Analyst upgrades:- Janney Montgomery upgraded City Holding Company (NASDAQ: CHCO) to Buy from Neutral due to valuation and a belief the banking franchise is strong. The firm has a $33 price target on the stock.
- JMP Securities upgraded Acadia (NASDAQ: ACAD) to Outperform from Market Perform following the announcement that it has partnered with Biovail to develop and commercialize Pimavanserin. The firm has a $7 price target on the stock.
- RBC Capital upgraded Methanex (NASDAQ: MEOH) to Outperform from Sector Perform and raised its price target to $18 from $11 based on its improving free cash flow outlook.
- MGM Mirage (NYSE: MGM) was raised to Buy from Underperform at Banc of America/Merrill.
- Research in Motion (NASDAQ: RIMM) was lifted to Neutral from Underweight at JP Morgan.
- Con-Way (NYSE: CNW) was upgraded to Overweight from Equal Weight at Stephens.
Analyst downgrades:
- Keefe Bruyette downgraded Center Financial (NYSE: CLFC) to Market Perform from Outperform following the Q1 report to reflect a weaker California outlook. The firm cut its target price to $5.50 from $7.
- Morgan Stanley downgraded Hologic (NYSE: HOLX) to Equal Weight from Overweight following the company's announcement that it has again delayed the launch of 3D Tomosynthesis. Shares were also cut to Perform from Outperform at Oppenheimer.
- Thomas Weisel downgraded Ansys (NYSE: ANSS) to Market Weight from Overweight ahead of Q1 results based on valuation and ongoing challenges in end-markets for technical software vendors.
- Liberty Entertainment (NYSE: LMDIA) was downgraded to Hold from Buy at Collins Stewart.
- Diamond Offshore (NYSE: DO) was cut to Sector Perform from Outperform at RBC Capital.
- Watsco (NYSE: WSO) was lowered at Baird to Neutral from Outperform.
- Merriman initiated ZAGG (ZAGG) with a Buy rating. The firm expects ZAGG's high double-digit growth to continue, driven by expanding online and offline distribution channels, and believes share should be valued in the near-term at $5-$7.
- Roth Capital initiated Pegasystems (PEGA) with a Buy rating and $20 price target based on strong revenue growth, margin expansion, cash flow, and execution.
- Auriga started United Therapeutics (NYSE: ITHR) with a Buy rating and $83 price target. The firm views current levels as an attractive entry point given United Therapeutics' "sustainable" growth.
- NetSuite (NYSE: N) was initiated at Credit Suisse with a Neutral rating and $9 target.
- M/I Homes (NYSE: MHO) was assumed with an Outperform rating and $21 target at JMP Securities.
- Abercrombie & Fitch (NYSE: ANF) was started at Stephens with an Equal Weight rating and $25 target.
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