Oppenheimer upgraded shares of Shanda Interactive (NASDAQ: SNDA) to Outperform from Perform following the company's better-than-expected quarter to reflect its growth acceleration in the casual games platform and margin improvements.
SAIC (NYSE: SAI) was upgraded to Outperform from Market Perform following the solid Q2 report and guidance.
Susquehanna upgraded Zumiez (NASDAQ: ZUMZ) to Positive from Neutral citing positive August comps, revised merchandising, easier comps, and solid financial position.
Novellus (NASDAQ: NVLS) was raised to Overweight from Equal Weight at Morgan Stanley.
Analyst downgrades:
Morgan Stanley downgraded the Semiconductor Capital Equipment sector to In-Line from Attractive citing optimistic expectations for Q4 orders following the recent bounce in stocks. The firm downgraded Lam Research (NASDAQ: LRCX) to Underweight from Overweight and KLA-Tencor (NASDAQ: KLAC) KLAC to Equal Weight from Overweight.
MOST NOTEWORTHY: Memc Electronic, Citigroup and Sanmina were today's noteworthy upgrades:
Citigroup upgraded shares of Memc Electronic (NYSE:WFR) to Buy from Hold on valuation as they believe the bad news is priced in following the company's quarter. The firm raised Memc's target to $65 from $64. JP Morgan upgraded shares to Overweight from Neutral on valuation.
Morgan Stanley upgraded Citigroup (NYSE:C) to Equal Weight from Underweight based on asset sales, improved top-line, and dividend.
Credit Suisse upgraded Sanmina (NASDAQ:SANM) to Outperform from Neutral citing valuation and margin traction. The firm raised Sanmina's target to $2.50 from $1.60. Cowen upgraded Sanmina to Outperform from Neutral following the Q3 report and guidance.
OTHER UPGRADES:
Pharm Product (NASDAQ:PPDI) was upgraded at Baird to Outperform from Neutral.
Sunoco Logistics (NYSE:SXL) was raised to Outperform from Market Perform at Wachovia.
JP Morgan lifted Air Products (NYSE:APD) to Overweight from Neutral.
MOST NOTEWORTHY: Air Products, Eaton and Pharmaceutical Product Development were today's noteworthy downgrades:
Jefferies downgraded shares of Air Products (NYSE: APD) to Hold from Buy and lowered their target to $105 from $112 as they believe investors should wait for a better entry point given the company's more cyclical growth portfolio. They see downside risks to its electronics, chemicals and equipment businesses.
Eaton Corp. (NYSE: ETN) was downgraded to Neutral from Buy at Goldman due to its high exposure to the U.S. economy.
Baird downgraded Pharmaceutical Product Development (NASDAQ: PPDI) to Neutral from Outperform as its 2008 development guidance appears full and margins look full.
OTHER DOWNGRADES:
Goldman downgraded the U.S. non-life insurance sector to Neutral from Attractive and removed Synchronoss (NASDAQ: SNCR) from its Conviction Buy List.
ING downgraded Fortis (OTC: FORSY) to Hold from Buy.
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