Analyst Calls: AZO, CERN, CIS, INTC, LMT, LULU, NE, RTN, SNY, TXN ...

Analyst Downgrades

• Wells Fargo downgraded Lockheed Martin (LMT) to market perform from outperform based on relative valuation. Shares were also downgraded to hold from buy at Argus, given a weaker defense spending outlook.
• Lazard Capital downgraded Intel (INTC) to hold from buy based on deteriorating PC fundamentals, likely Q4 ASP pressure and a potential enterprise spending slowdown.
• Jefferies downgraded Lululemon (LULU) to underperform from hold and lowered its target to $30 from $38. The firm downgraded shares based on indications of higher inventories in a decelerating U.S. retail environment and notes the shares rich valuation.
• AutoZone (AZO) was downgraded to hold from buy at Morgan Joseph.
• Susquehanna downgraded Texas Instruments (TXN) to neutral from positive.

Analyst Initiations

• Oppenheimer started Camelot Information System (CIS) with an outperform rating and $17 target. Shares were also initiated with an outperform rating at Cowen and with an overweight rating and $19 target at Barclays.
• Morgan Joseph initiated Andersons (ANDE) with a buy rating and $48 target.
• Needham initiated Hexcel (HXL) with a buy rating and $20 target.
• Tibco (TIBX) was initiated with a buy rating and $18 target at Longbow.
• Zoltek (ZOLT) was initiated with a hold rating at Needham.