Analyst Calls: AMTD, CSCO, M, PALM, PNC, RIMM, YHOO ...

Analyst Downgrades

• 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.

Analyst Initiations

• 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.