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Analyst upgrades, downgrades and initiations: ALU, AMED, BIIB, CP, NZ, TWX ...

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Analyst upgrades:

  • Natixis expects Alcatel-Lucent's (NYSE: ALU) results to improve in 2H09, driven by the CDMA segment and completion of Lucent integration. Shares were upgraded to Buy from Reduce.
  • RBC Capital upgraded Canadian Pacific (NYSE: CP) to Outperform from Sector Perform and raised its target to $67 from $49. The firm expects a return to "normalized" operating environment driven by Potash and MetCoal.
  • Credit Suisse upgraded Affiliated Managers Group (NYSE: AMG) to Outperform from Neutral and raised its target to $69 from $64. The firm cites valuation, potential upside from 2H09 deals, and expectations for positive 2H09 flows for the upgrade.
  • Kennametal (NYSE: KMT) coverage was assumed with a Neutral from Underweight at JPMorgan.
  • Cardinal Financial (NASDAQ: CFNL) was upgraded to Outperform from Neutral at Baird.
  • General Maritime (NYSE: GMR) was upgraded to Outperform from Market Perform at FBR Capital.

Analyst downgrades:

  • Canaccord downgraded Netezza (NYSE: NZ) to Hold from Buy citing valuation and risk to the October quarter. The firm has a $9 target on the stock.
  • UBS downgraded Amedisys (NASDAQ: AMED) to Neutral from Buy on valuation. The firm has a $46 target on the stock.
  • American Woodmark (NASDAQ: AMWD) was downgraded to Underperform from Neutral at Baird.
  • On Track Innovations (NASDAQ: OTIV) was downgraded to Hold from Buy at Feltl.

Analyst initiations:

  • Time Warner (NYSE: TWX) was initiated with an Outperform rating at Wells Fargo.
  • Time Warner Cable (NYSE: TWC) was started at JPMorgan with an Overweight rating and $45 target.
  • Citigroup initiated Fiserv (NASDAQ: FISV) with a Buy rating and $57 target. Citigroup believes that Fiserv could grow its EPS in the low to mid teen percentage level over the long-term, leading to "commensurate stock performance.
  • Biogen Idec (NASDAQ: BIIB) was initiated with a Market Perform rating at William Blair.
  • HealthSouth (NYSE: HLS) was initiated with an Outperform rating and $20 target at Baird.

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Last updated: November 22, 2009: 07:36 PM

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