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Analyst upgrades, downgrades and initiations: JCP, NVLS, CAG, RJF, PCG, STP, AMZN, MS, MSFT

Analyst upgrades:
  • JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
  • Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
  • Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
  • ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
  • China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

Continue reading Analyst upgrades, downgrades and initiations: JCP, NVLS, CAG, RJF, PCG, STP, AMZN, MS, MSFT

Analyst initiations: CSCO, NYX, NDAQ and COGI

MOST NOTEWORTHY: Cisco Systems, NYSE Euronext, Nasdaq and Cognicase were today's noteworthy initiations:
  • Friedman Billings believes Cisco Systems (NASDAQ: CSCO) is well-positioned to take advantage of "Business 2.0" applications and to gain share in a slower economic environment. The firm initiated shares with an Outperform rating and $31 target.
  • NYSE Euronext (NYSE: NYX) and Nasdaq (NASDAQ: NDAQ) were assumed with a Neutral rating and $72 target and $44 target, respectively, at UBS. The firm cited increasing competition and moderating volumes.
  • Deutsche Bank believes Cognicase (COGI) is one of the few carriers offering high-capacity commercial Internet access to enterprise customers at a discount to nearly all of its competitors. Shares were initiated with a Buy rating and $23 target.
OTHER INITIATIONS:
  • China Housing (OTCBB: CHLN) was initiated at Merriman with a Buy rating.
  • Goldman started Juniper (NASDAQ: JNPR) with a Market Perform rating and $27 target.
  • Suntrust initiated hhgregg (NYSE: HGG) with a Buy rating and $16 target.

E-House China Holdings (EJ) rises 40.8% in IPO

Wall Street jumped onto shares of E-House Holdings (NYSE: EJ) in the Shanghai company's trading debut, a reflection of China's hot real estate sector.

E-House priced 14.6 million American depositary shares at $13.80 a share, above expectations of a $11.50-$13.50 range, for its New York Stock Exchange IPO. Shares shot nearly 41% higher, rising $5.63 to close at $19.43. E-House raised nearly $202 million.

Symbol Lookup
IndexesChangePrice
DJIA+30.6910,464.40
NASDAQ+6.872,176.05
S&P 500+4.981,110.63

Last updated: November 25, 2009: 11:46 PM

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