Analyst Calls: AET, ARRS, BIIB, CMA, CP, ENER, FSLR, UTX, YUM ...

Analyst Downgrades

• JPMorgan downgraded shares of First Solar (FSLR) and Energy Conversion (ENER) to underweight from neutral, and cut Evergreen Solar (ESLR) to neutral from overweight, on expectations that oversupply and margin risks will drive share underperformance in the second half of 2010.
• BMO Capital downgraded Comerica (CMA) to market perform from outperform following the company's announcement it would raise $800M in capital to redeem TARP. The firm now has a $35 target on the stock.
• Collins Stewart downgraded Zoran (ZRAN) to hold from buy, citing concerns over softness in DTVs.
• URS Corp. (URS) was downgraded to underperform from buy at BofA/Merrill.
• Cullen/Frost (CFR) was downgraded to hold from buy at Wunderlich.
• Amerigon (ARGN) was downgraded to hold from buy at KeyBanc.

Analyst Initiation

• Oppenheimer believes that Synutra (SYUT) will benefit from the recovery of the Chinese infant milk formula industry in China. The firm set an outperform rating and $25 target on the stock.
• Citigroup initiated Arch Capital (ACGL) with a hold rating and $81 target.
• Soleil assumed Biogen Idec (BIIB) with a buy rating and $70 target.
• UBS started Henry Schein (HSIC) and Patterson Companies (PDCO) with neutral ratings.
• Canadian Pacific (CP) and Kansas City Southern (KSU) were initiated with equal weight ratings at Morgan Stanley.
• Cerner (CERN) was initiated with a market perform rating at Wells Fargo.