MOST NOTEWORTHY: Intel (INTC), Capital One Financial (COF), Nestle (NSRGY), Cisco Systems (CSCO), Liz Claiborne (LIZ) and Trump Entertainment Resorts (TRMP) were today's noteworthy upgrades:
- Lehman upgraded shares of Intel Corp (NASDAQ: INTC) to Overweight from Equal-Weight as they believe Q2 sales will meet the high-end of guidance with Dell (DELL) and Hewlett-Packard (HPQ) restocking in preparation for an improved PC market.
- Friedman Billings upgraded Capital One Financial (NYSE: COF) to Outperform from Market Perform based on expected cost savings on restructuring initiatives.
- Deutsche Bank upgraded shares of Nestle (OTC: NSRGY) to Buy from Hold on valuation as they believe the stock has become the cheapest among the major European food companies.
- Credit Suisse upgraded Liz Claiborne (NYSE: LIZ) to Outperform from Neutral expecting management at its July 11th investor meeting to have a significant announcement regarding strategic alternatives for a large number of its brands.
- Merrill Lynch upgraded Cisco Systems (NASDAQ: CSCO) to Buy from Neutral as they believe Q4 expectations could be exceeded due to strong business demand. The broker finds shares inexpensive and also added CSCO to its U.S. 1 List.
OTHER UPGRADES:
- Chittenden Corp (NYSE: CHZ) was upgraded to Sector Perform from Underperform at RBC Capital.
- Goldman raised Alcon (NYSE: ACL) to Buy from Neutral.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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