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Analyst downgrades: EDO, GM, CAM, GYI and MEND

MOST NOTEWORTHY: EDO Corp, General Motors, Cameron, Getty Images and Micrus Endovascular were today's noteworthy downgrades:
  • EDO Corporation (NYSE: EDO) was downgraded to Neutral from Outperform at Credit Suisse following the acquisition by ITT Corporation (NYSE: ITT). Shares were also downgraded to Market Weight from Overweight at Thomas Weisel and to Hold from Buy at B&T Capital.
  • Goldman downgraded shares of General Motors Corporation (NYSE: GM) to Neutral from Buy to reflect risk to the company's international and the slowing U.S. economy. Further, Goldman believes expectations for a deal over healthcare costs with unions are now priced into the stock.
  • Wachovia downgraded Cameron International (NYSE: CAM) to Market Perform from Outperform on valuation.
  • Kaufman Bros. downgraded shares of Getty Images Inc (NYSE: GYI) to Sell from Hold to reflect reduced expectations following the company's announced price reductions.
  • CIBC downgraded shares of Micrus Endovascular Corporation (NASDAQ: MEND) to Sector Performer from Outperformer following the company's lowered guidance..
OTHER DOWNGRADES:

Analyst upgrades 5-24-07: CSG, HNZ, IP, NYT and OVEN

MOST NOTEWORTHY: New York Times Co (NYT), New York Community Bancorp, Inc (NYB), Cadbury Schweppes plc (CSG), International Paper Co (IP) and TurboChef Technologies, Inc (OVEN) were today's noteworthy upgrades:
  • JP Morgan upgraded shares of the New York Times Co (NYSE: NYT) to Neutral from Underweight to reflect easier advertising sales comparisons the rest of the year and the possibility for a stepped-up buyback program.
  • Bernstein upgraded shares of Cadbury Schweppes (NYSE: CSG) to Outperform from Market Perform and revised its sum-of-the-parts and "real options" analysis. The firm still sees major upside and limited downside at these levels.
  • Matrix believes higher selling prices and lower costs are improving profit margins at International Paper (NYSE: IP).
OTHER UPGRADES:
  • Citigroup upgraded H.J. Heinz Co (NYSE: HNZ) to Buy from Hold with a $52 target.
  • Buckingham raised Eaton Corp (NYSE: ETN) to Strong Buy from Accumulate.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 3-20-07: Nokia, Teva Pharma & Texas Insturments initiated today

MOST NOTEWORTHY: CKE Restaurants. Inc (CKR), Texas Instruments Inc (TXN), SurModics, Inc (SRDX), Nokia Corp (NOK) and DirecTV Group, Inc (DTV) were today's notable initiations:
  • Wedbush initiated CKE Restaurants (NYSE: CKR) with a Buy rating and $25 target.
  • Wachovia resumed coverage of Texas Instruments Inc (NYSE: TXN) with an Outperform rating, as the firm believes that TXN's fundamentals have bottomed and the valuation is attractive.
  • SurModics Inc (NASDAQ: SRDX) was initiated with an Underperform rating and $28 target at Piper Jaffray. Piper doesn't see a near-term catalyst to move shares higher given a lack of visibility regarding new licenses.
  • Nokia (NYSE: NOK) was initiated at Nollenberger with a Neutral rating.
  • HSBC started DirecTV (NYSE: DTV) with an Underweight rating and $21 target.
OTHER INITIATIONS:
  • Stanford initiated Armor Holdings, Inc (NYSE: AH) with a Buy rating and $80 target.
  • Wedbush initiated Jack in the Box Inc (NYSE: JBX) with a Hold rating and $68 target, citing the company's operational improvements and benefits from ongoing refranchising and share repurchases are fully reflected in the stock price.
  • Canadian Pacific Railway Ltd (NYSE: CP) was initiated with a Sector Performer rating at CIBC.
  • Stifel initiated Medical Properties Trust, Inc (NYSE: MPW) with a Hold rating.
  • Bear Stearns initiated Teva Pharmaceutical Industries Ltd (NASDAQ: TEVA) with a Peer Perform rating.
  • Thomas Wiesel initiated shares of Cepheid (NASDAQ: CPHD) and Luninex Corp (NASDAQ: LMNX) with Overweight ratings.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 12, 2012: 08:25 AM

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