.gif){kind=logo}
Analyst upgrades:- Citigroup upgraded Abbott Lab (NYSE: ABT) to Hold from Sell on valuation following the stock's recent underperformance. The firm maintains a $48 price target.
- Deutsche Bank upgraded shares of Pepsi Bottling (NYSE: PBG) and Dr. Pepper Snapple (NYSE: DPS) to Buy from Hold as they believe carbonated soft drinks market is showing signs of stabilization. The firm raised its price target on Pepsi Bottling to $28 from $25 and on Dr. Pepper Snapple to $22 from $20.
- Baird upgraded CommScope (NYSE: CTV) to Outperform from Neutral and raised their target to $19 from $10 as they expect fundamentals to bottom in Q1 and ramp strongly in Q2 as wireless capex outlook improves.
- Sinopec Shanghai (NYSE: SHI) was raised to Buy from Sell at Goldman.
- TRW Automotive (NYSE: TRW) was upgraded at JP Morgan to Neutral from Underweight.
Analyst downgrades:
- Citigroup downgraded shares of AutoZone (NYSE: AZN) and Advance Auto Parts (NYSE: AAP) to Hold from Buy to reflect increased headline risk from the potential "Cash for Clunkers" legislation and positive signs from automakers regarding their incentive programs. The firm points out shares are up near 70% since November. It has a $183 price target on AutoZone and a $45 price target on Advance Auto Parts.
- Credit Suisse downgraded Black & Decker (NYSE: BDK) to Underperform from Neutral and lowered its target to $27 from $32 based on valuation and further end market deterioration.
- Cypress Semi (NYSE: CY) was downgraded to Neutral from Buy at UBS based on valuation. The firm lowered its target to $7 from $6.
- Amazon (NASDAQ: AMZN) and Cavium Networks (NASDAQ: CAVM) were cut to Equal Weight from Overweight at Barclays.
- Jefferies initiated Shire (NASDAQ: SHPGY) with an Underperform rating and believes consensus estimates are underestimating the impact of Adderall XR going generic in April 2009 and need to come down. The firm set a $30 price target on Shire's ADRs.
- Ladenburg started Comstock Resources (NYSE: CRK) with a Buy rating. The firm believes the company's "strong" Haynesville Shale acreage position gives it flexibility and sees an attractive entry point at current levels.
- Morgan Keegan initiated Encore Acquisition (NYSE: EAC) with a Market Perform rating citing flat production in 2009 and uncertain outlook for both oil and gas prices.
- Credit Suisse assumed coverage of Goldman Sachs (NYSE: GS) and Blackstone Group (NYSE: BX) with Outperform ratings. The firm lowered their target on Goldman to $135 from $140 and lowered Blackstone's target to $10 from $15.
- GMX Resources (NASDAQ: GMXR) was initiated with a Market Weight rating and $9 target at Thomas Weisel.
Entrepreneur's Journal: Putting together a solid sales contract
The week in preview: Earnings from Walmart, Macy's, and other retailers
Six top trades for the rest of 2009
