Analyst upgrades:
- Oppenheimer upgraded Amdocs (NYSE: DOX) to Outperform from Perform on expectations the company is gaining momentum following recent contract wins. The firm set a $27 price target on the stock.
- FBR Capital upgraded Starwood Hotels (NYSE: HOT) to Market Perform from Underperform after raising the Lodging sector to Overweight from Neutral. The firm cites improving demand data, potential foreign exchange benefits, and continued asset sales for the upgrade and raised its target price on Starwood to $19 from $14.
- BofA/Merrill upgraded Goldman Sachs (NYSE: GS) to Buy from Neutral. The firm expects Goldman to beat Q2 estimates due favorable trading and underwriting conditions. The firm raised estimates and increased its price target to $175 from $144.
- Jefferies (NYSE: JEF) was upgraded to Neutral from Sell at Pali Capital.
- KB Home (NYSE: KBH) was upgraded to Outperform from Neutral at Credit Suisse.
- Ciena (NASDAQ: CIEN) was upgraded to Market Perform from Underperform at JMP Securities.
Analyst downgrades:
- FBR Capital downgraded Gaylord Entertainment (NYSE: GET) to Underperform from Outperform on demand concerns and the potential for new supply in the company's key markets beginning in 2012. The firm lowered its target on shares to $10 from $14.
- Deutsche Bank downgraded RightNow Technologies (NASDAQ: RNOW) to Hold from Buy and other software names on valuation and macro headwinds.
- Baird downgraded Corporate Executive Board (NASDAQ: EXBD) to Underperform from Neutral and lowered its target to $14 from $17 based on indications that the company has started another round of voluntary departures this week and that Q2 contract values could disappoint.
- Rangold Resources (NASDAQ: GOLD) was downgraded to Hold from Buy at Citigroup.
- MSC Software (NASDAQ: MSCS) was downgraded to Neutral from Buy at B. Riley.
Analyst initiations:
- Merriman believes Supertex's (NASDAQ: SUPX) LED lighting revenue could double in both 2009 and 2010 and that shares should trade in the $30-$33 price range. Shares were initiated with a Buy rating.
- Keefe Bruyette believes the challenging economy will continue to weight on Extra Space's (NYSE: EXR) earnings. The firm started shares with a Market Perform rating and $8 target.
- Leerink initiated Volcano (NASDAQ: VOLC) with an Outperform rating and believes Volcano's direct distribution transition in Japan will be positive for sales growth.
- Exxon Mobil (NYSE: XOM) was initiated with a Hold rating at Societe Generale.
- SunTrust (NYSE: STI) was initiated with a Neutral rating and $15 target at Rochdale.
- Broadcom (NASDAQ; BRCM) was initiated with an Outperform rating at Cowen.
- Intuit (NASDAQ: INTU) was initiated with a Buy rating and $40 target at Deutsche Bank.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
