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Analyst upgrades:- Merriman upgraded NetApp (NASDAQ:NTAP) to Buy from Neutral after channel checks indicated the storage market is bottoming out in Q1. The firm thinks NTAP is well positioned heading into FY10 and could be an attractive takeout target for the likes of Hewlett-Packard (NYSE:HPQ), IBM (NYSE:IBM), or EMC (NYSE:EMC).
- Goldman added Dr. Pepper Snapple (DPS) to its Conviction Buy list citing valuation and favorable U.S. soda trends. The firm has a $23 target on shares.
- Baird said Inegrys Energy's (NYSE:TEG) decision to wind down or exit its profitable non-regulated energy marketing business lowers business risk and improves financial flexibility. The firm upgraded shares to Outperform from Neutral.
- Yum! Brands (NYSE:YUM) was raised to Overweight from Neutral at JP Morgan.
- International Paper (NYSE:IPI) was upgraded at Deutsche Bank to Buy from Hold.
- Cablevision (NYSE:CVC) was lifted to Equal Weight from Underweight at Morgan Stanley.
Analyst downgrades:
- Jefferies downgraded Chipotle Mexican Grill (NYSE:CMG) to Underperform from Hold on valuation and expectations for a longer than expected traffic recovery. Despite downgrading, the firm raised its target price on shares to $62 from $45.
- Deutsche Bank downgraded Frontier Oil (NYSE:FTO) to Hold from Buy on expectations margins will weaken due to weak demand and rising gasoline inventories. The firm lowered the target price on shares to $15 from $21.
- JP Morgan downgraded Sysco (NYSE:SYY) to Neutral from Overweight and lowered their target price to $15 from $21 based on weak same-store restaurant sales and increased restaurant closures.
- Realty Income (NYSE:O) was cut to Neutral from Outperform at Credit Suisse.
- Essex Property Trust (NYSE:ESS) was lowered to Conviction Sell from Sell at Goldman.
- Wynn Resorts (NASDAQ:WYNN) was downgraded to Underperform from Neutral at Macquarie.
- Pali Capital started Jefferies Group (NYSE:JEF) with a Sell rating and $11 target. The firm believes Jefferies' exposure to banking, valuation, and growing sharecount justify a Sell rating.
- Citigroup expects On Semiconductor's (NASDAQ:ONNN) valuation and margin leverage to continue improving given the company's offensive nature. Shares were initiated with a Buy rating and $9 target.
- Suntrust is positive on ICF International's (NASDAQ:ICFI) diverse revenue mix, low turnover, and government spending increases. The firm assumed coverage with a Buy rating and $32 target.
- Big 5 Sporting Goods (NASDAQ:BGFV) was initiated with a Market Perform rating at JMP Securities.
- Affymetrix (NASDAQ:AFFX) was started at Macquarie with an Outperform rating and $5 target.
- General Growth Properties (NYSE:GGP) was initiated with a Sell rating at Goldman.
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