Analyst upgrades:- Jefferies upgraded Cytec Industries (NYSE: CYT) to Buy from Hold on valuation and believes liquidity concerns are overdone. The firm raised its target on the stock to $27 from $20.
- Morgan Stanley upgraded Intel (NASDAQ: INTC) to Overweight from Equal Weight and raised its price target to $19 from $15. Morgan Stanley's survey indicates positive trends in the business supply chain and the analysts expects estimates to move higher from increased server MPU sales and growth in Windows 7.
- Pali upgraded Urban Outfitters (NASDAQ: URBN) to Buy from Neutral on valuation and believes the company's tough Q2 compares are already priced into the stock. The firm has a $25 target on shares.
- Research in Motion (NASDAQ: RIMM) was upgraded to Conviction Buy from Buy at Goldman.
- MasterCard (NYSE: MA) was lifted to Buy from Hold at Deutsche Bank.
- Burger King (NYSE: BKC) was raised to Buy from Neutral at Banc of America/Merrill.
Analyst downgrades:
- UBS downgraded Adobe (NASDAQ: ADBE) to Neutral from Buy but raised its target to $28 from $25 citing valuation and does not expect top-line numbers to move materially higher following Q2 results in June. Citigroup cut shares to Hold from Buy following the recent rally in the stock.
- Credit Suisse downgraded RenaissanceRE (NYSE: RNR) to Neutral from Outperform citing lower investment income and high expectations in Florida.
- Oppenheimer downgraded SINA Corp. (NYSE: SINA) to Perform from Outperform. The firm cut the stock on valuation with shares above its $25 price target and believes consensus expectations for the first half of 2009 may be too high.
- Goldman cut MasterCard (NYSE: MA) to buy from Conviction Buy.
- Integrys Energy (NYSE: TEG) was lowered to Hold from Buy at Soleil.
- Harris (NYSE: HRS) was downgraded at JP Morgan to Neutral from Overweight.
- Morgan Stanley initiated Teradata (NYSE: TDC) with an Overweight rating and Brocade (BRCD) with an Equal Weight rating.
- Allegheny Energy (NYSE: AYE) was assumed with a Buy rating and $42 target at Goldman.
New Facebook share structure hints at IPO
Before the bell: Futures higher ahead of housing, jobless data
Nuclear power is on the comeback trail
