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Analyst calls: GM, F, CB, MER, LLY, UL, BRCM, AAPL, PALM ...

Analyst upgrades:
  • Merrill upgraded shares of General Motors (NYSE: GM) and Ford (NYSE: F) to Neutral from Underperform on expectations for fundamentals to improve in 2009.
  • Citigroup upgraded Chubb (NYSE: CB) and Travelers Group (NYSE: TRV) to Buy from Hold as they expect the company to benefit from the AIG (NYSE: AIG) fallout. The firm raised Chubb's target to $57 from $56 and Travelers Group's target to $51.50 from $49.50.
  • Credit Suisse upgraded shares of SAP AG (NYSE: SAP) to Outperform from Neutral as they believe margin expansion can drive higher profitability.
  • JetBlue (NASDAQ: JBLU) was upgraded to Buy from Hold at Argus.
  • Goldman raised Merrill Lynch (NYSE: MER) to Neutral from Sell.
  • NetLogic (NASDAQ: NETL) was upgraded to Buy from Neutral at Piper.
Analyst downgrades:
  • JP Morgan downgraded Eli Lilly (NYSE: LLY) to Underweight from Neutral citing the company's early stage pipeline and generic competition.
  • Merrill downgraded Unilever (NYSE: UL) to Neutral from Buy as they believe the incoming CEO is unlikely to bring a major restructuring or split up the company.

Continue reading Analyst calls: GM, F, CB, MER, LLY, UL, BRCM, AAPL, PALM ...

Analyst initiations: Exar, Diamond Management, Medivation

MOST NOTEWORTHY: Exar, Diamond Management and Medivation were today's noteworthy initiations:
  • B. Riley thinks shares of Exar Corp. (NYSE: EXAR) are near a bottom given the balance sheet support at $6.47/share and prospect for a return to positive EBITDA as early as the June quarter. The firm initiated coverage with a Buy rating and $10 target.
  • B. Riley initiated Diamond Management & Technology (NASDAQ: DTPI) with a Buy rating and $10 target and expects the company's strong growth to continue. The firm also sees margin expansion opportunities.
  • Roth Capital assumed coverage of Medivation (NASDAQ: MDVN) with a Buy rating and $21 target, as they believe the company's Dimebon for Alzheimer's is a persuasive story and that the company's pipeline has strong potential.
OTHER INITIATIONS:
  • UBS started DuPont (NYSE: DD) and Monsanto (NYSE: MON) with Neutral ratings and targets of $48 and $125, respectively.
  • Siemens (NYSE: SI) was initiated with an Overweight rating at Morgan Stanley.

Analyst downgrades 3-14-07: Fore! Golfsmith cut to Neutral at JP Morgan

MOST NOTEWORTHY: Granite Construction Inc (GVA), Sunterra Corp (SNRR), Halliburton Co (HAL) and Golfsmith International Holdings, Inc (GOLF) were today's notable downgrades:
  • Matrix USA downgraded Granite Construction Inc (NYSE: GVA) to Sell from Buy on valuation.
  • CL King cut Sunterra Corp (OTC: SNRR) to Neutral from Strong Buy.
  • UBS removed Halliburton Co (NYSE: HAL) from its U.S. Strategic Stock Selections List.
  • JP Morgan cut Golfsmith (NASDAQ: GOLF) to Neutral from Overweight, cutting risk to full-year guidance.
OTHER DOWNGRADES:
  • Bank of America cut Spirit Finance Corp (NYSE: SFC) to Neutral from Buy following news that an Australia-based consortium led by Macquarie Bank Ltd will acquire Spirit for $14.50/share.
  • Baird downgraded Diamond Management & Technology Consultants Inc (NASDAQ: DTPI) to Neutral from Outperform following its lowered Q4 outlook.
  • Goldman cut Holly Energy Partners (NYSE: HEP) to Neutral from Buy on valuation.
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: 05:49 PM

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