MOST NOTEWORTHY UPGRADES:
MOST NOTEWORTHY DOWNGRADES:
MOST NOTEWORTHY INITIATIONS:
- Tortoise Capital (NYSE: TTO) was upgraded to Buy from Neutral at Merrill Lynch.
- Brean Murray upgraded shares of California Water Service (NYSE: CWT) and SJW Corp. (NYSE: SJW) to Buy from Hold on valuation following the recent weakness.
MOST NOTEWORTHY DOWNGRADES:
- Broadpoint downgraded shares of Cache Inc. (NYSE: CACH) to Neutral from Buy and lowered their estimates after the company reduced its Q4 guidance. The broker also removed its $21 target.
- Piper downgraded shares of Salix Pharmaceuticals (NASDAQ: SLXP) to Sell from Neutral to reflect concerns over the company's IBD franchise and potential Xifaxan patent concerns.
MOST NOTEWORTHY INITIATIONS:
- Pacific Crest initiated shares of SuccessFactors (NASDAQ: SFSF) with an Outperform rating and $18 target, and believes the company has better visibility than its On-Demand peers with 2.5 year deals.
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