- JMP Securities views Yahoo!'s (YHOO) risk-reward as compelling, especially as cyclical and secular growth of online advertising improves. The firm upgraded shares to outperform from market perform and has a $21 target.
- FBR Capital upgraded PNC Financial (PNC) to outperform from market perform, citing an attractive valuation and better risk profile following the company's capital raise. The firm raised its target price on shares to $65 fro $55.
- Janney Montgomery upgraded SEI Investments (SEIC) to buy from neutral on expectations the company's revenues will accelerate in 2011. The firm has a $28 price target on shares.
- Research in Motion (RIMM) was upgraded to outperform from market perform at BMO Capital.
- Cisco (CSCO) was upgraded to overweight from neutral at JPMorgan.
- Macy's (M) was upgraded to buy from hold at Soleil.
- UBS downgraded Schnitzer Steel (SCHN) to neutral from buy based on expectations for a slide in Q2 scrap steel prices and unlikely near-term M&A. Despite the downgrade, the firm raised its target to $54 from $50.
- Wells Fargo downgraded Crown Castle (CCI) to market perform from outperform based on valuation and its belief that the company is unlikely to surpass 2010 Street revenue estimates.
- Deutsche Bank downgraded Cbeyond (CBEY) to hold from buy following the company's Q4 results and 2010 revenue guidance. The firm lowered its target price on shares to $14 from $17.
- Palm (PALM) was downgraded to underperform from neutral at Macquarie.
- AK Steel (AKS) was downgraded to neutral from buy at Goldman.
- ITT Educational (ESI) was downgraded to sector perform from outperform at RBC Capital.
- Gabelli believes that TD Ameritrade (AMTD) is poised to benefit from the growth and consolidation of online trading. The firm started shares with a buy rating and thinks the company's profits can increase 20% annually over the next four years.
- Citigroup initiated Progress Energy (PGN) with a hold rating and $40 target.
- CSG Systems (CSGS) was started at JPMorgan with a neutral rating and $23 target.
- Keefe Bruyette assumed Wilmington Trust (WL) with a market perform rating and $16 target.
- Cavium Networks (CAVM) was initiated with a perform rating at Oppenheimer.
- TreeHouse Foods (THS) was initiated with a buy rating at BofA/Merrill.