Analyst upgrades:
- FBR Capital upgraded McAfee (NYSE: MFE) to Outperform from Market Perform after channel checks indicated the company's September quarter deal flow has been stronger than expected. FBR raised its target on shares to $50 from $41.
- Thomas Weisel upgraded Adtran (NASDAQ: ADTN) to Overweight from Market Weight, citing increased wireless backhaul capex spending by Tier-1 carriers. The firm raised its target to $32 from $21.
- RBC Capital upgraded Brunswick (NYSE: BC) to Outperform from Sector Perform as the firm thinks the company no longer has liquidity risk and can generate significant profits by 2012. The firm set a $17 target on the stock.
- Bronco Drilling (NASDAQ: BRNC) was upgraded to Hold from Underperform at Jefferies.
- LSI Corp. (NYSE: LSI) was upgraded to Buy from Hold at Deutsche Bank.
- UBS upgraded U.S. Airways (NYSE: LCC) and UAL Corp. (NASDAQ: UAUA) to Buy from Neutral.
Analyst downgrades:
- Goldman downgraded Research in Motion (NASDAQ: RIMM) to Neutral from Conviction Buy and lowered its target to $73 from $96 and doubts RIM can maintain share in North America given the failure of new products to drive new subscriber adds. Additionally, the analyst has reduced sales expectations for overseas share gains given the second consecutive decline in international sales.
- Deutsche Bank downgraded Research in Motion to Sell from Hold on competition and cash flow concerns following the company's lower-than-expected Q3 guidance. Deutsche lowered its target price on shares to $60 from $67.
- FBR Capital downgraded Websense (NASDAQ: WBSN) to Market Perform from Outperform on valuation and maintains an $18 price target.
- Oppenheimer downgraded MannKind (NASDAQ: MNKD) to Underperform from Perform as it believes an AFRESA partnership is unlikely in Q3 and that the FDA may require additional studies, delaying approval.
- EMC Insurance (NASDAQ: EMCI) was downgraded to Underperform from Market Perform at Keefe Bruyette.
- Posco (NYSE: PKX) was downgraded to Neutral from Overweight at HSBC.
- Cepheid (NASDAQ: CPHD) was downgraded to Neutral from Outperform at Baird.
Analyst initiations:
- Jefferies believes Procter & Gamble's (NYSE: PG) CEO change and investments during FY10 will drive share outperformance over the next one to three years. The firm started shares with a Buy rating and $70 target.
- Jefferies also initiated Colgate (NYSE: CL) with a Hold rating and $80 target. Jefferies cites valuation and competitive pressures for its rating.
- Wells Fargo believes that Impax Labs (NASDAQ: IPXL) can create generic products with limited competition and brand products with longer life cycles. The firm initiated shares with an Outperform rating and thinks the company could become a takeover target.
- KeyCorp (NYSE: KEY) was initiated with a Market Perform rating at Morgan Keegan.
- Dollar Tree (NASDAQ: DLTR) was initiated with a Neutral rating at Cowen.
- American Express (NYSE: AXP) and Discover (NYSE: DFS) were initiated with Outperform ratings at William Blair.
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Reader Comments (Page 1 of 1)
9-25-2009 @ 11:53AM
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