Analyst upgrades:
- Keefe Bruyette upgraded American Express (NYSE: AXP) to Outperform from Market Perform to reflect improving credit trends following the July monthly data. The firm raised its target price on shares to $37.
- Oppenheimer upgraded Corning (NYSE: GLW) to Outperform from Perform as it believes 2010 estimates are achievable and concerns over falling LCD demand are overdone. The firm set a $19 price target on the stock.
- JPMorgan upgraded International Game Technology (NYSE: IGT) to Overweight from Neutral on valuation and expectations domestic replacement orders will pick up. The firm has a $23 price target on shares.
- Goldman Sachs (NYSE: GS) was raised to Buy from Neutral at Pali Capital.
- Portland General Electric (NYSE: POR) was upgraded to Buy from Neutral at Goldman.
- Mechel Steel (NYSE: MTL) was upgraded to Neutral from Reduce at Nomura.
Analyst downgrades:
- Deutsche Bank downgraded Corporate Executive Board (NASDAQ: EXBD) to Sell from Hold on valuation following the recent run-up in shares and keeps an $18 price target on the stock.
- Canaccord downgraded AEterna Zentaris (NASDAQ: AEZS) to Speculative Buy from Buy and lowered its target to $1.65 from $3.20 following the negative Phase III results for its lead drug cetrorelix in BPH.
- Jesup & Lamont downgraded AAR Corp. (NYSE: AIR) to Sell from Hold on concerns inventory destocking is continuing, placing pressure on financial forecasts. The firm has a $15 target on the stock.
- Westar Energy (NYSE: WR) was downgraded to Neutral from Conviction Buy at Goldman.
- Crucell NV (NASDAQ: CRXL) was downgraded to Sell from Hold at ING Group.
Analyst initiations:
- Oppenheimer initiated Electro-Optical Sciences (NASDAQ: MELA) with an Outperform rating and $11 target. The firm believes Electro-Optical's MelaFind device will become a popular tool of choice for doctors to screen for melanoma.
- KeyBanc initiated CommScope (NYSE: CTV) with a Buy rating and $32 target. The firm believes the company will benefit from increased demand for fixed and mobile bandwidth.
- Stifel Nicolaus believes that Flow International (NASDAQ: FLOW) is poised to benefit from a recovery of energy and power infrastructure in emerging markets. The firm thinks the company's balance sheet is extremely strong and it set a Buy rating and $117 target price.
- J.B. Hunt (NASDAQ: JBHT) was initiated with an Outperform rating at RBC Capital.
- China Mobile (NYSE: CHL) coverage was assumed with an Outperform rating at Credit Suisse.
- Arena Pharma (NASDAQ: ARNA) was initiated with a Market Perform rating at JMP Securities.
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
