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Analyst upgrades 8-08-07: BBY, CSCO, THC and WMG

MOST NOTEWORTHY: Cisco Systems (CSCO), Finisar Corp (FNSR), Tenet Healthcare (THC), Best Buy (BBY) and Cascade Corp (CAE) were today's noteworthy upgrades:
  • Bear Stearns upgraded shares of Cisco Systems (NASDAQ: CSCO) to Outperform from Peer Perform, with a $36 target, after the quarterly results as they believe revenue growth is sustainable and diversified. Bear expects Cisco to benefit from significant new product cycles over the next two years and believes investments in emerging markets are beginning to pay off.
  • Merriman upgraded Finisar (NASDAQ: FNSR) to Buy from Neutral to reflect the improved outlook at their top customer, Cisco.
  • Tenet Healthcare (NYSE: THC) was upgraded to Hold from Sell at Stifel, as the firm expects shares to remain range bound.
  • Pali Capital raised shares of Best Buy (NYSE: BBY) to Buy from Neutral with a $55 target on valuation as they believe the bad news is already priced in.
  • Cascade (NYSE: CAE) was upgraded to Market Perform from Underperform at Rodman & Renshaw on valuation.
OTHER UPGRADES:
  • Warner Music (NYSE: WMG) was upgraded to Buy from Sell with a $13 target at Citigroup.
  • Citigroup also upgraded shares of Copa Holdings (NYSE: CPA) to Buy from Hold with a $71 target.
  • Computer Sciences (NYSE: CSC) was raised to Hold from Underperform at Jefferies on valuation and improvement in bookings.
  • Morgan Stanley upgraded ABB Ltd (NYSE: ABB) to Overweight from Equal Weight.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst downgrades 7-11-07: ATVI, CME, HLT and TSM

MOST NOTEWORTHY: Today's noteworthy downgrades involved Hilton Hotels Corp (HLT), TransAlta Corp (TAC), Cascade Corp (CAE), Activison (ATVI) and Atheros Communications (ATHR):
  • Stifel downgraded Hilton Hotels (NYSE: HLT) to Hold from Buy at Stifel based on the recent acquisition.
  • TD Newcrest cut TransAlta (NYSE: TAC) to Sell from Hold and doesn't consider an LBO of the company likely.
  • Rodman cut Cascade (NYSE: CAE) to Market Underperform from Market Perform based on valuation.
  • Activision (NASDAQ: ATVI) was downgraded to Neutral from Outperform at JP Morgan based on valuation and the competitive environment.
OTHER DOWNGRADES:
  • Needham downgraded Kyphon (NASDAQ: KYPH) to Buy from Strong Buy.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 3-12-07: InterMune & Riverbed Tech initiated today

MORE NOTEWORTHY: InterMune, Inc (ITMN), Riverbed Technology, Inc (RVBD), Credence Systems Corp (CMOS) and MWI Veterinary Supply, Inc (MWIV) were today's more notable initiations:
  • American Technology started InterMune Inc (NASDAQ: ITMN) with a Buy rating and $29 target as the firm believes the recent share weakness in InterMune provides a buying opportunity. The firm expects significant news flow from the ITMN-191 program over the next 12 months to provide positive catalysts to shares.
  • Pacific Crest initiated Riverbed Technology Inc (NASDAQ: RVBD) with an Underperform rating and $22 target, citing valuation.
  • Credit Suisse started Credence Systems (NASDAQ: CMOS) with an Underperform rating and $3 target.
  • JP Morgan started MWI Veterinary (NASDAQ: MWIV) with an Overweight rating, saying industry fundamentals are favorable and MWIV's growth prospects are strong.
OTHER INITIATIONS:
  • UBS & Merrill Lynch both started Duncan Energy Partners (NYSE: DEP) with a Neutral rating.
  • Employers Holdings, Inc (NYSE: EIG) was initiated with an Equal-Weight rating at Morgan Stanley.
  • Needham initiated Cascade Microtech, Inc (NASDAQ: CSCD) with a Buy rating and $18 target.
  • Credit Suisse assumed coverage of Teradyne, Inc (NYSE: TER) and Amkor Technology (NASDAQ: AMKR) with a Neutral rating and $17 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA+44.2910,291.26
NASDAQ+15.822,166.90
S&P 500+5.501,098.51

Last updated: November 11, 2009: 09:50 PM

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