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Analyst upgrades, downgrades and initiations: RIMM, MGM, ANF ...

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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.
Analyst initiations:
  • 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.
Symbol Lookup
IndexesChangePrice
DJIA-14.2810,318.16
NASDAQ-10.782,146.04
S&P 500-3.521,091.38

Last updated: November 22, 2009: 11:49 AM

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