.gif){kind=logo}
Analyst upgrades:- Citigroup upgraded Lennar (NYSE: LEN) to Buy from Hold as it believes the company's near-term liquidity profile is improved following the $400M debt issuance. The firm raised its target price to $12 from $11.
- Jefferies upgraded Rowan Companies (NYSE: RDC) to Buy from Hold as it believes jack-up drillers will continue to outperform deepwater names. The firm raised its target price to $27 from $20.
- Keefe Bruyette upgraded First Financial (NASDAQ: FFIN) to Market Perform from Underperform to reflect more positive loan data for the Texas banks. The firm raised its target price on shares to $44 from $38.
- MGM Mirage (NYSE: MGM) was upgraded to Overweight from Neutral at JP Morgan.
- Morgan Stanley (NYSE: MS) was upgraded to Outperform from Market Perform at JMP Securities.
- Brinker (NYSE: EAT) was upgraded to Overweight from Equal Weight at Barclays.
Analyst downgrades:
Analyst initiations:
- Jefferies downgraded Smith International (NYSE: SII) to Hold from Buy on valuation and concerns the WHQ acquisition will be a headwind for near-term growth. The firm has a $30 target on the stock.
- Goldman downgraded AutoNation (NYSE: AN) to Sell from Neutral based on valuation and lack of operating leverage versus peers. The firm has a $14 target on shares.
- JMP Securities downgraded Achillion (NASDAQ: ACHN) to Underperform from Market Perform following Gilead's (NASDAQ: GILD) decision to return back the rights to GS-9252/ACH-1095.
- Applied Micro Circuits (NASDAQ: AMCC) was cut to Underweight from Equal Weight at Morgan Stanley.
- Anglogold (NYSE: AU) was lowered to Neutral from Buy at UBS.
- Allegheny Energy (NYSE: AYE) was downgraded to Market Perform from Outperform at Wachovia.
Analyst initiations:
- KeyBanc initiated Under Armour (NYSE: UA) and Lululemon (NASDAQ: LULU) with Hold ratings based on valuation.
- Roth Capital initiated Jinpan International (NASDAQ: JST) with a Buy rating and $36 target. The firm believes the buildout of China's electrical infrastructure and global deployment of wind power will be growth drivers for Jinpan.
- J. Crew (NYSE: JCG) was initiated with a Buy rating and $24 target at Piper Jaffray.
- Dean Foods (NYSE: DF) was started at Banc of America/Merrill with a Buy rating and $23 target.
The week in preview: Earnings from Walmart, Macy's, and other retailers
Six top trades for the rest of 2009
Comfort Zone Investing: Buffett buys Burlington
