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Analyst upgrades, downgrades and initiations: SNDK, POT, BK, ASIA ...

Analyst upgrades:
  • Thomas Weisel upgraded SanDisk (NASDAQ: SNDK) to Overweight from Market Weight due to accelerating manufacturing cost declines, potential NAND flash sourcing upside at Toshiba (OTC: TOSBF) and Samsung and an increase in 2H09 demand.
  • Oppenheimer upgraded Quality Systems (NASDAQ: QSII) to Perform from Underperform to reflect potential benefits from the stimulus package and channel checks that indicated IT budgets are stabilizing. The firm raised its target price on shares to $54 from $40.
  • RBC Capital upgraded OSI Pharmaceuticals (NASDAQ: OSIP) to Outperform from Sector Perform following positive Tarceva survey results and cites valuation.
  • Marriott (NYSE: MAR) was upgraded to Outperform from Market Perform at JMP Securities.
  • Grainger (NYSE: GWW) was upgraded to Buy from Neutral at BofA/Merrill.
  • Duncan Energy Partners (NASDAQ: DEP) was upgraded to Buy from Neutral at UBS.

Continue reading Analyst upgrades, downgrades and initiations: SNDK, POT, BK, ASIA ...

Dow Chemical (DOW) to sell Morton Salt for $1.675 billion

DOW logoDow Chemical (NYSE: DOW - option chain) shares are headed higher today after the company closed its acquisition of Rohm & Haas. This allows DOW to announce today it plans to sell Morton Salt to German company K+S Aktiengesellschaft for nearly $1.7 billion. This will help DOW stabilize its finances, which were left in a lurch when Kuwaiti financing on the Rohm & Haas deal fell through. Left out in the cold in this deal is Compass Minerals International (NYSE: CMP), a salt company that had been expected to get a bid from K+S. If you think that DOW won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on that stock.

DOW opened this morning at $9.46. So far today the stock has hit a low of $9.25 and a high of $9.75. As of 12:05, DOW is trading at $9.69, up 88 cents (10.0%). The chart for DOW looks neutral and S&P gives DOW a 3 STARS (out of 5) hold ranking.

Continue reading Dow Chemical (DOW) to sell Morton Salt for $1.675 billion

Analyst upgrades, downgrades and initiations: WFMI, CCE, S, XOM, JPM ...

Analyst upgrades:
  • KeyBanc upgraded Greenbrier (NYSE: GBX) to Buy from Hold as it believes the company has options to forestall covenant violations or bankruptcy, event if conditions deteriorate further.
  • Friedman Billings upgraded Whole Foods (NASDAQ: WFMI) to Market Perform from Underperform citing low expectations, favorable FTC settlement, progress on cost cutting, and valuation.
  • JP Morgan believes First Merit (NASDAQ: FMER) is one of the best positioned Midwest banks to weather the storm and notes its compelling valuation and capital levels. The firm upgraded shares to Overweight from Neutral.
  • Coca-Cola Enterprises (NYSE: CCE) was raised to Buy from Neutral at Goldman.
  • Newell Rubbermaid (NYSE: NWL) was upgraded to Buy from Neutral at Banc of America/Merrill.
  • Compass Minerals (NYSE: CMP) was lifted to Outperform from Perform at Oppenheimer.

Continue reading Analyst upgrades, downgrades and initiations: WFMI, CCE, S, XOM, JPM ...

Analyst upgrades, downgrades and initiations: WDC, NSTX, UBS, TIF, BA ...

Analyst upgrades:
  • Baird upgraded Western Digital (NYSE: WDC) and Seagate (NASDAQ: NSTX) to Outperform from Neutral citing better than expected industry conditions. The firm believes supply has tightened, resulting in price increases in certain market segments.
  • RBC Capital upgraded XTO Energy (NYSE: XTO) to Outperform from Sector Perform citing free cash flow and stable growth.
  • Goldman upgraded Manpower (NYSE: MAN) to Neutral from Sell and raised its target to $29 from $20 based on balanced risk/reward.
  • Energy Conversion (NASDAQ: ENER) was upgraded to Buy from Neutral at Piper Jaffray.
  • Infineon (NYSE: IFX) was raised to Hold from Sell at RBS.
  • NetSuite (NYSE: N) was upgraded to Acummulate from Source of Funds at ThinkEquity.

Continue reading Analyst upgrades, downgrades and initiations: WDC, NSTX, UBS, TIF, BA ...

Analyst downgrades 3-06:07: National City & Pathmark Stores downgraded

MOST NOTEWORTHY: Some of today's notable downgrades were National City Corp (NCC), Aeroflex Inc (ARXX) and Compass Minerals International (CMP):
  • Morgan Stanley cut National City Corp (NYSE: NCC) to Underweight from Equal-Weight with and $35 target to reflect increased losses on the company's remaining subprime loans and slower growth in the Midwest.
  • AG Edwards downgraded Aeroflex Inc (NASDAQ: ARXX) to Sell from Buy to reflect the company's acquisition agreement.
  • Matrix USA cut Compass Minerals Int'l (NYSE: CMP) to Strong Sell from Buy to reflect weak demand for deicing products.
OTHER DOWNGRADES:
  • CIBC downgraded Pathmark Stores Inc (NASDAQ: PTMK) to Sector Perform from Outperformer based on the Great Atlantic & Pacific Tea Co (NYSE: GAP) acquisition.
  • UBS cut Apria Healthcare Group Inc (NYSE: AHG) to Reduce from Neutral on valuation.
  • Goldman Sachs downgraded Progressive Gaming International Corp (NASDAQ: PGIC) and Strategic Hotels & Resorts Inc (NYSE: BEE) to Sell from Neutral.
  • Brean Murray cut Youbet.com (NASDAQ: UBET) to Hold from Buy based on increased competition concerns.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA+132.7910,450.95
NASDAQ+29.972,176.01
S&P 500+14.861,106.24

Last updated: November 24, 2009: 07:07 AM

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