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Analyst upgrades:- Merriman upgraded Dendreon (NASDAQ: DNDN) to Buy from Neutral on expectations shares will react positively to the full IMPACT data release on April 28. The firm thinks Provenge could represent the first cancer immunotherapy approved in the U.S. and raised its valuation range on the stock to $33-$34 from $18-$19.
- Piper Jaffray upgraded Andersons (NASDAQ: ANDE) as it believes the valuation is attractive, investor expectations are low, and the company's fertilizer and rail segments could recovery in FY10. The firm has a $19 target on shares. Goldman upgraded the auto sector to Neutral from Cautious and added Ford (NYSE: F) to its Conviction Buy list. The analyst does not believe Ford will have to declare bankruptcy and sees the company benefiting from Chrysler share declines and GM's (NYSE: GM) reduced product offerings. Ford's price target is $6
- Banc of America/Merrill upgraded U.S. Airways (NYSE: LCC) to Buy from Underperform.
- Broadcom (NASDAQ: BRCM) was upgraded to Equal Weight from Underweight at Morgan Stanley.
- Caterpillar (NYSE: CAT) was raised to Overweight from Neutral at JP Morgan.
Analyst downgrades:
- Jefferies downgraded Quest Diagnostics (NYSE: DGX) to Hold from Buy on valuation following yesterday's rally as it expects to see some near-term profit taking. The firm keeps a $59 price target on the stock.
- Keefe Bruyette downgraded M&T Bank (NYSE: MTB) to Underperform from Market Perform following the company's weaker than expected Q1 results due to valuation and its expectation for higher provisioning. The firm has a $36 price target on the stock.
- Deutsche Bank downgraded Advent Software (NASDAQ: ADVS) to Hold from Buy on valuation as it believes the stock is fairly valued at current levels given the challenging selling environment in 2009. The firm keeps a $32 price target on the stock.
- Deutsche Telekom (NYSE: DT) was cut to Hold from Buy at Deutsche Bank and to Neutral from Overweight at JP Morgan.
- Lockheed Martin (NYSE: LMT) was lowered to Neutral from Buy at Goldman.
- Roche (OTC: RHHBY) was downgraded at Collins Stewart to Hold from Buy.
- Pali Capital started Investment Technology Group (NYSE: ITG) with a Sell rating on expectations the company's earnings power will remain challenged over the next few quarters given the current environment. The firm put a $15 price target on the stock, and recommends a pair trade of long Knight Capital (NASDAQ: NITE), short Investment Technology Group.
- Pali Capital also initiated MF Global (NYSE: MF) with a Buy rating and $8 target. The firm believes MF Global is positioned for long-term growth while shares are trading at trough valuation levels.
- Benchmark Co. believes Priceline (NASDAQ: PCLN) has the best business mix among online travel providers but thinks its European exposure could be a drag on growth in the near-term. Shares were initiated with Hold rating and $95 target.
- Dean Foods (NYSE: DF) was assumed with a Neutral rating at Janney Montgomery.
- Gilead Sciences (NASDAQ: GILD) was reinitiated with an Equal Weight rating and $49 target at Barclays.
- Colgate (NYSE: CL) was initiated with an Outperform rating and $66 target at RBC Capital.
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