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Analyst upgrades:- Banc of America/Merrill upgraded Lincoln National (NYSE: LNC) to Buy from Underperform and raised its target to $17 from $10 citing expectations that the company will "qualify for and accept TARP funding."
- Credit Suisse upgraded AU Optronics (NYSE: AUO) to Outperform from Neutral as it believes inventory levels are low end demand is better than expected.
- JP Morgan upgraded Shaw Group (NYSE: SGR) to Overweight from Neutral. The firm views the recent pullback in shares as a buying opportunity given the company's attractive nuke position and expected ramp in government spending.
- Patterson-UTI Energy (NASDAQ: PTEN) was upgraded to Buy from Neutral at Goldman.
- Barrick Gold (NYSE: ABX) was raised to Overweight from Market Weight at Thomas Weisel.
- Stryker (NYSE: SYK) was lifted to Sector Perform from Underperform at RBC Capital.
Analyst downgrades:
- Jefferies downgraded Omniture (NASDAQ: OMTR) to Hold from Buy on valuation following the recent rally in shares and a lack of visibility given the current economic environment. The firm keeps a $15 target on the stock.
- Citigroup downgraded Sysco (NYSE: SYY) to Hold from Buy on concerns earnings could miss expectations over the next quarter or two due to soft sales and higher promotions.
- Banc of America/Merrill downgraded AstraZeneca (NYSE: AZN) to Underperform from Neutral on valuation following the recent outperformance of shares and Crestor growth concerns.
- Apollo Group (NASDAQ: APOL) and ITT Educational (NYSE: ESI) were cut to Neutral from Outperform at Credit Suisse.
- Kendle (NASDAQ: KNDL) was lowered to Neutral from Outperform at Baird.
- RBC Capital downgraded BreitBurn Energy (NASDAQ: BBEP) to Sector Perform from Outperform.
- Keefe Bruyette initiated FBL Financial (NYSE: FFG) with a Market Perform rating, citing above-average liquidity risk and a cautious stance on the Life Insurance group. The firm has a $7 target on shares.
- Jefferies believes Covidien's (NYSE: COV) diversified product portfolio and strong free cash yield warrant a premium multiple. Shares were initiated with a Buy rating and $40 target.
- Standpoint views Hologic (NASDAQ: HOLX) as a 2010-2011 story and says it has one of the most promising product pipelines in Healthcare. The firm assumed coverage of Hologic with an Accumulate rating and has a price target range of $24-$28.
- Panera Bread (NASDAQ: PNRA) was initiated at Oppenheimer with a Perform rating.
- Olin Corp (NYSE: OLN) was started at UBS with a Sell rating and $12 target.
- Barclays initiated Guess (NYSE: GES) with an Equal Weight rating and $25 target.
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