Analyst upgrades, downgrades and initiations: BBY, TAP, LGF, FCX, AUY ...
Posted Feb 11th 2009 11:42AM by Eric Buscemi
Filed under: Analyst Reports, Analyst Upgrades and Downgrades, Best Buy (BBY), Yamana Gold (AUY), Analyst Initiations, Freep't McMoRan Copper (FCX), Anglo American (AAUKY)
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Analyst upgrades:
- Deutsche Bank upgraded shares of Camden Property (NYSE: CPT) to Hold from Sell on valuation and believes the company has improved its liquidity position. Despite the upgrade, the firm lowered its target price to $21 from $25.
- Goldman added Best Buy (NYSE: BBY) to its Conviction Buy List as it is now the sole dominant retailer in consumer electronics and expects Best Buy's margins to benefit from Circuit City's demise.
- Molson Coors (NYSE: TAP) was upgraded to Overweight from Neutral at JP Morgan as it finds the valuation attractive and sees a number of long-term fundamental positive catalysts. The firm has a $47.50 target on shares.
- United Rentals (NYSE: URI) and Illinois Tool Works (NYSE: ITW) were upgraded to Buy from Neutral at UBS.
- ProLogis (NYSE: PLD) was upgraded to Buy from Neutral at Banc of America/Merrill.
Analyst downgrades:
- Oppenheimer downgraded Global Traffic Network (NASDAQ: GNET) to Perform from Outperform following the company's weaker than expected Q2 results and lowered its target price to $6.25 from $7.
- Friedman Billings downgraded BankAtlantic (NYSE: BBX) to Underperform from Market Perform to reflect the deterioration of both the company's credit and capital in Q4. The firm lowered its target price to $1 from $5.
- RBC Capital downgraded AbitibiBowater (NYSE: ABH) to Underperform from Sector Perform and lowered its target to 50 cents from $2.00 following the company's debt refinancing announcement.
- Lions Gate (NYSE: LGF) was cut to Market Weight from Overweight at Thomas Weisel.
- Ctrip.com (NASDAQ: CTRP) was downgraded at Goldman to Sell from Neutral.
- Molson Coors (NYSE: TAP) was downgraded to Neutral from Buy at Banc of America/Merrill.
Analyst initiations:
- Oppenheimer initiated Chattem (NASDAQ: CHTT) with an Outperform rating and believes the company's business model is well suited for the current uncertain consumer environment. The firm has an $80 target on the stock.
- Freeport McMoRan (NYSE: FCX) was initiated at BMO Capital with a Market Perform rating and $30 target.
- Anglo American (NASDAQ: AAUK) was assumed with a Sell rating at Societe Generale.
- Yamana Gold (NYSE: AUY) was started at UBS with a Buy rating.
Tags: AAUK, ABH, AUY, BBX, BBY, CHTT, CPT, CTRP, FCX, GNET, ITW, LGF, PLD, TAP, URI
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
