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Analyst upgrades 9-7-07: PTEN, NBR, X, COO and CTTAY

MOST NOTEWORTHY: Patterson-UTI Energy, Nabors Industries, US Steel Group, Cooper Companies and Continental AG were today's noteworthy upgrades:
  • Bernstein upgraded Patterson-UTI Energy Inc (NASDAQ: PTEN) and Nabors Industries Limited (NYSE: NBR) to Outperform from Market Perform citing valuations and secular growth trends.
  • Citigroup upgraded US Steel Corporation (NYSE: X) to Buy from Hold and raised their target to $118 to reflect operating catalysts and their expectations for domestic steel markets to improve in Q4 and 2008.
  • Cooper Companies Inc (NYSE: COO) was also upgraded to Buy from Hold at Citigroup despite the lowered guidance as they believe the company's products are improving and earnings upside is possible.
  • WestLB upgraded Continental AG (OTC: CTTAY) to Buy from Hold after the tire marker announced plans to reorganize its company structure into six divisions following the purchase of Siemens AG's (NYSE: SI) VDO automotive unit.
OTHER UPGRADES:

Analyst downgrades 3-28-07: CV Therapeutics, Deutsche Telecom downgraded today

MOST NOTEWORTHY: CV Therapeutics, Inc (CVTX) and Stone Energy Corp (SGY) topped today's modest-sized list of downgrades:
  • Citigroup cut CV Therapeutics Inc (NASDAQ: CVTX) to Sell from Hold with a $6 target due to the diminished market potential for Ranexa and its high operating expenses. First Albany downgraded shares to Neutral from Strong Sell to reflect the lack of catalysts.
  • Matrix USA cut Stone Energy Corp (NYSE: SGY) to Strong Sell from Hold, believing significant cost increases are driving negative fundamental trends.
OTHER DOWNGRADES:
  • Deutsche Telecom AG (NYSE: DT) was downgraded to Peer Perform from Outperform at Bear Stearns as the firm believes evidence of a turnaround needs to be seen before shares move higher.
  • Thomas Weisel cut Brady Corporation (NYSE: BRC) to Market Weight from Overweight to reflect lower confidence in management's ability to deploy capital effectively.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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DJIA-89.2312,801.23
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S&P 500-9.311,342.64

Last updated: February 11, 2012: 12:38 PM

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