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Analyst upgrades:- Merriman upgraded shares of Google (NASDAQ: GOOG) to Buy from Neutral after its channel checks indicated a modest increase in ad spend per client in March. The upgrade is based on early indications that search pricing and ad spend are stabilizing, search volume continuing to grow at a double-digit rate, and Merriman's belief that consensus estimates are now at reasonable levels.
- Deutsche Bank upgraded shares of Alcoa (NYSE: AA) to Hold from Sell and raised its price target to $8 from $7.30 following the company's asset sales in March as it believes the financial overhang on the stock has been removed.
- Suntrust said Providence Service (NASDAQ: PRSC) has returned to profitability through demand stabilization for social services and cost controls. Shares were upgraded to Buy from Neutral.
- Telmex (NYSE: TMX) was upgraded to Neutral from Undeperform at Credit Suisse.
- Deutsche Telekom (NYSE: DT) was raised to Market Perform from Underperform at Bernstein.
- Autodesk (NASDAQ: ADSK) was lifted to Neutral from Sell at UBS.
Analyst downgrades:
- Deutsche Bank downgraded shares of Freeport McMoRan (NYSE: FCX) to Sell from Hold on valuation following the recent rally and its expectation that copper prices will weaken. Despite downgrading, the firm raised its price target on shares to $30 from $24.
- Oppenheimer downgraded Metabasis (NASDAQ: MBRX) to Perform from Outperform on financing concerns and to reflect the protracted timeline of the company's potential partnerships.
- Argus downgraded Accenture (NYSE: ACN) to Hold from Buy citing revenue pressure in the company's banking, communications, and energy verticals.
- Wolseley (OTC: WOSLY) was cut to Hold from Buy at Citigroup.
- Nexen (NYSE: NXY) and Ritchie Bros (NYSE: RBA) were lowered to Market Perform from Outperform at Raymond James.
- Oppenheimer is positive on J.M. Smucker's (NYSE: SJM) leading brands and easy peanut butter comps and thinks shares are undervalued at current levels. The firm set an Outperform rating and $44 price target on the stock.
- Jefferies believes Guess (NYSE: GES) offers an attractive growth story with a well-diversified business model. Shares were initiated with a Buy rating and $27 target.
- Supergen (NASDAQ: SUPG) was assumed with a Buy rating at Merriman. The firm believes the company's products in clinic are promising and that shares have the potential to trade toward a range of $4-$5.
- Ultra Petroleum (NYSE: UPL) was initiated at Barclays with an Equal Weight rating.
- Conceptus (NASDAQ: CPTS) was initiated with a Hold rating and $13.50 target at Roth Capital.
- Time Warner Cable (NYSE: TWC) coverage was resumed with a Market Perform rating at Wachovia.
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