Analyst upgrades:
- Wells Fargo upgraded Qualcomm (QCOM) to outperform from market perform. The firm believes key risks have been eliminated, such as the license dispute with Nokia (NOK) and litigation with Broadcom (BRCM), and thinks Qualcomm is well-positioned for handset unit shipments growth. Wells has a $50 to $60 target range on shares.
- Oppenheimer upgraded Juniper Networks (JNPR) to outperform from perform as it views shares as compelling at current levels and thinks the company is well positioned for 2010. Opco set a $31 price target on the stock.
- FBR Capital upgraded Frontline (FRO) to outperform from market perform after raising its rating on the tanker industry to overweight. The firm raised its target on shares to $33 from $23.
- PetSmart (PETM) was upgraded to buy from neutral at Goldman.
- Career Education (CECO) was upgraded to equal weight from underweight at Barclays.
- Rosetta Resources (ROSE) was upgraded to buy from neutral at SunTrust.
Analyst downgrades:
- Goldman downgraded Sunoco (SUN) to conviction sell from sell and lowered its target to $25 from $33, citing concerns regarding its ongoing restructuring.
- Goldman also downgraded Advance Auto Parts (AAP) to neutral from buy. The firm, which has a $47 target on the stock, cites valuation and tougher comps ahead for the downgrade.
- Deutsche Bank downgraded Repsol (REP) to sell from hold to reflect concerns over the company's production declines and refining exposure.
- Perfect World (PWRD) was downgraded to neutral from buy at Pali Capital.
- Youbet.com (UBET) was cut to neutral from buy at B. Riley.
- The9 (NCTY) was downgraded to neutral from overweight at JPMorgan.
Analyst initiations:
- Microsoft (MSFT) was assumed with a buy rating and $34 target at UBS.
- RBC Capital started TransAlta (TAC) with a sector perform rating and expects power prices to remain relatively low into 2010.
- Deutsche Bank initiated Wynn Resorts (WYNN) with a buy rating and $80 target.
- Pharmasset (VRUS) was initiated with a buy rating and $27 target at BofA/Merrill.
- Werner Enterprises (WERN) coverage was resumed with a market perform rating at Wells Fargo.
- Solutia (SOA) was initiated with a hold rating at KeyBanc.
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