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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.

Analyst upgrades:

Keefe Bruyette upgraded BB&T (NYSE: BBT) to Market Perform from Underperform as it believes downside risk has been reduced following the company's capital raise. The firm raised its target price to $23 from $15.
Janney Montgomery upgraded FEI Company (NASDAQ: FEIC) to Buy from Neutral on expectations margins will improve and various country stimulus packages will provide benefits in 2010. The firm has a $31 target on the stock.
Citigroup upgraded Tyco Electronics (NYSE: TEL) to Buy from Hold as it believes automotive headwinds are priced in and the company's long-term fundamentals are intact. The firm raised its target price to $25 from $19.
Barrick Gold (NYSE: ABX) was upgraded to Outperform from Sector Perform at RBC Capital.
J.B. Hunt (NYSE: JBHT) was raised to Overweight from Equal Weight at Stephens.
Roper Industries (NYSE: ROP) was upgraded at Oppenheimer to Outperform from Perform.

Analyst upgrades:

Goldman upgraded Nokia (NYSE: NOK) to Neutral from Sell on valuation and believes the company's guidance is realistic.
SMH Capital upgraded GMX Resources (NASDAQ: GMXR) to Accumulate from Neutral and is positive on the company's capex reduction.
Wachovia raised Nationwide Health Services (NYSE: NHP) to Outperform from Market Perform to reflect the company's diversified portfolio and "solid" capital position.
Portugal Telecom (NYSE: PT) was upgraded to Equal Weight from Underweight at Morgan Stanley.
Omnicare (NYSE: OCR) was upgraded to Buy from Hold at Soleil.
SKF AB (OTC: SKFRY) was upgraded at JP Morgan to Neutral from Underweight.

Analyst downgrades:

MOST NOTEWORTHY: The process control sector, R.H. Donnelley, Vonage, Coca-Cola Enterprises and Transocean were today's noteworthy downgrades:

Baird reduced estimates across the board in the process control sector due to lower expectations for North American industrial and residential construction. The firm downgraded Roper Industries (NYSE: ROP), Regal-Beloit Corp (NYSE: RBC) and Baldor Electric (NYSE: BEZ) to Neutral from Outperform and AO Smith Corporation (NYSE: AOS) to Underperform from Neutral.
Goldman downgraded shares of R.H. Donnelley Corporation (NYSE: RHD) to Neutral from Buy after the company updated its 2007 guidance to reflect deteriorating trends in local advertising.
Vonage Holdings Corp (NYSE: VG) was downgraded to Sell from Hold at Soleil due to liquidity concerns.
Coca-Cola Enterprises (NYSE: CCE) was downgraded to Hold from Buy at Deutsche Bank on valuation and mixed near-term trends.
Transocean Inc (NYSE: RIG) was downgraded to Hold from Buy at Gabelli. Even though the deepwater market continues to be strong, the firm is concerned regarding the continuing weakness in the jackup market as well as the limited upside potential due to the company's ships being in use through 2009.

OTHER DOWNGRADES:

XM Satellite Radio Holdings (NASDAQ: XMSR) and Sirius Satellite Radio Inc (NASDAQ: SIRI) were downgraded to Neutral from Buy at UBS.
Blue Nile Inc (NASDAQ: NILE) was downgraded to Neutral from Buy at Suntrust.
Citigroup downgraded shares of CheckFree Corporation (NASDAQ: CKFR) to Hold from Buy.
Morgan Stanley downgraded McAfee Inc (NYSE: MFE) to Underweight from Equal Weight.

MOST NOTEWORTHY: Intel (INTC), European investment banks, American Express (AXP), and ImClone (IMCL) were today's noteworthy downgrades:

Intel Corporation (NASDAQ: INTC) was downgraded to Neutral from Buy at Merrill Lynch, which cited valuation.
European investment banks were downgraded by Societe Generale on concerns that investment banking revenue will decline. Deutsche Bank AG (NYSE: DB) was downgraded to Sell from Hold. Credit Suisse Group (NYSE: CS) was downgraded to Sell from Buy, and UBS AG (NYSE: UBS) was downgraded to Hold from Buy.
American Express Company (NYSE: AXP) was downgraded to Neutral from Buy by Merrill Lynch, which cited slower consumer spending.
ImClone Systems Incorporated (NASDAQ: IMCL) was downgraded to Market Perform from Outperform at Friedman Billings, which lowered their estimates following feedback regarding the FLEX study announcement.

OTHER DOWNGRADES:

Business Objects ADS (NASDAQ: BOBJ) was downgraded to Neutral from Buy by First Albany.
Roper Industries Inc (NYSE: ROP) was downgraded to Market Perform from Outperform by Friedman Billings.
Fluor Corporation (NYSE: FLR) was downgraded to Hold from Buy by Citigroup.
National CineMedia Inc (NASDAQ: NCMI) was downgraded to Underweight from Equal Weight by Morgan Stanley.