Analyst upgrades:- Goldman upgraded Gerdau AmeriSteel (NYSE: GNA) to Buy from Neutral and has a $5.50 target on shares. Shares were upgraded due to the potential impact from infrastructure spending. Note that Goldman downgraded Steel Dynamics (NYSE: STLD) and Olympic Steel (NYSE: ZEUS) to Neutral from Buy.
- Banc of America/Merrill upgraded Coca-Cola Enterprises (NYSE: CCE) to Buy from Neutral and raised the price target to $18 from $15. The firm the strong Q1 report gives them greater confidence in shares.
- Roth Capital upgraded Halozyme (NASDAQ: HALO) to Buy from Hold due to increased clarity into Roche programs, the discontinuation of the chemophase program, and progress on insulin delivery.
- American Movil (NYSE: AMX) was raised to Overweight from Neutral at JP Morgan and to Hold from Sell at Citigroup.
- Barclays (NYSE: BCS) and Lloyds TSB Group (NYSE: LYG) were upgraded at HSBC to Overweight from Neutral.
Analyst downgrades:
- Goldman downgraded Steel Dynamics (NYSE: STLD) and Olympic Steel (NYSE: ZEUS) to Neutral from Buy citing valuation. Note that Goldman upgraded Gerdau AmeriSteel (NYSE: GNA) to Buy from Neutral.
- Barclays downgraded Smithfield Foods (NYSE: SFD) to Underweight from Equal Weight citing the potential impact on pork demand from the swine flu outbreak.
- Stephens downgraded Ladish (NASDAQ: LDSH) to Equal Weight from Overweight to reflect deteriorating business fundamentals. The firm lowered its target on the stock to $9 from $15.
- China BAK Battery (NYSE: CBAK) was cut to Hold from Buy at Roth Capital.
- Watsco (NYSE: WSO) was lowered to Neutral from Buy at Piper Jaffray.
- Zumiez (NYSE: ZUMZ) was downgraded at UBS to Sell from Neutral.
- Auriga believes upcoming product launches will transform Sequenom (NASDAQ: SQNM) from genetic analysis to molecular diagnostics, which is an attractive growth area. The firm started shares with a Buy rating and $20 target.
- FTN Equity initiated TJX Companies (NYSE: TJX) with a Buy rating and $35 target, as it believes TJX can perform well in any economic environment.
- The firm also assumed coverage of Ross Stores (NYSE: ROST) with a Neutral rating. The firm would become more positive on Ross shares following a pullback.
Grainger (NYSE: GWW) and Clean Harbors (NYSE: CLH) were initiated at Credit Suisse with Neutral ratings. - Thomson Reuters (NYSE: TRI) was assumed at Bernstein with a Market Perform rating and $29.50 target.
- NetEase.com (NASDAQ: NTES) was initiated with an Outperform rating and $40 target at Bernstein.
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