cash-rich, multi-faceted pharmaceutical company that is well equipped to handle unforeseen changes in China's Health care market. Shares were initiated with a Buy rating and $10 target.
- Jesup & Lamont believes Bristow Group (NYSE: BRS) is well positioned in current downturn as the majority of its business is in production platforms and drilling rigs. The firm started shares with a Buy rating and $37 target.
- Barrington initiated BWAY Holding (NYSE: BWY) with an Outperform rating and $9 target. The firm believes the company is an early cycle business that should benefit from cost reduction activity.
- Grand Canyon (NASDAQ: LOPE) was assumed with a Buy rating and $21 target at Piper Jaffray.
Tags: AOB, AXYS, BRS, BWY, EVR, GHL, LOPE, RDEN, THRM
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