Analyst Calls: ALXN, BCSI, EBAY, GNA, HOLX, LVS, NVDA, PG ...

Analyst Upgrades

Oppenheimer upgraded Alexion (ALXN) to outperform from perform, citing the recent pullback in shares and expected momentum in the second half of 2010. The firm has a $62 price target for shares.
FBR Capital upgraded Blue Coat Systems (BCSI) to outperform from market perform, citing positive channel checks and the recent pullback in shares. The firm maintains a $27 price target on the name.
Needham upgraded Hologic (HOLX) to buy from hold after its mammography survey confirmed that an upgrade cycle for digital mammography is emerging. The firm has a $20 price target for shares.
eBay (EBAY) was upgraded to neutral from sell at MKM Partners.
Athenahealth (ATHN) was upgraded to buy from hold at Auriga.
Las Vegas Sands (LVS) was upgraded to overweight from equal weight at Morgan Stanley.

Analyst Downgrades

CIBC downgraded Gerdau Ameristeel (GNA) to sector performer from sector outperformer following its parent company's (Gerdau SA) proposed acquisition offer. Gerdau AmeriSteel was also downgraded to market perform from outperform at Raymond James, to hold from buy at TD Newcrest and to market perform from outperform at BMO Capital.
Roth Capital downgraded Nvidia (NVDA) to hold from buy. The firm believes Europe has slowed and that inventory restocking will result in a 2H10 slowdown.
Stifel Nicolaus believes American Capital's (ACAS) disappointing bondholder vote yesterday will result in the company filing bankruptcy. Shares were cut to sell from hold.
Portugal Telecom (PT) was downgraded to market perform from outperform at Bernstein.
DivX (DIVX) was downgraded to neutral from overweight at JPMorgan.
France Telecom (FTE) was downgraded to underperform from neutral at Credit Suisse.

Analyst Initiations

Stifel Nicolaus initiated Procter & Gamble (PG) with a buy rating and $72 target.
Avondale started Cerner (CERN) with a market perform rating and $82 price target.
Deustche Bank assumed Solutia (SOA) with a buy rating and $20 target.
AZZ Incorporated (AZZ) was initiated with a buy rating and $45 price target at Roth Capital.
Government Properties Income Trust (GOV) was initiated with a hold rating and $27 target at Jefferies.
Focus Media (FMCN) was initiated with an overweight rating and $22 target at JPMorgan.