Analyst upgrades:
- Goldman upgraded CTC Media (NASDAQ: CTCM) to Buy from Neutral on a better outlook for European Media names and raised its target on shares to $17.60 from $12.
- Morgan Joseph upgraded Movado (NYSE: MOV) to Buy from Hold after the company reported better-than-expected Q2 results. The firm set a $16 target on the stock.
- Needham upgraded LTX Credence (NASDAQ: LTXC) to Strong Buy from Hold following the company's Q4 results with a $3 price target.
- Canon (NYSE: CAJ) was upgraded to Outperform from Underperform at Macquarie.
- Whitney Holding (NASDAQ: WTNY) was upgraded to Buy from Neutral at SunTrust.
- Gafisa SA (NYSE: GFA) was upgraded to Overweight from Equal Weight at Morgan Stanley.
Analyst downgrades:
- Citigroup downgraded Abercrombie & Fitch (NYSE: ANF) to Sell from Hold on expectations that deteriorating same-store sales will continue and negative earnings revisions are likely. The firm lowered its target on shares to $24 from $33.
- Baird downgraded Array Biopharma (NASDAQ: ARRY) to Neutral from Outperform following ARRY-162 failure in the Phase II RA trial. The firm cut its target to $3 from $10.
- Baird also downgraded Metavante (NYSE: MV) to Neutral from Outperform citing the merger with Fidelity National Information Services (NYSE: FIS).
- Zumiez (NASDAQ: ZUMZ) was downgraded to Hold from Buy at KeyBanc.
- Shire (NASDAQ: SHPGY) was downgraded to Hold from Buy at Societe Generale.
- Pearson (NYSE: PSO) was cut to Conviction Sell from Neutral at Goldman.
Analyst initiations:
- Global Hunter believes Genoptix (NASDAQ: GXDX) is positioned to rapidly grow its diagnostic testing services in the community-based physician market. The firm started shares with a Buy rating and $41 target.
- Virgin Media (NASDAQ: VMED) was assumed with an Outperform rating and $15 target at Credit Suisse.
- MSC Industrial (NYSE: MSM) was initiated with an Outperform rating at Raymond James.
- Thoratec (NASDAQ: THOR) was started at Baird with a Neutral rating and $28 target.
- United Bankshares (NASDAQ: UBSI) was initiated with a Hold rating at Stifel Nicolaus.
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
