Analyst Upgrades
- JPMorgan upgraded Mohawk (MHK) to overweight from neutral. The firm finds shares attractive following their recent underperformance and has a positive outlook for the building products space in 2010. JPMorgan has a $53.50 price target on the stock.
- Stephens upgraded Alexander & Baldwin (ALEX) to overweight from equal weight to reflect improving volume trends and the upcoming move of the company's Transport division from Japan to Guam, which it believes will serve as a positive catalyst. Stephens raised its target price on shares to $41 from $26.
- Deutsche Bank upgraded Unum Group (UNM) to buy from hold as it believes an acceleration of growth and potential buybacks could serve as positive catalysts. The firm raised its target on shares to $26 from $25.
- News Corp. (NWS) was raised to neutral from sell at Pali Capital.
- CA Inc. (CA) was upgraded to buy from hold at Jefferies.
- Pactiv (PTV) was upgraded to buy from hold at KeyBanc.
Analyst Downgrades
- Goldman downgraded Harley-Davidson (HOG) to conviction sell from neutral following checks that indicate bike sales are down 35% to 40% year-over-year for October and November, below Street expectations. The firm has a $23 target.
- FGX International (FGXI) was downgraded to hold from buy at Jefferies and to neutral from buy at SunTrust. The company is being acquired by Essilor International.
- Morgan Stanley downgraded Alberto-Culver (ACV) to equal weight from overweight. The firm cites valuation for the downgrade. The firm has a $32 target on the stock.
- Automatic Data Processing (ADP) was downgraded to neutral from buy at Janney Montgomery.
- Cedar Fair (FUN) was downgraded to market perform from outperform at Wells Fargo.
- Spectra Energy (SEP) was downgraded to perform from outperform at Oppenheimer.
Analyst Initiations
- Bank of America (BAC) was initiated at UBS with a buy rating and $20 target.
- Leerink thinks 2011 expectations for DaVita (DVA) could be too aggressive. The firm started shares with a market perform rating.
- AT&T (T) was initiated with a hold rating and $30 target at Deutsche Bank and with an equal weight rating and $30 target at Barclays.
- Fiserv (FISV) was reinstated with an outperform rating and $55 target at Credit Suisse.
- Warner Chilcott (WCRX) was initiated with a hold rating at Lazard Capital.
- Forest Labs (FRX) was initiated with an outperform rating and $40 target at Oppenheimer.
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