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Analyst upgrades:- Jefferies upgraded Home Depot (NYSE: HD) to Buy from Hold as they expect significant multiple expansion as earnings revisions start to bottom out and the market starts to factor in a recovery. The firm raised its price target to $24 from $18-$20.
- Goldman upgraded HSBC (NYSE: HBC) to Neutral from Sell and removed the stock from their Asia Pacific Sell List given the company's plans to stop making new loans at its U.S. unit.
- Deutsche Bank upgraded Ensco International (NYSE: ESV) to Hold from Sell on valuation as it believes weakening shallow water demand is priced into shares at current levels. The firm raised its target price to $32 from $30.
- Liberty Global (NASDAQ: LBTYA) was raised to Equal Weight from Underweight at Morgan Stanley.
- UnitedHealth (NYSE: UNH) was lifted to Outperform from Market Perform at Bernstein.
Analyst downgrades:
- Keefe Bruyette downgraded Goldman Sachs (NYSE: GS) to Market Perform from Outperform following the recent rally in shares as it does not see a catalyst for further multiple expansion. The firm lowered its target price to $101 from $108.
- Jefferies cut Energy Conversion (NASDAQ: ENER) to Neutral from Buy on near-term demand visibility concerns after the company lowered its guidance. The firm lowered its target price to $15 from $37. Merriman downgraded shares to Neutral from Buy.
- Banc of America/Merrill downgraded Morgan Stanley (NYSE: MS) to Underperform from Buy and lowered its target to $21 from $25 due to recent share outperformance, concerns regarding Real Estate merchant banking losses and MS credit spread tightening.
- Patriot Capital (NASDAQ: PCAP) was lowered to Market Perform from Outperform at JMP Securities.
- Molson Coors (NYSE: TAP) was cut to Buy from Conviction Buy at Goldman.
- Wimm-Bill-Dann (NYSE: WBD) was downgraded at Credit Suisse to Underperform from Neutral.
- Baird expects FTI Consulting (NYSE: FCN) to benefit from increased litigation and regulatory oversight from the new administration. Shares were initiated with an Outperform rating and $66 target.
- Morgan Joseph initiated Garmin (NASDAQ: GRMN) with a Sell rating and $14 target based on competitive pressures, declining ASP's and the weak auto industry.
- Oppenheimer believes that investment banks will benefit from the recovery of credit spreads and investments in distressed debts in the near-term. Thus, the firm initiated Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) with Outperform ratings. Oppenheimer does not think that commercial banking will recover in the short-term, so they initiated Bank of America (NYSE: BAC), JPMorgan (NYSE: JPM) and Citigroup (NYSE: C) with Perform ratings.
- Credit Suisse initiated GlaxoSmithKline (NYSE: GSK) with an Outperform rating and AstraZeneca (NYSE: AZN) with an Underperform rating.
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