Analyst upgrades:- Keefe Bruyette upgraded BB&T (NYSE: BBT) to Market Perform from Underperform as it believes downside risk has been reduced following the company's capital raise. The firm raised its target price to $23 from $15.
- Janney Montgomery upgraded FEI Company (NASDAQ: FEIC) to Buy from Neutral on expectations margins will improve and various country stimulus packages will provide benefits in 2010. The firm has a $31 target on the stock.
- Citigroup upgraded Tyco Electronics (NYSE: TEL) to Buy from Hold as it believes automotive headwinds are priced in and the company's long-term fundamentals are intact. The firm raised its target price to $25 from $19.
- Barrick Gold (NYSE: ABX) was upgraded to Outperform from Sector Perform at RBC Capital.
- J.B. Hunt (NYSE: JBHT) was raised to Overweight from Equal Weight at Stephens.
- Roper Industries (NYSE: ROP) was upgraded at Oppenheimer to Outperform from Perform.
Analyst downgrades:
- Baird downgraded Cardinal Health (NYSE: CAH) to Neutral from Outperform and lowered their target to $33 from $43 citing lowered FY10 expectations for the new Cardinal and the CareFusion spin-off.
- Baird said Pacer's (NASDAQ: PACR) intermodal partner, UNP, has been diversifying away from its wholesale contract by expanding its relationship with Hub Group (NASDAQ: HUBG). The firm, which downgraded shares to Underperform from Neutral, recommends avoiding Pacer given its weakening competitive position and cash burn.
- Credit Suisse downgraded Aetna (NYSE: AET) to Underperform from Neutral and lowered its target to $23 from $24 following the company's lowered guidance. Shares were also cut to Market Perform from Outperform at Wachovia.
- Kinross Gold (NYSE: KGC) was downgraded to Neutral from Overweight at JP Morgan.
- NovaGold (AMEX: NG) was downgraded to Underperform from Sector Perform at RBC Capital.
- American Superconductor (NASDAQ: AMSC) was downgraded to Underweight at Morgan Stanley.
- Thomas Weisel sees risk to Gildan's (NYDSE: GIL) fundamentals given capacity excess throughout the screen print value chain along with the company's maturing growth profile. The firm started shares with an Underweight rating and $12 target.
- ThinkEquity initiated SciClone Pharm (NASDAQ: SCLN) with a Buy rating and $5 target. The firm is positive on the prospects for SciClone's lead product, Zadaxin, an oral immunomodulator.
- Ladenburg initiated VMware (NYSE: VMW) with a Sell rating and $26 target citing concerns that the company will need healthy reinvestment levels to protect market share and that competition may lead to price pressure.
- Silicon Laboratories (NASDAQ: SLAB) was initiated with an Equal Weight at Morgan Stanley.
- Wal-Mart (NYSE: WMT) was initiated with an Outperform rating and $60 target at RW Baird.
- Hanesbrands (NYSE: HBI) was initiated with an Overweight rating and $23 target at Thomas Weisel.
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