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Analyst upgrades: SIRI, RSH, MHP, IBKC, BOOM and BRL

MOST NOTEWORTHY: IberiaBank, Dynamic Materials and Barr Pharmaceuticals were today's noteworthy upgrades:
  • Keefe Bruyette upgraded shares of IberiaBank (NASDAQ: IBKC) to Market Perform from Underperform after the company announced that Pulaski has assumed the insured deposits of ANB Financial of Bentonville, Arkansas.
  • KeyBanc upgraded Dynamic Materials (NASDAQ: BOOM) to Buy from Hold citing stability in base business, valuation, and the added benefit associated with a European competitor being acquired.
  • Cowen raised Barr Pharma (NYSE: BRL) to Outperform from Neutral citing the recent pullback.
OTHER UPGRADES:
  • Goldman added McGraw-Hill (NASDAQ: MHP) to its Conviction Buy List.
  • RBC Capital raised RadioShack (NYSE: RSH) to Sector Perform from Underperform.
  • Sirius Satellite (NASDAQ: SIRI) was upgraded at Merrill Lynch to Neutral from Sell.

Analyst downgrades: Garmin, Express Scripts, ArQule

MOST NOTEWORTHY: Garmin, Express Scripts and ArQule were today's noteworthy downgrades:
  • Deutsche Bank downgraded shares of Garmin Ltd. (NASDAQ: GRMN) to Hold from Buy and lowered their target to $90 from $125 after channel checks at CES raised concerns about competitive pressure in the U.S. and pricing. Deutsche sees increasing uncertainty for 2008.
  • Express Scripts (NASDAQ: ESRX) was lowered to Market Perform from Outperform based on valuation and risk to 2008 guidance.
  • Banc of America downgraded shares of ArQule (NASDAQ: ARQL) to Neutral from Buy following the departure of CEO Dr. Stephen Hill, to reflect greater execution risk and uncertainty.
OTHER DOWNGRADES:
  • Keefe Bruyette downgraded IberiaBank (NASDAQ: IBKC) to Underperform from Market Perform.
  • JMP Securities lowered Red Lion Hotels (NYSE: RLH) to Market Outperform from Strong Buy.
  • Bear Stearns downgraded Family Dollar (NYSE: FDO) to Underperform from Peer Perform.

Symbol Lookup
IndexesChangePrice
DJIA-344.6511,188.23
NASDAQ-74.692,259.04
S&P 500-38.151,236.83

Last updated: September 05, 2008: 01:00 AM

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