- Oppenheimer upgraded Momenta Pharmaceuticals (MNTA) to outperform from perform as it finds the stock attractive ahead of FDA's decision on M-enoxaparin. The firm has a $15 price target on the stock.
- Wells Fargo upgraded Symmetry Medical (SMA) to market perform from underperform. The firm cited several factors for the upgrade, including valuation and its belief that Symmetry's customers have begun to deplete their inventories.
- Piper Jaffray upgraded Myriad Pharmaceuticals (MYRX) to neutral from underweight after the company announced Phase 2a date for Azixa. The firm has a $5 price target on shares.
- AvalonBay (AVB) and Mid-America Apartment (MAA) were upgraded to outperform from sector perform at RBC Capital.
- GSI Commerce (GSIC) was upgraded to overweight from equal weight at Morgan Stanley.
- FICO (FICO) was upgraded to equal weight from Underweight at Stephens.
Analyst downgrades:
- BofA/Merrill downgraded semiconductors, including Texas Instruments (TXN), Intel (INTC) and Marvell Tech (MRVL) to neutral from buy, and ASML Holding (ASML) and ARM Holdings (ARMH) to underperform from neutral.
- Citigroup downgraded Hot Topic (HOTT) to sell from hold after the company's Q4 guidance came in lower than expected. The firm lowered its target price on shares to $5 from $7.
- Piper Jaffray downgraded Hot Topic to underweight from neutral following the company's Q3 results to reflect negative comp sales rates and lack of earnings visibility. The firm lowered its target on shares to $6 from $7.
- Camden Property (CPT) was downgraded to sector perform from outperform at RBC Capital.
Analyst initiations:
- CVS Caremark (CVS) was initiated with a buy rating and $34 target at UBS.
- II-VI (IIVI) was initiated with a buy rating and $34.70 target at B. Riley.
- JMP Securities initiated SL Green Realty (SLG), Boston Properties (BXP) and Parkway Properties (PKY) with market perform ratings, EastGroup Properties (EGP) and Kilroy Realty (KRC) with underperform ratings and Brandywine Realty (BDN) with an outperform rating.
- Lear (LEA) was initiated with an outperform rating at Credit Suisse.
- DragonWave (DRWI) was started at Morgan Joseph with a buy rating and $12 target.
- Neurocrine Biosciences (NBIX) was initiated with a buy rating at Hapoalim.
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