Analyst upgrades:
- RBC Capital upgraded Bank of America (NYSE: BAC) to Outperform from Sector Perform and said the company has attractive franchise value and earnings power, and is nearing the start of a credit driven earnings recovery. The firm raised its target to $22 from $19.
- Oppenheimer assumed coverage of Amazon.com (NASDAQ: AMZN) and upgraded shares to Outperform from Perform. The firm expects Amazon's revenue growth to re-accelerate over the next several quarters, making consensus estimates too conservative. Opco set a $130 price target on the stock.
- Barclays upgraded Ford (NYSE: F) to Equal Weight from Underweight and believes the company will report Q3 results above the Street. The firm raised its Q3 EPS estimate to 7 cents from 16 cents, vs. consensus of 21 cents, and its price target to $8 from $7.
- Charles River Labs (NYSE: CRL) was upgraded to Neutral from Sell at Goldman.
- Briggs & Stratton (NYSE: BGG) was upgraded to Outperform from Neutral at Baird.
- Sealed Air (NYSE: SEE) was upgraded to Equal Weight from Underweight at Barclays.
Analyst downgrades:
- Morgan Stanley downgraded Boeing (NYSE: BA) to Underweight from Equal Weight and cut its target to $43 from $50, citing the likelihood for further 787 delays, weak aircraft demand, negative 2010 cash flow, and expectations for negative EPS revisions.
- JPMorgan downgraded Overseas Shipping (NYSE: OSG) to Underweight from Neutral after adjusting ratings in the Oil Tanker industry to reflect growth expectations and valuations. The firm has a $24 target on the stock.
- Janney Montgomery downgraded GameStop (NYSE: GME) to Neutral from Buy after September software sales came in lower than expected. The firm lowered its price target on shares to $28.
- Leap Wireless (NASDAQ: LEAP) and MetroPCS (NYSE: PCS) were downgraded to Neutral from Buy at Goldman.
- Boston Scientific (NYSE: BSX) was downgraded to Market Perform from Outperform at Wells Fargo.
- Wendy's (NYSE: WEN) was downgraded to Neutral from Buy at UBS.
Analyst initiations:
- Citigroup started Southwest (NYSE: LUV) and JetBlue (NASDAQ: JBLU) with Buy ratings and a $13 target and $7.50 target, respectively, citing the companies' competitive positioning and valuation.
- AT&T (NYSE: T) was initiated at Collins Stewart with a Hold rating.
- Priceline.com (NASDAQ: PCLN) was assumed with an Outperform rating and $234 target at RBC Capital.
- Anglo American (OTC: AAUK) was reinitiated with a Buy rating at Nomura.
- Dean Foods (NYSE: DF) was initiated with a Neutral rating and $21 target at Goldman.
- Lloyds Banking (NYSE: LYG) was started at FBR Capital with an Outperform rating.
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