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Analyst upgrades:- Stephens upgraded Emergency Medical Services (NYSE: EMS) to Overweight from Equal Weight on valuation as they believe shares are undervalued at current levels. The firm has a $42 target on the stock.
- Deutsche Bank upgraded Deutsche Telekom (NYSE: DT) to Buy from Hold ahead of the company's earnings report as they expect the results to provide confidence in the dividend.
- Baird upgraded CoPart (NASDAQ: CPRT) to Outperform from Neutral due to the defensive nature of the salvage auction market, strong balance sheet, and potential growth beyond salvage and outside the U.S.
- First Financial (NASDAQ: FFBC) was raised to Market Perform from Underperform at Keefe Bruyette.
- GPC Biotech (NASDAQ: GPCB) was upgraded at Piper Jaffray to Neutral from Sell.
- Smith & Nephew (NYSE: SNN) was upgraded to Buy from Hold at Citigroup.
Analyst downgrades:
- Jefferies downgraded Trico Marine Services (NASDAQ: TRMA) to Underperform from Hold as they believe OSV market conditions will likely deteriorate in the second half of 2009 and into 2010. The firm lowered its target price to $3.50 from $9.
- Baird downgraded Spss (NASDAQ: SPSS) to Neutral from Outperform citing the difficult macro environment and weakening demand.
- Citigroup downgraded Entegris (NASDAQ: ENTG) shares to Hold from Buy as they believe the company's profits will remain challenging given the decline in wafer starts. The firm lowered its target price on ENTG to $1.50 from $6.50 and recommends ATMI, Inc. (NASDAQ: ATMI) instead.
- Daimler (NYSE: DAI) was downgraded to Sell from Reduce at WestLB.
- American Movil (NYSE: AMX) was downgraded to Neutral from Overweight at JP Morgan.
- Ternium (NYSE: TX) was cut to Equal Weight from Overweight at Morgan Stanley.
- Oppenheimer initiated Celgene (NASDAQ: CELG) with an Outperform rating and $73 target. The firm believes additional clinical trial result and geographic expansion will drive substantial growth of lead drugs Revlimid in multiple myeloma and Vidaza in myelodysplastic syndrome. The firm feels shares offer an attractive entry point at current levels.
- ThinkEquity initiated QLogic (NASDAQ: QLGC) with an Accumulate rating and $12 target citing market share leadership in its core HBA market, shares gains in the FC switch market, and strong balance sheet, among other reasons.
- Morgan Joseph said Ultimate Software (NASDAQ: ULTI) offers high-quality products and has visible recurring revenue. The firm views shares as undervalued and initiated the stock with a Buy rating and $20 target.
- EnerSys (NYSE: ENS) and Maxwell Tech (NASDAQ: MXWL) were initiated with Buy ratings at Piper Jaffray and targets of $23 and $10, respectively.
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