Analyst Calls: BA, COST, DELL, GD, INTC, LVS, MGM, PCLN, TWX, V, VIA ...

Analyst Downgrades

• Benchmark Co. downgraded Time Warner (TWX) and Viacom (VIA) to hold from buy, citing the impact on advertising and home entertainment sales from the slowing economic recovery. The firm lowered its price target on Time Warner to $34 from $40 and on Viacom to $37 from $42.
• Citigroup downgraded Baxter (BAX) to sell from hold on concerns consensus estimates are too high and long-term EPS growth will be below peers. The firm dropped its target for shares to $41 from $46.
• UBS downgraded Intel (INTC) to neutral from buy following PC supply chain checks that indicate weak near-term PC demand, expected price reductions to stimulate demand and resulting margin pressure. The firm lowered its target to $19.50 from $28.
• Las Vegas Sands (LVS) was downgraded to hold from buy at Soleil.
• Visa (V) was downgraded to underperform from neutral at BofA/Merrill.
• Dick's Sporting (DKS) was downgraded to neutral from buy at Goldman.

Analyst Initiations

• Morgan Keegan initiated Priceline.com (PCLN) with a market perform rating and $330 price target. Shares were also initiated at Deutsche Bank with a buy rating and $350 target.
• Barclays started CF Industries (CF) with an equal weight rating and $105 price target.
• RBC Capital initiated Boeing (BA) and General Dynamics (GD) with outperform ratings and price targets of $78 and $72, respectively, and Honeywell (HON) and Lockheed Martin (LMT) with sector perform ratings and price targets of $45 and $78, respectively.
• Walter Energy (WLT) was initiated with a neutral rating and $94 target at Goldman.
• Mid-America Apartment (MAA) was initiated with an outperform rating and $63 target at JMP Securities.
• Illinois Tool Works (ITW) was initiated with a neutral rating and $49 target at Sterne Agee.