Analyst upgrades, downgrades and initiations: BP, CMCSA, GLW, MAR, RIMM, TIF, TJX ...

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Analyst upgrades:

  • UBS upgraded Corning (NYSE: GLW) to Buy from Neutral and raised its target to $19 from $18.50, citing the improved LCD supply-demand outlook and improved sell-through ahead of the holiday season in China.
  • Credit Suisse upgraded Newfield Exploration (NYSE: NFX) to Outperform from Neutral and raised its target to $48 from $44 citing valuation and improved asset quality.
  • Stifel upgraded Newfield Exploration and Ultra Petroleum (NYSE: UPL) shares to Buy from Hold based on strong fundamentals and a long-term positive view for the E&P sector. The firm has a $50 target on Newfield and a $58 target on Ultra Petroleum.
  • TJX Companies (NYSE: TJX) was upgraded to Conviction Buy from Buy at Goldman.
  • General Mills (NYSE: GIS) was upgraded to Overweight from Equal Weight at Morgan Stanley.
  • Coca-Cola Femsa (NYSE: KOF) was upgraded to Buy from Neutral at BofA/Merrill.

Analyst downgrades:

  • Credit Suisse downgraded Devon Energy (NYSE: DVN) to Underperform from Neutral citing the reduced drilling activity and its impact on 2010 drilling volumes. The firm raised its target to $59 from $54.
  • Jefferies downgraded Arris (NASDAQ: ARRS) to Underperform from Hold on concerns the company's margins and sales will be pressured as Comcast (NASDAQ: CMCSA) wraps up its initial 3.0 rollout early next year. The firm lowered its target on shares to $9.50 from $12.
  • Zimmer Holdings (NYSE: ZMH) was downgraded to Neutral from Buy at UBS, as the firm does not expect Zimmer's unit growth to normalize before 2010. The firm raised its target to $56 from $55.
  • International Game Tech (NYSE: IGT) was downgraded to Buy from Conviction Buy at Goldman.
  • BP Plc (NYSE: BP) was cut to Hold from Buy at RBS.
  • Australia and New Zealand Banking (OTC: ANZBY) was downgraded to Hold from Buy at Citigroup.

Analyst initiations:

  • Citigroup assumed Tiffany (NYSE: TIF) with a Buy rating and $50 target. The firm expects Tiffany's same-store sales to be positive in Q4, driving shares higher.
  • Wells Fargo believes Allscripts (NASDAQ: MDRX) is well positioned to benefit from a potential increase in physician adoption of electronic health record over the next several years. The firm started shares with an Outperform rating.
  • Collins Stewart initiated Marriott (NYSE: MAR) with a Hold rating and expects Marriott's unit growth to slow beginning in 2010.
  • Allergan (NYSE: AGN) was initiated with a Neutral rating at JPMorgan.
  • Research in Motion (NASDAQ: RIMM) was initiated with an Underperform rating and $60 target at Bernstein.
  • tw telecom (NASDAQ: TWTC) was initiated with an Outperform rating and $16 target at RBC Capital.
Symbol Lookup
IndexesChangePrice
DJIA+150.2510,058.64
NASDAQ+24.822,150.87
S&P 500+13.781,070.52

Last updated: February 09, 2010: 11:48 PM

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