Analyst Calls: AEG, AGU, MSFT, NFLX, ORCL, PTV, SPMD, WRI ...

Analyst Downgrades

• Morgan Keegan downgraded Netflix (NFLX) to underperform from outperform based on the belief that the Epix content deal now represents a baseline for future content negotiations and has limited the company's ability to take on such deals without impacting margins. The firm has a $100 target on the stock.
• Deutsche Bank and Citigroup downgraded Pactiv (PTV) to hold from buy following the company's merger agreement with the Reynolds subsidiary of New Zealand Rank Group. Shares were also downgraded to neutral from overweight at JPMorgan following the merger announcement.
• Oppenheimer downgraded SuperMedia (SPMD) to perform from outperform and terminated coverage of the stock, citing a lack of catalysts and market cap below its threshold.
• Illinois Tool Works (ITW) was downgraded to neutral from buy at Goldman.
• Agrium (AGU) was downgraded to neutral from outperform at Macquarie.
• EV Energy (EVEP) and Encore Energy (ENP) were downgraded to sector perform from outperform at RBC Capital.

Analyst Initiations

• Jefferies initiated Ball (BLL) with a buy rating and $71 price target.
• JPMorgan started Xcel Energy (XEL) with a neutral rating and $23 target.
• Hapoalim initiated Oracle (ORCL), Microsoft (MSFT) and BMC Software (BMC) with buy ratings and Citrix Systems (CTXS), CA Technologies (CA) and Symantec (SYMC) with hold ratings.
• LifePoint Hospitals (LPNT) was initiated with a hold rating and $33 target at Soleil.
• Camelot Information System (CIS) was initiated with a positive rating and $14 target at Susquehanna.
• Iris International (IRIS) was initiated with a sell rating and $6 target at Benchmark Co.