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Analyst upgrades, downgrades and initiations

Analyst upgrades:
  • Jefferies upgraded shares of Anadarko Petroleum Corporation (NYSE: APC) to Buy from Hold and raised the target to $79 from $52.50 on valuation and believes the company can use its strong cash flow position to acquire assets.
  • Baird said The Corporate Executive Board Company's (NASDAQ: EXBD) valuation is discounting a miss and that the company is well positioned as an early-cycle story with a new CFO, continued mid-market traction, and likely better than feared 2009 results. The firm upgraded shares to Outperform from Neutral and raised its target to $38 from $41.
  • Merrill upgraded Novartis AG (ADR) (NYSE: NVS) to Buy from Neutral and Sanofi-Aventis SA (ADR) (NYSE: SNY) and Shire Plc (ADR) (NASDAQ: SHPGY) to Buy from Underperform on valuation and defensive earnings.
  • Marshall & Ilsley Corporation (NYSE: MI) was upgraded to Market Perform from Underperform at Keefe Bruyette.
  • Barclays Plc (ADR) (NYSE: BCS) was raised to Hold from Sell at Citigroup.
  • Novellus Systems, Inc. (NASDAQ: NVLS) was upgraded at Soleil to Buy from Hold.

Continue reading Analyst upgrades, downgrades and initiations

Analyst initiations: JAVA, FTI, TPTX and EXEL

MOST NOTEWORTHY: Sun Microsystems (JAVA), FMC Technologies (FTI), TorreyPines (TPTX), and Exelixis (EXEL) were today's noteworthy initiations:
  • Sun Microsystems Inc (NASDAQ: JAVA) was initiated with a Market Perform at BMO Capital, which views the shares' risk/reward as favorable around $5.
  • FMC Technologies Inc (NYSE: FTI) was initiated with a Buy by Jefferies, which believes strong subsea fundamentals will drive strong earnings by the company.
  • TorreyPines Therapeutics Inc (NASDAQ: TPTX) was initiated with a Strong Buy at JMP Securities, which said PhIIb data in Q4 on the company's tezampanel drug could increase investor conviction on the first in-class drug.
  • Exelixis Inc (NASDAQ: EXEL) was initiated with a Buy by Lazard, which believes Exelixis has a promising pipeline.
OTHER INITIATIONS:

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: 04:14 PM

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