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Silicon Motion posts

Analyst calls: AB, WPI, TEVA, LYG, UACL, NTAP, SIMO, BRCM ...

Analyst upgrades:

Keefe Bruyette upgraded shares of AllianceBernstein (NYSE: AB) to Outperform from Market Perform as they find AB's risk/reward attractive given its attractive long-term business model. Wachovia upgraded Watson Pharma (NYSE: WPI) and Teva Pharma (NASDAQ: TEVA) to Outperform from Market Perform citing valuations and positive drivers for generics that include patent expirations and market share expansion.
UBS raised Lloyds TSB Group (NYSE: LYG) to Neutral from Sell on expected pricing power following the HBOS (OTC: HBOOY) acquisition.
Otter Tail (NASDAQ: OTTR) was upgraded to Outperform from Neutral at Baird.
GFI Group (NASDAQ: GFIG) was upgraded at Citigroup to Hold from Sell.
Merrill upgraded Logitech (NASDAQ: LOGI) to Neutral from Underperform.

Analyst downgrades:

JP Morgan downgraded shares of Lloyds TSB Group to Underweight from Neutral on capital concerns and believes the HBOS acquisition is not in the best interest of shareholders.
Stephens downgraded Universal Truckload (NASDAQ: UACL) to Equal Weight from Overweight on valuation and concerns about a slowdown in the flatbed sector. The firm's target remains $28.

MOST NOTEWORTHY: Advanced Micro Devices, Hancock Holding, Town Sports and Gerdau SA were today's noteworthy initiations:

Nollenberger started shares of Advanced Micro Devices (NYSE: AMD) with a Buy rating and $18 target. The firm believes the company's issues are widely known and already baked into the valuation and feels the Barcelona ramp and performance are likely ahead of expectations and demand for the latest family of ATI graphics is solid.
B. Riley initiated shares of Hancock Holding Company (NASDAQ: HBHC) with a Buy rating of $43 target as the firm believes a higher premium is warranted given the company's superior growth prospects and conservative management profile.
Town Sports International Holdings (NASDAQ: CLUB) was initiated with a Sector Outperformer and a $23 target at CIBC. The firm expects shares to be driven by improving fundamentals.
Citigroup believes Gerdau SA's (NYSE: GGB) acquisition of Chaparral was expensive and will provide near-term headwinds for the stock, starting shares off with a Hold rating.

OTHER INITIATIONS:

UBS initiated shares of Baker Hughes Incororated (NYSE: BHI), Halliburton (NYSE: HAL) and Schlumberger Limited (NYSE: SLB) with Buy ratings and targets of $102, $52 and $121, respectively.
BMO initiated shares of Health Care Reit (NYSE: HCN) with a Market Perform rating.
Lazard initiated shares of Micron Technology (NYSE: MU), SanDisk Corporation (NASDAQ: SNDK) and Silicon Motion Technology (NASDAQ: SIMO) with Buy ratings and targets of $14, $63 and $29.