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AHT posts

Analyst upgrades, downgrades and initiations: AMGN, CSCO, CX, HAS, T

Analyst upgrades:

Bernstein upgraded Amgen (NASDAQ: AMGN) to Outperform from Market Perform on valuation as it believes threats to the core business are priced in at current levels and upside catalysts may come from pipeline news. The firm raised its target on shares to $65 from $57.
Stephens upgraded CyberSource (NASDAQ: CYBS) to Overweight from Equal Weight on valuation as it believes the recent pullback creates a buying opportunity. The firm raised its target on shares to $16 from $14.
JPMorgan upgraded Magna (NYSE: MGA) and Tenneco (NYSE: TEN) to Overweight from Neutral on expectations global auto production has sequentially bottomed with European light vehicle production rebounding in Q2. The firm also sees a short-term trading opportunity in TRW Automotive (NYSE: TRW), but keeps a Neutral rating on the stock.
SINA Corp. (NASDAQ: SINA) was upgraded to Conviction Buy from Buy at Goldman.
Cogent Communications (NASDAQ: CCOI) was raised to Buy from Hold at Citigroup.

MOST NOTEWORTHY: eBay (EBAY), Wells Fargo (WFC) and ASML Holdings (ASML) were today's noteworthy downgrades:

Thomas Weisel downgraded shares of eBay (NASDAQ:EBAY) following the company's Q2 results, as they did not see an improvement in the underlying fundamentals. Goldman lowered eBay to Neutral from Buy and cut its target to $30 from $38.
UBS downgraded Wells Fargo (NYSE:WFC) to Neutral from Buy citing valuation and reduced capital flexibility.
Merrill downgraded shares of ASML Holdings (NASDAQ:ASML) to Underperform from Neutral as they believe the company's demand slowdown could carry into next year.

OTHER DOWNGRADES:

Starbucks (NASDAQ:SBUX) was cut to Neutral from Buy at Piper.
Wachovia downgraded Ashford Hospitality Trust (NYSE:AHT) and Strategic Hotels & Resorts (NYSE:BEE) to Underperform from Market Perform.
AMB Property (NYSE:AMB) was lowered at JP Morgan to Neutral from Overweight.

MOST NOTEWORTHY: Total Systems, Capital Products Partners and Ashford Hospitality were today's noteworthy initiations:

Stephens initiated Total Systems (NYSE: TSS) with an Overweight rating and $28 target. The firm thinks investor concerns about the negative impact of economic weakness are overdone.
JP Morgan believes Capital Products' (NASDAQ: CPLP) fixed-rate contract coverage and fixed operating costs should provide stable cash distributions to unit holders. The firm assumed coverage with an Overweight rating.
Ashford Hospitality (NYSE: AHT) was initiated at UBS with a Buy rating and $7 target.

OTHER INITIATIONS:

Bank of Kentucky (OTC: BKYF) was initiated with an Outperform rating and $29 target at Baird.
Morgan Stanley initiated Longs Drug Stores (NYSE: LDG) with an Equal Weight rating.

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