Analyst Calls: AZN, FLR, ICE, KFT, LAMR, PALM, RST, SJM ...

Analyst Downgrades

• Kaufman Bros. downgraded Palm (PALM) to hold from buy on concerns the company may not reachable profitability until four to six quarters out and that the Verizon (VZ) catalyst is weaker than expected. The firm lowered its target price on shares to $7.50 from $16.
• Baird downgraded Fluor (FLR) to neutral from outperform following the company's weaker-than-expected Q4 results and guidance. The firm lowered its target price on shares to $47.
• Piper Jafrray downgraded Ormat Technologies (ORA) to neutral from overweight after the company guided FY10 revenues below consensus due to longer-than-expected plant delays. The firm lowered its target on shares to $30.
• Dr. Pepper Snapple (DPS) was downgraded to neutral from buy at Goldman.
• Granite Construction (GVA) was downgraded to equal weight from overweight at Stephens.
• Bare Escentuals (BARE) was downgraded to hold from buy at Citigroup.

Analyst Initiations:

• Merriman believes the recent acquisition of WildBlue by ViaSat (VSAT) and the launch of the ViaSat-1 broadband satellite in early 2011 will drive ViaSat's growth. The firm has a buy rating and a $38 to $41 valuation range on the stock.
• Oppenheimer believes Incyte (INCY) will report positive phase III data for its lead JAK-1/2 inhibitor INCB18424. The firm started shares with an outperform rating and $15 target.
• Deutsche Bank reinstated Kraft Foods (KFT) with a hold rating and $31 target.
• J.M. Smucker (SJM) was initiated with a neutral rating and $67 target at Goldman.
• Intercontinental Exchange (ICE) was initiated with a buy rating and $127 target at UBS.
• Manpower (MAN) was initiated with a neutral rating and $60 target at Macquarie.