Analyst upgrades:- Citigroup upgraded MEMC Electronic (NYSE: WFR) to Buy from Hold after channel checks indicated solar poly price pressures are easing. The firm added MEMC to its Top Picks Live list and raised its price target on shares to $24 from $15.
- FBR Capital upgraded PHH Corp (NYSE: PHH) to Outperform from Market Perform to reflect an improvement in mortgage banking fundamentals and recent management changes at the company. The firm raised its target on shares to $23 from $13.
- Deutsche Bank upgraded PerkinElmer (NYSE: PKI) to Hold from Sell on valuation, seeing a balanced risk/reward at current levels. The firm raised its target on shares to $19 from $14.
- Pearson plc (NYSE: PSO) was upgraded to Outperform from Neutral at Credit Suisse.
- Dell (NASDAQ: DELL) was upgraded to Conviction Buy from Neutral at Goldman.
- Nymagic (NYSE: NYM) was upgraded to Market Perform from Underperform at Keefe Bruyette.
Analyst downgrades:
- Citigroup downgraded IPC Holdings (NASDAQ: IPCR) to Hold from Buy on expectations the conversion into Validus shares will occur at a discount to the current share price. The firm lowered its target price on shares to $23 from $34.
- Goldman downgraded IBM (NYSE: IBM) to Neutral from Buy and raised its target to $120 from $110. As the spending environment improves, the firm prefers companies with greater operating leverage and higher top line growth.
- Qiagen (NASDAQ: QGEN) was downgraded to Neutral from Buy at UBS.
- TranS1 (NASDAQ: TSON) was downgraded to Neutral from Outperform at Cowen.
- Western Digital (NYSE: WDC) and CA, Inc (NASDAQ: CA) were downgraded to Neutral from Buy at Goldman.
- Roth Capital initiated Eurand (NASDAQ: EURX) with a Buy rating and $17 target. The firm said the main reason to buy Eurand is for the pending approval of Zenpep for the treatment of pancreatic enzyme insufficiency. They view this as a $500M-$750M opportunity in the U.S. alone.
- Global Hunter initated Ormat Tech (NYSE: ORA) with a Neutral rating and $45 target and believes the risk/reward on shares is balanced at current levels.
- Deutsche Bank initiated NetLogic (NASDAQ: NETL) with a Hold rating and $35 target, citing valuation and acquisition execution risks.
- Greenhill & Co (NYSE: GHL) was initiated with an Outperform rating at William Blair.
- ev3 Inc (NASDAQ: EVVV) was initiated with an Outperform rating at Baird.
- Sybase (NYSE: SY) was initiated with an Outperform rating and $37 target at Oppenheimer.
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
