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Analyst upgrades:- Citigroup upgraded Expedia (NASDAQ: EXPE) to Buy from Hold as they believe the company's fee elimination coupled with 2009 industry trends could lead to market share gains and that the valuation is compelling at current levels. Citigroup raised its price target to $14 from $9 on EXPE shares.
- Credit Suisse upgraded Lukoil (OTC: LUKOY) to Outperform from Neutral as it believes lower taxes and the ruble's decline will increase profitability.
- Soleil upgraded Jo Ann Stores (NYSE: JAS) to Buy from Hold as it believes the company's sales results in the first half of 2009 could top expectations. The firm raised its target price to $20 from $16.
- Johnson & Johnson (NYSE: JNJ) was upgraded to Buy from Neutral at UBS.
- Bayer AG (OTC: BAYRY) was lifted to Buy from Neutral at Banc of America/Merrill.
- ManTech (NASDAQ: MANT) was raised at Wachovia to Outperform from Market Perform.
Analyst downgrades:
- Global Hunter downgraded shares of China Direct Industries (NASDAQ: CDII) to Neutral from Buy as it sees limited earnings visibility and expect the company's Q4 results to be below consensus.
- Friedman Billings downgraded Starwood Hotels (NYSE: HOT) to Underperform from Market Perform on valuation as they believe the recent run-up in shares is unwarranted with forward trends deteriorating. The firm lowered its target price to $10 from $19.
- JP Morgan downgraded Cabot (NYSE: CBT) to Neutral from Overweight. The firm believes near-term demand decreases in the carbon black volume will be greater in Q2 than Q1 and prefers to wait for a more attractive entry point.
- Urban Outfitters (NASDAQ: URBN) were downgraded to Neutral from Outperform at Cowen.
- Citrix (NASDAQ: CTXS) was cut to Market Weight from Overweight at Thomas Weisel.
- Denison Mines (AMEX: DNN) was lowered at Credit Suisse to Underperform from Neutral.
- Merriman initiated Mandalay Media (OTCBB: MNDL) with a Buy rating and believes the company differentiates itself from other mobile content players by offering a content management platform with diversified content. The firm thinks shares should be valued at $2-$3.
- Thomas Weisel assumed coverage of Maxwell Tech (NASDAQ: MXWL) with an Overweight rating and $8 target. The firm is bullish on the prospects for Maxwell's ultracapacitor business and is positive on its tier 1 auto supplier partnerships.
- UBS expects Johnson Controls (NYSE: JCI) to gain share from "distressed competitors" and said the company has sufficient liquidity. The firm started shares with a Buy rating and $12 target.
- Jack in the Box (NASDAQ: JACK) was initiated with an Outperform rating at Morgan Keegan.
- Cardiovascular Systems (NASDAQ: CSII) was started at William Blair with an Outperform rating.
- Sony (NYSE: SNE) was initiated at Maxim with a Buy rating and $25 target.
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