Analyst upgrades:
- Microsoft (NASDAQ: MSFT) was upgraded to Buy from Hold by Canaccord, which cited the company's strong Q1 results.
- Pali Capital raised T. Rowe Price (NASDAQ: TROW) to Neutral from Sell following the company's better-than-expected Q3 results.
- Under Armour (NYSE: UA) was upgraded to Neutral from Negative at Susquehanna following positive checks ahead of the company's Tuesday's Q3 report.
- Stifel Nicolaus raised American Express (NYSE: AXP) to Buy from Hold, as the firm thinks the company is close to reaching "normalized" earnings.
- Goldman Sachs upgraded Garmin (NASDAQ: GRMN) to Sell from Conviction Sell.
- RBC Capital upgraded Noble Energy (NYSE: NBL) to Outperform from Sector Perform.
- American Superconductor (NASDAQ: AMSC) was upgraded to Outperform from Sector Perform by Pacific Crest.
Analyst downgrades:
- Rochdale's Dick Bove downgraded U.S. Bancorp (NYSE: USB) to Neutral from Buy, as Bove thinks that banks' share prices don't reflect the effect of financial reform legislation on profits.
- Gabelli downgraded T. Rowe Price (NASDAQ: TROW) to Hold from Buy on valuation.
- J. Crew (NYSE: JCG) was downgraded to Hold from Buy on valuation by Brean Murray.
- SunTrust (NYSE: STI) was downgraded to Sell from Neutral by Rochdale's Dick Bove, who believes that SunTrust's Florida loan losses and housing markets may lead to losses until the start of 2011.
- Morgan Stanley dropped H&R Block (NYSE: HRB) to Underweight from Equal Weight.
- Deutsche Bank downgraded British Airways (OTC: BAIRY) to Sell from Hold.
- BofA/Merrill dropped Stericycle (NASDAQ: SRCL) to Underperform from Buy.
Analyst initiations:
- Credit Suisse initiated Aeropostale (NYSE: ARO) with a Neutral rating and $40 target, and also initiated Urban Outfitters (NASDAQ: URBN) with a Neutral rating and $33 target.
- Deutsche Bank started KB Home (NYSE: KBH) with a Hold rating.
- HSBC launched BHP Billiton (NYSE: BHP) with a Hold rating and $17 target, and also initiated Anglo American (OTC: AAUKY) with a Hold rating.
- Delphi Financial (NYSE: DFG) was initiated with an Outperform rating by Keefe Bruyette.
- JMP Securities initiated Omega Healthcare (NYSE: OHI) with a Market Perform rating.
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