Analyst upgrades:- Citigroup upgraded Tyco (NYSE: TYC) shares to Buy from Hold on valuation as they believe the recent weakness has created an attractive entry point. The firm lowered its target price to $25 from $26.
- Deutsche Bank raised SAP (NYSE: SAP) to Buy from Hold on valuation as it finds the risk/reward attractive at current levels.
- Oppenheimer upgraded Onlin Corp (NYSE: OLN) to Outperform from Perform on valuation as it sees strong support at $10 and potential upside to $20. The firm has a $20 target on the stock.
- JP Morgan (NYSE: JPM) and Blackstone (NYSE: BX) were upgraded to Outperform from Market Perform at Keefe Bruyette.
- Adobe (NASDAQ: ADBE) was raised to Neutral from Sell at UBS.
- Goldman added AT&T (NYSE: T) to the Conviction Buy List.
Analyst downgrades:
- Goldman downgraded State Street (NYSE: STT) to Neutral from Buy citing earnings headwinds.
- Goldman also downgraded HealthSpring (NYSE: HS) to Neutral from Buy and lowered its target to $10 from $18 citing negative sentiment towards the Medicare Advantage program.
- Baird downgraded Woodward Governor (NASDAQ: WGOV) to Neutral from Outperform and lowered its target to $19 from $27 citing lowered estimates and the acquisition of HR Textron.
- Buenaventura (NYSE: BVN) was cut to Neutral from Overweight at JP Morgan.
- Turkcell (NYSE: TKC) was lowered to Neutral from Overweight at HSBC.
- Wachovia downgraded the Offshore IT/BPO sector to Underweight from Market Weight.
- Pinnacle Financial (NASDAQ: PNFP) was initiated at Keefe Bruyette with a Market Perform rating and $20 target on valuation.
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