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Analyst upgrades:- JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
- Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
- Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
- ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
- China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.
Analyst downgrades:
- Keefe Bruyette downgraded Raymond James (NYSE: RJF) to Underperform from Market Perform on valuation following the recent rally as it believes the environment for retail brokerage and the company's bank subsidiary will worsen. The firm has a $16 price target on the stock.
- Citigroup downgraded PG&E (NYSE: PCG) to Hold from Buy on valuation with the stock nearing their $42.50 price target. Oppenheimer downgraded Suntech (NYSE: STP) to Underperform from Perform on valuation following yesterday's rally and believes the company's high debt levels will remain an overhang. The firm has a $6 target on the stock.
- Goldman removed Amazon.com (NASDAQ: AMZN) from the Conviction Buy list.
- Riverbed Technology (NASDAQ: RVBD) was lowered to Neutral from Outperform at Baird.
- Trina Solar (NYSE: TSL) was downgraded at Friedman Billings to Underperform from Market Perform.
- Kaufman Bros. finds Amazon's risk/reward unfavorable at current levels given the near-term uncertainty regarding consumer spending and continued gross margin compression. The firm set a Hold rating and $69 price target on the stock.
- Friedman Billings started Morgan Stanley (NYSE: MS) with a Market Perform rating and $25 target. The firm does not expect any benefits from Morgan Stanley's joint venture with Smith Barney over the near-term and is cautious on the company's retail investor segment given the continued market volatility and aggressive retention packages currently being offered to brokers.
- Auriga initiated Microsoft (NASDAQ: MSFT) with a Hold rating and $18 target. The firm believes near-term estimates have downside risk and does not find Microsoft's risk/reward compelling at current levels.
- Warnaco (NYSE: WRC) was assumed with a Neutral rating at Credit Suisse.
- BioMarin (NASDAQ: BMRN) was initiated at Piper Jaffray with a Neutral rating.
- NetLogic (NASDAQ: NETL) was initiated with a Market Perform rating at Raymond James.
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Reader Comments (Page 1 of 1)
3-27-2009 @ 3:25PM
steve gee said...
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