Tax Reform in This Election Year: It's Not Likely
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MOST NOTEWORTHY: Kindred Healthcare, Five Star Quality, Corporate Executive Board, Deckers Outdoor and Discover were today's noteworthy upgrades: - Jefferies upgraded shares of Kindred Healthcare Inc (NYSE: KND) to Buy from Hold on valuation as they believe the risk/reward is attractive given good near-term earnings visibility and reasonable prospects for legislation to remove a significant reimbursement overhang.
- The firm also upgraded Five Star Quality Inc (AMEX: FVE) to Buy from Hold following a meeting with management, to reflect the company's improving occupancy and better cost controls.
- Deutsche Bank upgraded shares of The Corporate Executive Board Company (NASDAQ: EXBD) to Buy from Hold as they believe the company is positioned for strong growth in 2008.
- Nollenberger upgraded shares of Deckers Outdoor Corporation (NASDAQ: DECK) to Buy from Neutral, as they believe the UGG brand will continue to outperform expectations both domestically and internationally.
- Discover Financial Services LLC (NYSE: DFS) was upgraded to Buy from Neutral at Calyon on valuation.
- HSBC raised Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) to Overweight from Neutral.
- Banc of America upgraded Hess Corporation (NYSE: HES) to Buy from Neutral.
- Wal-Mart Stores Inc (NYSE: WMT) was upgraded to Neutral from Sell at Merrill Lynch.
- Deutsche Bank upped General Mills Inc (NYSE: GIS) to Buy from Hold.
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