Analyst Upgrades
- Baird upgraded Visa (V) to outperform from neutral and raised its target to $100 from $88, citing valuation and an improvement in key trends that include transactions, volume and international travel.
- FBR Capital upgraded Illinois Tool Works (ITW) to outperform from market perform to reflect valuation and expectations for earnings upside in the first half of 2010. The firm raised its target on shares to $58 from $55.
- Goldman added Brookdale Senior Living (BKD) to its conviction buy list based on a bottom in fundamentals and positive senior housing trends. The firm raised its target to $22 from $20.
- Exxon Mobil (XOM) was upgraded to buy from hold at Societe Generale.
- Newfield Exploration (NFX) was upgraded to overweight from equal weight at Barclays.
- PPD (PPDI) was upgraded to buy from hold at Jefferies.
Analyst Downgrades
- Citigroup downgraded Corporate Office Properties (OFC) to sell from hold to reflect its 2010 REIT outlook. The firm lowered its target on shares to $30 from $35.
- Wells Fargo downgraded Thoratec (THOR) to market perform from outperform. The firm believes Street expectations for the uptake of the HeartMate II for destination therapy are too high and that HartWare overhang will not dissipate until HeartWare's bridge-to-transplant results in 2011.
- JPMorgan downgraded Valley National (VLY) and BancorpSouth (BXS) to underweight from neutral on valuation and a lack of catalysts.
- Total (TOT) was downgraded to equal weight from overweight at Barclays.
- Invacare (IVC) was downgraded to hold from buy at Stifel Nicolaus.
- Markel (MKL) was downgraded to underperform from market perform at Keefe Bruyette.
Analyst Initiations
- Aol (AOL) was initiated with an underperform rating and $20 target at Credit Suisse.
- JPMorgan believes Umpqua Holding (UMPQ) is well-positioned to capitalize on FDIC-assisted acquisitions. The firm initiated shares with an overweight rating and $16 target.
- Merriman believes China XD Plastics (CXDC) is well-positioned to benefit from the continued move toward increased usage of modified plastic parts in Chinese vehicles. Shares were started with a buy rating.
- BB&T (BBT) was reinstated with a buy rating and $32 target at BofA/Merrill.
- United Fire & Casualty (UFCS) was initiated with a hold rating at Stifel Nicolaus.
- FEI Company (FEIC) coverage was resumed with a buy rating and $29 target at Needham.
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