Analyst upgrades, downgrades and initiations: ACOR, BHI, HAL, LAZ, SLB, TRV ...

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Analyst upgrades:

  • Citigroup upgraded Schlumberger (NYSE: SLB) to Buy from Hold on valuation and the company's exposure to a potential upturn in international drilling. The firm raised its target on shares to $80 from $56.
  • UBS upgraded Allegheny Tech (NYSE: ATI) to Buy from Neutral and raised its target to $43 from $31 and believes the end of jet engine and other destocking will result in an initial recovery into 2010, even before an order ramp into 2011.
  • Merriman upgraded Acorda Therapeutics (NASDAQ: ACOR) to Buy from Neutral based on the favorable FDA panel outcome and set a $30-$33 target range on the stock. Baird upgraded Acorda to Outperform from Neutral and raised its target to $28 from $24. Following the panel review, Baird expects Amaya to be approved in 1H10 and would be buyers into the mid/high $20s.
  • Chicago Bridge & Iron (NYSE: CBI) was upgraded to Buy from Neutral at Goldman.
  • PG&E (NYSE: PCG) was upgraded to Buy from Neutral at UBS.
  • Newfield Exploration (NYSE: NFX) was upgraded to Outperform from Market Perform at Wells Fargo.

Analyst downgrades:

  • Oppenheimer downgraded Lazard (NYSE: LAZ) to Perform from Outperform following the passing of CEO Bruce Wasserstein as it believes disruption could cap upside in the stock. The firm keeps a $45 price target on shares.
  • Keefe Bruyette downgraded The Travelers Companies (NYSE: TRV) to Market Perform from Outperform on concerns regarding the industry's 2010 underwriting outlook. The firm has a $51 price target on shares.
  • Pali Capital downgraded Invesco (NYSE: IVZ) to Neutral from Buy on valuation and believes an acquisition is needed for shares to move higher in the near-term.
  • BJ Services (NYSE: BJS) and Baker Hughes (NYSE: BHI) were downgraded to Sell from Hold at Citigroup.
  • Host Hotels (NYSE: HST) was downgraded to Underperform from Neutral at Baird.
  • Allianz (NYSE: AZ) was cut to Neutral from Buy at BofA/Merrill.

Analyst initiations:

  • Bernstein believes Petrobras (NYSE: PBR) is well positioned to benefit from Brazilian pre-salt exploration. The firm started shares with an Outperform rating and $56 target.
  • Bernstein also initiated Hess (NYSE: HES) with a Market Perform rating and $62 target. The firm has concerns regarding Hess's long-term growth profile.
  • BMO Capital believes that the natural gas rig market will remain competitive for an extended period, resulting in pressure on smaller companies in the sector such as Complete Production (NYSE: CPX). The firm set a Market Perform rating and $15 target on the stock.
  • BMO Capital initiated Halliburton (NYSE: HAL) and Schlumberger (NYSE: SLB) with Outperform ratings and targets of $40 and $92, respecitvely, and Baker Hughes (NYSE: BHI) with a Market Perform rating and $54 target.
  • Tesoro (NYSE: TSO) was initiated with an Equal Weight rating and $16 target at Morgan Stanley.
Symbol Lookup
IndexesChangePrice
DJIA+150.2510,058.64
NASDAQ+24.822,150.87
S&P 500+13.781,070.52

Last updated: February 10, 2010: 04:50 AM

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