Analyst upgrades:- Citigroup upgraded Patriot Coal (NYSE: PCX) to Hold from Sell on easing credit and liquidity concerns following the company's guidance. The firm raised its target on the stock to $7.50 from $4.
- UBS upgraded Research In Motion (NASDAQ: RIMM) to Buy from Neutral and raised their target to $90 from $65 as they expect pent-up replacement demand in enterprise to drive 2010 estimates higher and for the consumer smartphone opportunity to grow in 2009 and 2010.
- Goldman upgraded Suncor (NYSE: SU) to Conviction Buy from Sell and raised their target to $33 from $25 citing their bullish view on crude oil for 2H09 and 2010 and in the company's ability to lower operating and capital costs in the oil sands region.
- Canadian National (CNI) was raised to Overweight from Neutral at JP Morgan.
- Applied Micro Circuits (NASDAQ: AMCC) was lifted at Oppenheimer to Overweight from Neutral.
- QLogic (NASDAQ: QLGC) was upgraded to Outperform from Neutral at Baird.
Analyst downgrades:
- Jefferies downgraded Sonus Networks (NASDAQ: SONS) to Hold from Buy on valuation following the recent run in the stock. In addition, the firm's channel checks indicated the company's opportunity with British Telecom is gone. The firm's target remains $1.75.
- Goldman removed McDonald's (NYSE: MCD) from its Conviction Buy List due to a stop-loss. Shares were downgraded to Buy from Conviction Buy. Note that Brinker (NYSE: EAT) was added to the list. McDonald's target remains $65.
- RBC Capital downgraded Williams Partners LP (NYSE: WPZ) to Outperform from Top Pick to reflect a lower long-term distribution growth assumption. The firm lowered its target on the stock to $24 from $25.
- O'Reilly Automotive (NASDAQ: ORLY) was cut to Market Perform from Outperform at FBR Capital.
- SunTrust lowered Urban Outfitters (NASDAQ: URBN) to Neutral from Buy.
- Celgene (NASDAQ: CELG) was downgraded to Neutral from Outperform at Credit Suisse.
- Keefe Bruyette expects economic conditions to constrain Assurant's (NYSE: AIZ) near-term valuation. The firm started shares with a Market Perform rating and $28 target.
- KeyBanc said Flowers Foods (NYSE: FLO) is one of the lowest cost producers in the bakery industry, with higher margins, and has gained share consistently over the past decade. Shares were initiated with a Buy rating and $27 target.
- Thomas Weisel initiated Goodrich Petroleum (NYSE: GDP) with an Underweight rating and $18 target. The firm said Goodrich Petroleum's valuation reflects most of the unproven Haynesville potential.
- Agco (NYSE: AG) was started at Bernstein with an Outperform rating and $33 target.
- Fuel Systems (NASDAQ: FSYS) was initiated with an Accumulate rating and $18 target at ThinkEquity.
- BCE Inc (NYSE: BCE) was assumed with a Sector Outperformer rating and $28 target at CIBC.
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