Analyst Upgrades, Downgrades and Initiations: AMTD, AOL, CHTT, CSC, IMAX, SAIA, WRC ...

Analyst Downgrades

• William Blair downgraded Chattem (CHTT) to market perform from outperform after the company agreed to be acquired by Sanofi-Aventis (SNY). RBC Capital cut Chatten to sector perform from outperform on the Sanofi acquisition.
• JPMorgan downgraded Warnaco (WRC) to neutral from overweight. The firm sees limited upside in shares over the near-term and recommends Phillips-Van Heusen (PVH) for investors looking for exposure to the CK growth story. The firm has a price target of $45 on Warnaco shares.
• Roth Capital downgraded Giga Media (GIGM) to hold from buy and lowered its target to $4 from $8, citing the disappointing Q2 report and lack of visibility. ThinkEquity also downgraded Giga Media to hold from buy, citing weakening performance and lack of visibility in to the Asia Online games business.
• Inergy Holdings (NRGP) was downgraded to hold from buy at Citigroup.
• IMAX (IMAX) was downgraded to hold from buy at Morgan Joseph.

Analyst Initiations

• Oppenheimer initiated Computer Sciences (CSC) with an outperform rating and $72 target. The firm thinks the company's multiple can increase as investors' confidence in the company increases. In addition, the firm believes that consensus estimates for the company are too low.
• BofA/Merrill expects EnerNOC (ENOC) to be a winner in the smart grid infrastructure build out. The firm started shares with a buy rating and $40 target.
• Deutsche Bank reinstated coverage of Atheros Communications (ATHR) with a buy rating following the company's acquisition of Intellon, which the firm believes strengthens its market position. Deutsche raised its target on shares to $36 from $27.
• AOL (AOL) was initiated with an equal weight rating and $30 target at Barclays.
• Copart (CPRT) was initiated with an overweight rating and $42 target at Thomas Weisel.
• Fortune Brands (FO) was initiated with a hold rating at Jefferies.