Analyst Upgrades, Downgrades and Initiations: APEI, CPB, FSLR, GLW, KFT, PALM ...

Analyst Downgrades

• Deutsche Bank downgraded Campbell Soup (CPB) to hold from buy as it has concerns about the outlook for the company's soup business. The firm lowered its target price for shares to $35 from $38.
• Oppenheimer downgraded Corning (GLW) to perform from outperform on concerns the LCD panel industry's rebuild cycle will phase out in the coming months. Opco believes LCD panel shipments will need to reset during Q2 to a lower level. Note the firm also downgraded AU Optronics (AUO) to underperform from perform this morning, citing the same rationale.
• BofA/Merrill downgraded Palm (PALM) to underperform from buy. The firm believes Palm's carrier support and consumer demand has been poor despite having a superior platform and that opportunities may be decreasing given increased competition. Macquarie downgraded shares to neutral from outperform, citing weak sell-through at Verizon (VZ) and increased promotional spending.
• Discovery (DISCA) was downgraded to equal weight from overweight at Barclays.
• Brocade (BRCD) was downgraded to hold from buy at Jefferies.
• Highwoods (HIW) was downgraded to neutral from outperform at Credit Suisse.

Analyst Initiations

• Wunderlich sees downside risk to First Solar's (FSLR) 2010 consensus estimates as it believes PV demand will fall short of forecasts and module prices will fall 10% to 20%. The firm set a sell rating and $90 price target on the stock.
• Credit Suisse reinstated Kraft Foods (KFT) with an outperform rating and $35 target.
• Jefferies initiated West Pharmaceutical (WST) with a buy rating and $45 target..
• Williams-Sonoma (WSM) was started at Sterne Agee with a buy rating and $25 target.
• Cavium Networks (CAVM) was initiated with a buy rating and $33 target at UBS.
• Metro Bancorp (METR) was assumed with a buy rating and $15 target at Jesup & Lamont.