Analyst upgrades:
- Jefferies upgraded Biogen (NASDAQ: BIIB) to Buy from Hold based on valuation. The firm, which has a $50 target on the stock, believes Tysabri PML cases are reflected in shares.
- Deutsche Bank upgraded Nordstrom (NYSE: JWN) to Buy from Hold as it finds the valuation attractive and believes the company's sales are benefiting from stabilization in California and share gains. Deutsche raised its target on shares to $45 from $36.
- RBC Capital upgraded Yum! Brands (NYSE: YUM) to Outperform from Sector Perform and raised its target to $39 from $36 citing valuation and views it as a low risk option on a global economic recovery.
- Credit Suisse (NYSE: CS) was upgraded to Buy from Hold at Citigroup.
- Royal Caribbean (NYSE: RCL) was upgraded to Outperform from Market Perform at Wells Fargo.
- Alcatel-Lucent (NYSE: ALU) was upgraded to Hold from Sell at RBS.
Analyst downgrades:
- Kaufman Bros. downgraded Comcast (NASDAQ: CMCSA) to Hold from Buy as it believes the company's Q3 subscriber metrics will indicate slower growth and that the NBCU deal creates uncertainty. The firm lowered its target on shares to $17 from $18.
- Citigroup downgraded Research in Motion (NASDAQ: RIMM) two notches to Sell from Buy. Citi is concerned that new competition will pressure RIMM's growth and cut its price target on shares in half to $50 from $100. The firm also removed RIMM from its Top Picks Live list.
- RBC Capital downgraded SL Green (NYSE: SLG) to Sector Perform from Outperform. The firm downgraded the stock to reflect what it sees as the company's limited growth potential, as well as the company's possible need for additional capital and the outlook for more limited capital rate declines. RBC Capital set a $40 target on the stock.
- Coca-Cola Hellenic (NYSE: CCH) was downgraded to Underweight from Overweight at JPMorgan.
- Capital Product Partners (NASDAQ: CPLP) was downgraded to Hold from Buy at Deutsche Bank.
- Office Depot (NYSE: ODP) was downgraded to Underperform from Neutral at Credit Suisse.
Analyst initiations:
- Leerink believes Incyte's (NASDAQ: INCY) JAK-inhibitor franchise is being underappreciated by investors. Shares were initiated with an Outperform rating.
- Radiant Systems (NASDAQ: RADS) was initiated with a Strong Buy rating and $14 target at Needham.
- Watts Water (NYSE: WTS) was initiated with a Neutral rating at Longbow.
- Polycom (NASDAQ: PLCM) was initiated with a Buy rating and Eruand (NASDAQ: EURX) was initiated with a Neutral rating at BofA/Merrill.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
