Analyst upgrades:- Citigroup upgraded Emergency Medical Services (NYSE: EMS) to Hold from Sell as it believes earnings estimates and valuation multiples could expand should Congress extend insurance coverage to the currently uninsured. The firm raised its target on shares to $38 from $29.
- JPMorgan upgraded Deutsche Bank (NYSE: DB) to Neutral from Underweight on expectations the company's fixed income business will drive earnings.
- KeyBanc expects U.S. Steel (NYSE: X) to benefit from a global recovery in flat-rolled products and a potential stabilization in energy end markets. The firm upgraded shares to Buy from Hold.
- Yahoo! (NASDAQ: YHOO) was upgraded to Buy from Hold at Soleil.
- Pinnacle Financial (NASDAQ: PNFP) was upgraded to Equal Weight from Underweight at Stephens.
- BP Plc (NYSE: BP) was raised to Buy from Hold at ING Group.
Analyst downgrades:
- FBR Capital downgraded Talbots (NYSE: TLB) to Market Perform from Outperform on valuation and it believes near-term catalysts have played out. The firm maintains a $5 target.
- KeyBanc downgraded Nucor (NYSE: NUE) and Reliance Steel (NYSE: RS) to Hold from Buy citing valuation, lower flat-rolled exposure, and above average exposure to nonresidential construction markets.
- Pali downgraded SINA (NASDAQ: SINA) to Neutral from Buy on weaker growth expectations for the second half of 2009 following the company's Q1 results and guidance. The firm believes SINA management's comments for the second half of the year were very conservative.
- United Microelectronic (NYSE: UMC) was downgraded to Neutral from Overweight at JPMorgan.
- Pall (NYSE: PLL) was downgraded to Equal Weight from Overweight at Barclays.
- Ceradyne (NASDAQ: CRDN) was downgraded to Underperform from Market Perform at Wachovia.
- Jefferies initiated Alnylam Pharm (NASDAQ: ALNY) with a Buy rating and $28 target. The firm expects partnership deals and data announcements to drive shares over the next 12 months. Roth Capital is positive on Alnylam's RNAi technology given its broad applicability, believes it is on track to begin one, maybe two, clinical trials this year, and that its RSV infection compound is on track. Shares were initiated with a Buy rating and $26 target.
- Citigroup expects demand to be strong for Dendreon's (NASDAQ: DNDN) PROVENGE given the limited options available for metastatic hormone refractory prostate cancer. The firm set a Buy rating and a $35 price target on the stock.
- Soleil sees upside in Comerica (NYSE: CMA) shares given the company's "strong" capital position and long-term earnings powers. The firm started shares with a Buy rating and $28.50 target.
- Sanofi-Aventis (NYSE: SNY) was initiated with a Neutral rating at Cowen.
- Allergan (NYSE: AGN) was assumed with a Buy rating and $58 target at SunTrust.
- Drugstore.com (NASDAQ: DSCM) was initiated with a Buy rating and $3 target at Janney Montgomery.
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
Corrections, seasonality and Santa Claus
