Analyst Calls: ATHN, BKC, BRCM, GES, GLW, JOYG, NDAQ, NKE, SPMD ...

Analyst Downgrades

• Oppenheimer downgraded Athenahealth (ATHN) to underperform from perform, citing valuation and slowing growth concerns. The firm lowered its target for shares to $31 from $37.
• Jefferies downgraded Northwest Pipe (NWPX) to hold from buy following the company's announcement it would delay its 10-K filing and that the SEC has launched an official investigation into its accounting. The firm lowered its target to $22 from $36.
• Baird downgraded shares of health care REITs Ventas (VTR), Nationwide Health (NHP), Health Care REIT (HCN) and HCP (HCP) to underperform from neutral, citing valuation, which they believe is not consistent with near-term fundamentals. The firm has a $41 target on Ventas, a $32 target on Nationwide Health, a $42 target on Health Care REIT and $30 target on HCP.
• Polycom (PLCM) was downgraded to neutral from buy at BofA/Merrill.
• Wabtec (WAB) was downgraded to gradually accumulate from buy at Soleil.
• Chesapeake (CHK) was downgraded to hold from buy at Lazard Capital.

Analyst Initiations

• Oppenheimer initiated SuperMedia (SPMD) with an outperform rating and $50 target. The firm believes that the company is an attractive near-term investment opportunity as it thinks the company has set very low expectations.
• Morgan Stanley started Joy Global (JOYG) with an equal weight rating and $60 target.
• JMP Securities initiated Nasdaq OMX (NDAQ) with an outperform rating and $25 target.
• Broadcom (BRCM) was initiated with a neutral rating and $34 target at Macquarie.
• Ameristar Casinos (ASCA) was initiated with a hold rating and $19 target at Deutsche Bank.
• Vornado (VNO) was initiated with a hold rating at Stifel Nicolaus.