Analyst upgrades, downgrades and initiations: SONS, HBC, BKS, VIA, GG, K ...
Posted Jan 16th 2009 11:40AM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations
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Analyst upgrades:
- Jefferies upgraded Sonus Networks (NASDAQ: SONS) to Buy from Hold on valuation as they find the risk/reward compelling at current levels. Jefferies has a $2 target on the stock.
- Dresdner upgraded HSBC (NYSE: HBC) to Buy from hold on valuation as they believe the dividend cut is fully priced in at current levels.
- JP Morgan upgraded Barnes & Noble (NYSE: BKS) to Neutral from Underweight on valuation as they recommend short positions take profits at current levels.
- Kellogg (K) was raised to Buy from Neutral at UBS.
- RPM, Inc (NYSE: RPM) and Valspar (NYSE: VAL) were upgraded at KeyBanc to Buy from Hold.
- Omnicare (NYSE: OCR) was upgraded to Overweight from Equal Weight at Barclays.
Analyst downgrades:
- Jefferies downgraded Dune Energy (AXE: DNE) to Underperform from Hold to reflect weak commodity prices and the company's reduced financial flexibility. The firm lowered its target price to 10c from 30c.
- Baird downgraded NeuStar (NYSE: NSR) to Neutral from Outperform and lowered their target to $20 from $22 based on 2009 revenue concerns and the CFO's departure.
- UBS cut Viacom (NYSE: VIA) to Neutral from Buy and lowered its target to $18 from $27. The firm believes advertising declines will be worst than expected and that Film expectations are too high.
- Goldcorp (NYSE: GG) was lowered to Neutral from Overweight at JP Morgan.
- Kindred Healthcare (NYSE: KND) and Tenet Healthcare (THC) were downgraded at Barclays to Equal Weight from Overweight.
- Cynosure (NASDAQ: CYNO) was downgraded to Hold from Buy at Citigroup.
Analyst initiations:
- Keefe Bruyette believes Blackstone's (NYSE: BX) operating results and cash flow generation are likely to remain depressed well into 2009 given the weakening economy. The firm started shares with a Market Perform rating and $6 target.
- Oppenheimer views Brinks (NYSE: BCO) as a pure-play secure logistics company and feels it is well positioned to take advantage of a recent decline in acquisition prices. The firm has an Outperform rating and $32 target on the stock.
- Kellogg (NYSE: K) was initiated with a Buy rating and $52 target at Janney Montgomery.
- Avery Dennison (NYSE: AVY) was started at Barclays with an Equal Weight rating.
- Medco Health (NYSE: MHS) was initiated with a Market Perform rating and $59 target at Bernstein.
Tags: AVY, BCO, BKS, BX, CYNO, DNE, GG, HBC, K, KND, MHS, NSR, OCR, RPM, SONS, THC, VAL, VIA
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