Analyst upgrades:
- Keefe Bruyette upgraded Morgan Stanley (NYSE: MS) to Outperform from market Perform after transferring coverage to a new analyst. The firm expects Morgan to benefit from the pending joint venture with Smith Barney and improvements in its operating environment.
- FBR Capital upgraded Winn-Dixie (NASDAQ: WINN) to Outperform from Market Perform as it believes the company is executing well and shares are cheap at current levels. The firm keeps a $16.50 target on the stock.
- Baird believes Polaris's (NYSE: PII) consensus expectations and valuation are too low and that the company will expand beyond powersports. The firm upgraded shares to Outperform from Neutral and raised their target to $37 from $32.
- J. Crew (NYSE: JCG) was upgraded to Neutral from Sell at Goldman.
- Lexmark (NYSE: LXK) was upgraded to Equal Weight from Underweight at Barclays.
- Global Hunter upgraded Big Lots (NYSE: BIG) to Buy from Neutral.
Analyst downgrades:
- Citigroup downgraded Burger King (NYSE: BKC) to Hold from Buy after channel checks indicated the company's SSS are moderating. The firm lowered its estimates and cut its target price on shares to $18 from $22.
- UBS downgraded Level 3 (NASDAQ: LVLT) to Sell from Neutral due to the weak growth outlook, valuation, and balance sheet risk.
- TD Newcrest downgraded Canadian Imperial Bank (NYSE: CM) to Hold from Buy due to the uncertain near-term outlook.
- Sealed Air (NYSE: SEE) was cut to Sell from Neutral at Goldman.
- Talisman (NYSE: TLM) was lowered to Sector Performer from Sector Outperformer at CIBC.
Analyst initations:
- Oppenheimer initiated Athenahealth (NASDAQ: ATHN) with a Perform rating and $32 target. The firm recommends waiting for a more attractive entry point into Athenahealth shares.
- Roth Capital is concerned that handset and IC ASPs will fall as growth in 3G occurs at the low-end, impacting margins. The firm started shares of Qualcomm (NASDAQ: QCOM) with a Hold rating and $44 target.
- Wunderlich expects News Corp's (NASDAQ: NWS) cable programming and film segments to drive growth. Shares were initiated with a Buy rating and $11.50 target.
- Kimco Realty (NYSE: KIM) coverage was resumed with a Hold rating and $10 target at Deutsche Bank.
- Inspire Pharma (NASDAQ: ISPH) was assumed with a Buy rating and $7 target at Piper Jaffray.
- Starent Networks (NASDAQ: STAR) was initiated with a Buy rating and $25 target at Banc of America/Merrill.
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