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Analyst upgrades:- JP Morgan upgraded Alcoa (NYSE: AA) to Overweight from Neutral and added shares to its Focus List. The analyst said the equity offering and dividend cut provide enough "liquidity insurance" to make it through 2009 and now views risk/reward as attractive.
- Deutsche Bank upgraded Asbury Automotive (NYSE: ABG) to Buy from Hold as it finds the current valuation attractive and thinks the company's cost savings will drive upside in a recovery. The firm raised its target price to $7 from $5.50.
- Barclays upgraded Beckman Coulter (NYSE: BEC) to Overweight from Equal Weight. Following their healthcare conference and management meetings, the firm sees increased visibility into revenues.
- Waddell & Reed (NYSE: WDR) was raised to Buy from Neutral at Goldman.
- Nokia (NYSE: NOK) was upgraded to Outperform from Neutral at Credit Suisse.
- Brocade (NASDAQ: BRCD) was lifted to Outperform from Sector Perform at RBC Capital.
Analyst downgrades:
- Goldman downgraded Eaton Vance (NYSE: EV) to Neutral from Buy and lowered its target to $18 from $20 citing decelerating money flows in to Large Cap Value.
- JP Morgan downgraded Expedia (NASDAQ: EXPE) to Neutral from Overweight as it believes increased competition and pricing wars will limit the company's market share gains. JP Morgan lowered its price target to $9 from $12.
- Pali Capital downgraded Sohu.com (NASDAQ: SOHU) shares to Sell from Neutral as it believes the IPO of the company's game division will significantly reduce shareholder value. The firm has a $35 target on the stock.
- BioMed Realty (NYSE: BMR) was downgraded to Underperform from Sector Perform at RBC Capital.
- M&T Bank (NYSE: MTB) was cut to Hold from Buy at Citigroup.
- Graco (NYSE: GGG) was lowered to Underperform from Neutral at Baird.
- Oppenheimer initiated SEI Investments (NASDAQ: SEIC) with a Perform rating. The firm finds shares fairly valued pending greater visibility into the company's Global Wealth Platform.
- Computer Sciences (NYSE: CSC) was started with a Hold rating and $38 target at Kaufman Bros. The firm believes the company is not close enough to a turnaround to buy the stock.
- Jesup & Lamont assumed Great Plains Energy (NYSE: GXP) with a Buy rating and $18 target and finds the valuation compelling at current levels.
- Phase Foward (NASDAQ: PFWD) was initiated at William Blair with an Outperform rating.
- Myriad Genetics (NASDAQ: MYGN) was assumed with an Equal Weight rating at Morgan Stanley.
- RBC Capital initiated Auxilium Pharma (NASDAQ: AUXL) with a Sector Perform rating.
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