- Intel (INTC) was upgraded to buy from neutral at UBS.
- Wells Fargo upgraded MetroPCS (PCS), Coventry Health (CVH) and Scientific Games (SGMS) to outperform from market perform.
- Estee Lauder (EL) was upgraded to overweight from equal weight at Barclays.
- Simon Property (SPG) was upgraded to buy from hold at Jefferies.
- Citigroup upgraded BreitBurn Energy (BBEP) to buy from hold.
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Analyst downgrades: International Paper, Dynavax Tech, Telecom Italia
MOST NOTEWORTHY: International Paper, Dynavax Tech and Telecom Italia were today's noteworthy downgrades:- JP Morgan downgraded International Paper (NYSE: IP) to Neutral from Overweight and said its purchase of Weyerhaeuser's (NYSE: WY) containerboard business will shift the company's focus back to North America and result in a less attractive product mix given increased OCC exposure.
- Merriman downgraded shares of Dynavax Tech (NASDAQ: DVAX) to Neutral from Buy after the company's hepatitis B vaccine was placed on clinical hold.
- Merrill cut Telecom Italia (NYSE: TI) to Neutral from buy as they expect stronger competition and regulatory measures to cut prices.
- Bear Stearns (NYSE: BSC) was downgraded to Neutral from Accumulate at Buckingham.
- ViewPoint Financial (NASDAQ: VPFG) was lowered to Market Perform from Outperform at Keefe Bruyette.
- Bear downgraded Siemens (NYSE: SI) to Peer Perform from Outperform.
Analyst upgrades: WMB, KRC and DVAX
MOST NOTEWORTHY: Williams, Kilroy Realty and Dynavax Tech were today's noteworthy upgrades:- RBC upgraded shares of Williams (NYSE: WMB) to Outperform from Sector Perform to reflect their expectation for three years of double-digit production growth in the company's E&P business.
- Kilroy Realty (NYSE: KRC) was upgraded to Outperform from Neutral as they believe the current valuation does not reflect the company's pure asset value.
- Oppenheimer upgraded shares of Dynavax Tech (NASDAQ: DVAX) to Outperform from Perform as they expect positive phase III results for Heplisav around mid-2008, driving shares higher.
- UBS raised Linear Tech (NASDAQ: LLTC) and Nalco Holding (NYSE: NLC) to Buy from Neutral.
- JP Morgan raised its rating on Verenium (NASDAQ: VRNM) to Neutral from Underweight.
- Discover (NYSE: DFS) was upgraded to Overweight from Underweight at Morgan Stanley.
Analyst initiations: AMD, INTC, NTCT, GUID and NDAQ
MOST NOTEWORTHY: Advanced Micro Devices, Intel Corporation, Netscout Systems, Guidance Software and Nasdaq were today's noteworthy initiations:- Morgan Stanley started shares of Advanced Micro Devices Inc (NYSE: AMD) and Intel Corporation (NASDAQ: INTC) with Underweight ratings and a $11 target and $22 target, respectively. The firm recommends selling shares of both as they expect an inventory correction and increasingly aggressive price environment.
- Kaufman Brothers initiated shares of Netscout Systems Inc (NASDAQ: NTCT) with a Buy rating and $13.50 target. The firm is positive on the Network General acquisition and believes successful integration as well as continued improvement in sales execution will drive shares higher.
- Roth Capital resumed coverage of Guidance Software Inc (NASDAQ: GUID) with a Buy rating and $15 target and said the company is the market leader for digital forensics and that new regulations have accelerated electronic discovery in the forensic market.
- Jefferies started shares of The Nasdaq Stock Market Inc (NASDAQ: NDAQ) with a Buy rating and $45 target and believes the company's relative underperformance over the past two years creates an attractive entry point as earnings are poised to accelerate.
- Credit Suisse initiated the small-cap biotechnology sector, starting shares of Poniard Pharmaceuticals Inc (NASDAQ: PARD), Dyax Corp (NASDAQ: DYAX) and Dynavax Technologies Corporation (NASDAQ: DVAX) with Outperform ratings and targets of $9, $7 and $8, respectively.
- Broadpoint initiated Lululemon Athletica Inc (NASDAQ: LULU) with a Neutral rating.
- JP Morgan started shares of Vornado Realty Trust (NYSE: VNO) and Douglas Emmett Inc (NYSE: DEI) with Neutral ratings.
Analyst initiations 6-07-07: Pharmaceutical companies, timber and KONA
MOST NOTEWORTHY: Select pharmaceutical companies, timber companies and Kona Grill Inc (NASDAQ: KONA) and were today's noteworthy initiations: - Medarex Inc (NASDAQ: MEDX) was initiated with a Positive rating at Susquehanna. The firm said Medarex has multiple drivers include a potential buyout by one of its existing partners, as well as clinical progress and the success of its technology platform in monoclonal antibody therapeutics.
- Susquehanna also initiated shares of Dyax Corporation (NASDAQ: DYAX), Millennium Pharmaceuticals Inc (NASDAQ: MLNM), and Idera Pharmaceuticals Inc (AMEX: IDP) with Neutral ratings and Dynavax Technologies Corporation (NASDAQ: DVAX) and Coley Pharmaceutical Group Inc (NASDAQ: COLY) with Positive ratings.
- Rayonier Inc (NYSE: RYN), Plum Creek Timber Company Inc (NYSE: PCL) and Weyerhaeuser Company (NYSE: WY) were initiated with Buy ratings at Merrill Lynch.
- Kona Grill was initiated with an Outperform rating at Cowen. The firm believes Kona can grow its asset base 10-fold at strong store-level cash-on-cash ROICs.
- Jefferies initiated shares of Input/Output Inc (NYSE: IO) with a Buy rating and $19 target.
- Goldman Sachs initiated shares of Minerals Technologies Inc (NYSE: MTX) with a Buy rating and $80 target.
- JP Morgan initiated shares of Orexigen Therapeutics Inc (NASDAQ: OREX) with an Overweight rating and is positive on the company's obesity pipeline.
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