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Analyst upgrades: STD, ACOR, AG, NLY and IMGN

MOST NOTEWORTHY: Banco Santander, Acorda Therapeutics, Agruim, Annaly Capital and ImmunoGen were today's noteworthy upgrades:
  • UBS upgraded shares of Banco Santander (NYSE: STD) to Buy from Neutral as they expect the acquisition of ABN Amro Holding NV (NYSE: ABN) assets in Brazil and Italy to boost earnings in 2008 and 2009.
  • Friedman Billings added Acorda Therapeutics (NASDAQ: ACOR) to its Top Picks List, as they have confidence in fampridine-SR's safety profile.
  • Agrium (NYSE: AGU) was upgraded to Sector Outperformer from Sector Performer at CIBC on valuation, as they believe the outlook for wholesale and retail is robust with all three nutrients at historical high levels.
  • Annaly Capital Management (NYSE: NLY) was upgraded to Buy from Neutral at UBS, citing likely further FED cuts, benefits from recent secondary, and BVPS growth.
  • RBC Capital upgraded shares of ImmunoGen (NASDAQ: IMGN) to Outperform from Sector Perform based on valuation, growing pipeline, valuable technology platform, and potential as an acquisition candidate.
OTHER UPGRADES:

Analyst initiations 8-23-07: AIZ, CRDN, DAVE and MRT

MOST NOTEWORTHY: Assurant (AIZ), Famous Dave's (DAVE), Trinity Industries (TRN), Spartan Stores (SPTN) and SiRF Technology (SIRF) were today's notable initiations:
  • Wachovia believes Assurant (NYSE: AIZ) is a unique opportunity to profit from mortgage market turmoil through its force-placed homeowners business, initiating shares with an Outperform rating.
  • Nollenberger initiated Famous Dave's (NASDAQ: DAVE) with a Buy rating and expects to see accelerated earnings growth over the next few years driven by: continued rollout of it's new "Smokehouse" unit format, growth of the off-premise catering and to-go business, and ramp in new development.
  • Keybanc is positive on Trinity Industries' (NYSE: TRN) diversified product portfolio, market-leading positions, and long-term end market fundamentals, starting shares with an Aggressive Buy rating.
  • Banc of America initiated Spartan Stores (NASDAQ: SPTN) with a Buy and believes the company should benefit from the roll-up of independent retail assets and the move toward a customer-centric operating model.
  • Banc of America believes rising competitive pressures in PNDs will lead to significant market share erosion in 2008 and started SiRF Technology (NASDAQ: SIRF) with a Neutral rating...
OTHER INTIATIONS:
  • Ceradyne (NASDAQ: CRDN) was initiated with a Hold rating at Morgan Joseph.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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Last updated: November 27, 2009: 01:51 AM

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