MOST NOTEWORTHY: Siemens , Siliconware Precision and Palm were today's noteworthy upgrades:
Goldman upgraded Siemens AG (NYSE: SI) to Buy from Neutral and views shares as defensive in the current environment.
Merriman upgraded shares of Siliconware Precision (NASDAQ: SPIL) to Buy from Neutral on valuation, as they believe the negative sentiment regarding the U.S. economy is already priced into shares.
JP Morgan upgraded Palm (NASDAQ: PALM) to Overweight from Underweight citing new smart-phone products expected in 2008 and stronger-than-expected Centro sales.
OTHER UPGRADES:
Pep Boys (NYSE: PBY) was raised to Neutral from Underperform at Credit Suisse.
Jefferies upgraded Pioneer Drilling (NYSE: PDC) to Buy from Hold.
Deutsche Bank upgraded Cablevision (NYSE: CVC) to Buy from Hold.
MOST NOTEWORTHY: Novell, Con-Way and Flamel Technologies were today's noteworthy upgrades:
Jefferies named Novell (NASDAQ: NOVL) its Tuesday Value Pick and upgraded shares to Buy from Hold based on expectation for revenue stabilization and gradually improving margins throughout 2008. They note the company has $3.64 in cash per share.
JP Morgan upgraded Con-Way (NYSE: CNW) to Overweight from Neutral, citing strong execution following the company's Q4 report.
Flamel Tech (NASDAQ: FLML) was raised to Buy from Neutral at Merriman, as they believe low expectations and the company's robust pipeline create upside the potential for upside in 2008.
OTHER UPGRADES:
Toyota (NYSE: TM) was upgraded to Neutral from Underweight at HSBC.
UBS upgraded Arris (NASDAQ: ARRS) to Buy from Neutral.
MOST NOTEWORTHY: Heelys, Citigroup, Alvarion, UBS AG and Alcatel-Lucent were today's noteworthy downgrades:
CIBC downgraded Heelys (NASDAQ: HLYS) to Underperformer from Sector Performer. The analyst has little confidence sales will recover following the recent drop.
CIBC also downgraded Citigroup (NYSE: C) to Sector Underperformer from Sector Performer, as they believe the company may have to cut its dividend, raise cash or sell assets in order to raise $30B over the near-term; the firm believes such a move would pressure shares significantly.
Merriman downgraded shares of Alvarion (NASDAQ: ALVR) to Neutral from Buy after the in-line results as they now believe increased competition will pressure gross margins and minimize operating leverage in FY08.
Merrill downgraded shares of UBS AG (NYSE: UBS) to Neutral from Buy to reflect the potential of further write downs.
Banc of America lowered its rating on Alcatel-Lucent (NYSE: ALU) to Neutral from Buy to reflect poor execution of the company's turnaround strategy.
OTHER DOWNGRADES:
Goldman removed Vimpelcom (NYSE: VIP) from its Pan European Buy List and downgraded shares to Neutral from Buy.
MOST NOTEWORTHY: Gander Mountain, Lev Pharmaceuticals, Intermune, Aetna and Medco Health were today's noteworthy initiations:
Nollenberger initiated shares of Gander Mountain Company (NASDAQ: GMTN) with a Sell rating and $5.00 target, and believes the company's goal of reaching profitability in 2007 could prove overly optimistic.
Lev Pharmaceuticals (OTC: LEVP) was initiated with a Sector Outperformer rating and $3 target at CIBC, as the firm believes Cinryze will likely be approved in 1Q08 and they expect the company to have significant pricing leverage.
JP Morgan resumed coverage of Intermune Inc (NASDAQ: ITMN) with an Overweight rating and expects shares to be driven by the company's pipeline in IPF and HCV.
Aetna Incorporated (NYSE: AET) was initiated with an Outperform rating at Wachovia. The firm feels Aetna is positioned for better growth and higher quality earnings than its peers.
William Blair started shares of Medco Health Solutions Inc (NYSE: MHS) with an Outperform rating, as they believe an aging population, rising health care costs, and an acceleration in new product introductions should increase demand for PBM services over the next five years.
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