Analyst upgrades:- Baird upgraded Nike (NYSE: NKE) to Outperform from Neutral on expectations the company will benefit from the drop in the U.S. dollar and continued solid trends in athletic footwear. The firm raised its target on shares to $69 from $61.
- Deutsche Bank upgraded Temple-Inland (NYSE: TIN) to Buy from Hold as it believes the company is well positioned for cyclical turnaround in the Paper/Building Products space. The firm raised its target on shares to $19 from $11.
- Goldman upgraded Diageo (NYSE: DEO) to Buy from Neutral to reflect the current valuation and the company's exposure to emerging markets.
- Deutsche Bank (NYSE: DB) was upgraded to Hold from Sell at ING Group.
- Banco Santander (NYSE: STD) was lifted to Buy from Hold at Deutsche Bank.
- Jackson Hewitt (NYSE: JTX) was upgraded at Oppenheimer to Outperform from Perform.
Analyst downgrades:
- Oppenheimer downgraded Chipotle (NYSE: CMG) to Underperform from Perform as it believes commodity pressure and rising unemployment will pressure the company's top-line growth and operating margins. The firm believes Chipotle's valuation is not supported by its near-term outlook.
- Jefferies downgraded Bio-Reference Labs (NASDAQ: BRLI) to Hold from Buy as it sees limited near-term upside given healthcare reform concerns. Despite downgrading, the firm raised its target on shares to $32.50 from $30.
- Banc of America/Merrill downgraded DuPont (NYSE: DD) to Underperform from Neutral on valuation as it finds the stock expensive given the lack of earnings growth next year.
- Nestle (NYSE: NSRGY) was cut to Neutral from Conviction Buy at Goldman.
- Thomas Weisel (NASDAQ: TWPG) was lowered to Market Perform from Outperform at Keefe Bruyette.
- UAL Corp (NYSE: UAUA) Was downgraded at JP Morgan to Underweight from Neutral.
- Jefferies believes Synaptics' (NASDAQ: SYNA) opportunity in the capacitive touch screen handset market is in the early stages. Shares were initiated with a Buy rating and $44 target.
- Deutsche Bank started Dendreon (NASDAQ: DNDN) with a Buy rating. The firm believes Dendreon's Provenge will be approved in early 2010 and that peak sales could be $1.8B in the U.S. alone. The firm sees at least 35% upside potential upon FDA approval and set a target of $36 on the stock.
- Kaufman Bros. believes Ener1 (NASDAQ: HEV) is well positioned to capitalize on the growth of electric vehicles. The firm initiated shares with a Buy rating and $9 target.
- United Natural Foods (NASDAQ: UNFI) was initiated at Barclays with an Equal Weight rating.
- Ericsson (NASDAQ: ERIC) was assumed with a Neutral rating and $10 target at Baird.
- RBC Capital initiated Geniune Parts (NYSE: GPC) with a Sector Perform rating and $38 target.
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