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Analyst upgrades:- Keefe Bruyette upgraded MF Global (NYSE: MF) to Outperform from Market Perform as it believes the company's liquidity position has improved and that it is well positioned to take market share. The firm raised its target on shares to $9.
- UBS upgraded Wynn Resorts (NASDAQ: WYNN) to Buy from Neutral and raised its target to $33 from $28 citing better than expected performance in Macau, valuation, and comfort with the balance sheet.
- Citigroup upgraded Brandywine Realty (NYSE: BDN) to Buy from Hold on valuation and believes progress on asset sales or financing could drive significant upside. The firm keeps a $4.50 price target on BDN.
- Joy Global (NASDAQ: JOYG) was raised to Neutral from Underweight at JP Morgan.
- Novo Nordisk (NYSE: NVO) was lifted to Hold from Sell at Societe Generale.
- Cimarex Energy (NYSE: XEC) was upgraded at Banc of America/Merrill to Buy from Underperform.
Analyst downgrades:
- Keefe Bruyette downgraded shares of Intercontinental Exchange (NYSE: ICE) to Underperform from Market Perform as it believes the stock has gotten ahead of the company's earnings power and is not pricing in risks from the transition in business mix and negative regulatory changes. The firm cut its target price on shares to $71 from $73.
- Jefferies downgraded shares of CA, Inc. (NASDAQ: CA) to Hold from Buy to reflect weak renewal pricing and the company's $45M restructuring charge, which they expect to hurt FY10 cash flow. The firm lowered its price target on shares to $18 from $20.
- Canaccord downgraded IBM (NYSE: IBM) to Hold from Buy and kept its price target at $110. The firm cites valuation for the downgrade.
- Viacom B (NYSE: VIA.B) was downgraded to Equal Weight from Overweight at Barclays.
- SBA Comm (NASDAQ: SBAC) was downgraded to Sector Perform from Outperform at RBC Capital.
- Cisco (NASDAQ: CSCO) was cut to Neutral from Conviction Buy at Goldman.
- Rio Tinto (NYSE: RTP) was lowered to Hold from Buy at Societe Generale.
- Auriga sees difficultly ahead for FactSet (NYSE: FDS) given its leverage to the financial services industry. The firm set a Sell rating and $37 price target on the stock.
- Adtran (NASDAQ: ADTN) was started with a Hold rating at Citigroup. The firm sees a challenging demand outlook for the sector due to carrier spending declines.
- Mike Mayo at CLSA initiated coverage on Bank of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan (NYSE: JPM) and Comerica (NYSE: CMA) with Underperform ratings and BBT&T (NYSE: BBT) and Fifth Third Bancorp (NASDAQ: FITB) with Sell ratings.
- New Gold (ASE: NGD) was initiated with a Buy rating and $3.30 target at Canaccord.
- Abercrombie & Fitch (NYSE: ANF) was initiated with a Buy rating and $30 target at Brean Murray.
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