Baird upgraded Adtran (NASDAQ: ADTN) to Outperform from Neutral based on valuation, new product cycles, and confidence in 2H08 results.
Morgan Stanley upgraded shares of Repsol (NYSE: REP) to Overweight from Equal Weight as they believe the potential sale to Sacyr Vallehermoso SA could lead to a restructuring.
Stanford lifted National Oilwell Varco (NYSE: NOV) to Buy from Hold citing valuation. In addition, the firm, which set a target of $70, thinks most of the drop in commodity prices is now over.
Ryanair (NASDAQ: RYAAY) was raised to Hold from Sell at Societe Generale.
Ann Taylor (NYSE: ANN) was upgraded at Piper to Neutral from Sell.
Argus downgraded shares of Constellation Energy (NYSE: CEG) to Hold from Buy post-close given the volatility in the stock as they can no longer recommend CEG until concerns over its capital and liquidity are resolved. Shares were also downgraded to Hold from Buy at Citigroup.
Collins Stewart downgraded Lloyds TSB Group (NYSE: LYG) to Hold from Buy following the acquisition of HBOS (OTC: HBOOY) as they expect short-term weakness in the stock.
MOST NOTEWORTHY: Varian, Chipotle Mexican Grill and McDonald's were today's noteworthy downgrades:
Thomas Weisel downgraded shares of Varian (NASDAQ:VARI) to Market Weight from Overweight following the company's Q3 results to reflect manufacturing relocation issues and the slowdown in organic growth. The firm lowered their target to $47 from $70.
Jefferies cut Chipotle Mexican Grill (NYSE:CMG) to Hold from Buy following the company's in-line Q2 results, as they believe consumer headwinds and commodity inflation are likely to pressure EPS in coming quarters. The firm lowered their target to $80 from $100.
Deutsche Bank downgraded McDonald's (NYSE:MCD) to Hold from Buy as they believe higher beef costs and slower traffic could drive reduced profitability and limit upside. The firm reduced their target to $63 from $67.
OTHER DOWNGRADES:
AT&T (NYSE:T) was lowered to Neutral from Overweight at JP Morgan.
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