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FMR posts

Analyst upgrades, downgrades and initiations

Analyst upgrades:

Jefferies upgraded shares of Omnicare (NYSE: OCR) to Buy from Hold and raised their target to $37 from $24.50 following the company's Q2 results to reflect improving earnings visibility.
Piper upgraded Motorola (NYSE: MOT) to Neutral from Sell following the company's Q2 results to reflect its continued execution in cost management. The firm raised its target to $9 from $7.
Capital One Southcoast upgraded Patterson-UTI Energy (NASDAQ: PTEN) to Add from Neutral based on additional new builds already under contract and rig reactivations. The firm raised its target to $36 from $32.

Analyst downgrades:

Citigroup downgraded shares of ImClone (NASDAQ: IMCL) to Hold from Buy despite thinking the initial offer from Bristol Myers (BMY) will be raised, as they do not advise chasing shares at current levels. The company's target was raised to $73 from $56.
First Mercury (NYSE: FMR) and Monster (NASDAQ: MNST) were downgraded at JP Morgan to Neutral from Overweight.
Jefferies lowered Osiris Therapeutics (NASDAQ: OSIR) to Underperform from Hold.

Analyst initiations:

Morgan Keegan initiated Cicso Systems (NASDAQ: CSCO) with a Market Perform rating, citing the difficult macro environment; the firm believes 2H08 estimates will come down.
Banc of America reinstated coverage of MF Global (NYSE: MF) with a Buy rating and $8.36 target.