Analyst upgrades:
- Citigroup upgraded Nucor (NYSE: NUE) to Buy from Hold to reflect its positive outlook for steel and expectations the company will return to profitability in Q4. Citi raised its target price on shares to $57 from $46.
- Oppenheimer upgraded Given Imaging (NASDAQ: GIVN) to Outperform from Perform to reflect solid PillCam Colon data and expected margin improvement. The firm has a $25 target on shares.
- Deutsche Bank upgraded Genworth (NYSE: GNW) to Buy from Hold following the $600M capital raise as it believes liquidity at the holding company has improved. The firm raised its target on shares to $18 from $7.
- Washington Federal (NASDAQ: WFSL) was upgraded to Outperform from Underperform at FBR Capital.
- Carnival (NYSE: CCL) was upgraded to Sell from Conviction Sell at Goldman.
- Anadarko Petroleum (NYSE: APC) was upgraded to Buy from Hold at Weeden.
Analyst downgrades:
- KeyBanc downgraded BorgWarner (NYSE: BWA) to Hold from Buy citing Q3 earnings risk. The firm believes negative product mix, lower profitability in Europe, and slow commercial vehicle sales could persist several more quarters.
- Deutsche Bank downgraded Shanda (NASDAQ: SNDA) to Sell from Hold on concerns of IPO-related dilution as it believes the GAME spin-out does not warrant a premium. The firm lowered its target on shares to $42 from $50.10.
- Soleil downgraded Tesoro (NYSE: TSO) to Sell from Hold on valuation and concerns of declining West Coast refining margins. The firm has a $14 target on the stock.
- Goodrich (NYSE: GR) was downgraded to Buy from Conviction Buy at Goldman.
- Black & Decker (NYSE: BDK) was downgraded to Neutral from Buy at UBS.
- Kroger (NYSE: KR) was downgraded to Equal Weight from Overweight at Morgan Stanley.
Analyst initiations:
- Jefferies expects Itron (NASDAQ: ITRI) to benefit from significant growth as utility deployments accelerate in 2010. The firm started shares with a Buy rating and $77 target.
- RBC Capital believes that Vanguard National's (NYSE: VNR) valuation is attractive, in light of its healthy yield and well-balanced property portfolio. The firm set an Outperform rating and $17 target on the stock.
- PNC Financial (NYSE: PNC) was initiated with a Perform rating at Oppenheimer.
- Lindsay Corp. (NYSE: LNN) was initiated with a Market Perform rating at William Blair.
- Lamar Advertising (NASDAQ: LAMR) was initiated with a Buy rating and $29 target at Lazard Capital.
- Synaptics (NASDAQ: SYNA) was initiated with a Buy rating and $35 target at Needham.
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
