Analyst upgrades:
- Toll Brothers (NYSE: TOL) was upgraded to Buy at Citigroup. The firm views the recent sell-off in home building stocks as a buying opportunity and thinks Toll Brothers offers the best risk/reward in its coverage universe. Citi keeps a $23 price target on the stock.
- Kellogg (NYSE: K) was upgraded to Buy from Hold at Citigroup following the Q3 results, as it believes the company's reduced spending and share buyback will serve as catalysts. The firm raised its price target on shares to $63 from $50.
- Rogers Communications (NYSE: RCI) and Telus (NYSE: TU) were upgraded to Outperform from Sector Perform at RBC Capital, which said the CRTC unexpectedly denied Globalive's wireless application. The analyst said Globalive was potentially the biggest of new wireless competitors and the decision removes a big threat to the group. Rogers price target was raised to $40 from $33; Telus to $44 from $36.
- Stanley (NYSE: SXE) was upgraded at Wells Fargo to Outperform from Market Perform after the company reported better-than-expected Q3 results and raised its FY10 guidance.
- Texas Instruments (NYSE: TXN) was upgraded at Bernstein to Outperform from Market Perform. The analyst believes Texas Instruments' core business earnings power is underappreciated and valuation is attractive. Target raised to $30 from $28.
Analyst downgrades:
- Investment Technology (NYSE: ITG) was downgraded at JPMorgan to Neutral from Overweight. The firm sees a lack of catalysts after the company's Q3 results missed expectations when excluding a tax adjustment. JPMorgan has a $26 price target on the stock.
- Monsanto (NYSE: MON) was downgraded to Hold from Buy at Soleil and lowered its estimates to reflect reduced growth expectations. The firm cut its target on shares to $70 from $90.
- Syntel (NASDAQ: SYNT) was downgraded to Sell from Hold at Deutsche Bank on concerns margins are peaking and tax rates will increase. The firm lowered its target to $35 from $38.
- Portfolio Recovery (NASDAQ: PRAA) was downgraded to Underperform from Market Perform at Keefe Bruyette following the company's lower-than-expected Q3 results. Target is $35.
- Central Pacific (NYSE: CPF) was downgraded to Neutral from Buy at B. Riley following the company's Q3 loss. Target is $1.50.
- 99c Only Stores (NYSE: NDN) was downgraded to Underperform from Neutral at BofA/Merrill. Target was lowered to $10 from $16.
Analyst initiations:
- J. Crew (NYSE: JCG) was initiated with a Buy at Pali, which believes the company is well positioned for market share gains. The target is $50.
- SYNNEX Corp. (NYSE: SNX) was initiated with a Buy at Kaufman Bros., which believes it is well positioned given its low-cost business model and expanding set of offerings. The anaylst finds the risk/reward on shares attractive at current levels. Target is $34.
- Alexion Pharma (NASDAQ: ALXN) was initiated with a Neutral at BofA/Merrill. Target is $53.
- Bunge (NYSE: BG) was initiated with an Underperform at CLSA. Target is $66.
- Ivanhoe Mines (NYSE: IVN) was initiated with a Sector Outperformer at CIBC.
- Ardea Biosciences (NASDAQ: RDEA) coverage resumed with an Outperform at Leerink. Target is $20.
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