MOST NOTEWORTHY: Cisco Systems (CSCO), Finisar Corp (FNSR), Tenet Healthcare (THC), Best Buy (BBY) and Cascade Corp (CAE) were today's noteworthy upgrades:
- Bear Stearns upgraded shares of Cisco Systems (NASDAQ: CSCO) to Outperform from Peer Perform, with a $36 target, after the quarterly results as they believe revenue growth is sustainable and diversified. Bear expects Cisco to benefit from significant new product cycles over the next two years and believes investments in emerging markets are beginning to pay off.
- Merriman upgraded Finisar (NASDAQ: FNSR) to Buy from Neutral to reflect the improved outlook at their top customer, Cisco.
- Tenet Healthcare (NYSE: THC) was upgraded to Hold from Sell at Stifel, as the firm expects shares to remain range bound.
- Pali Capital raised shares of Best Buy (NYSE: BBY) to Buy from Neutral with a $55 target on valuation as they believe the bad news is already priced in.
- Cascade (NYSE: CAE) was upgraded to Market Perform from Underperform at Rodman & Renshaw on valuation.
OTHER UPGRADES:
- Warner Music (NYSE: WMG) was upgraded to Buy from Sell with a $13 target at Citigroup.
- Citigroup also upgraded shares of Copa Holdings (NYSE: CPA) to Buy from Hold with a $71 target.
- Computer Sciences (NYSE: CSC) was raised to Hold from Underperform at Jefferies on valuation and improvement in bookings.
- Morgan Stanley upgraded ABB Ltd (NYSE: ABB) to Overweight from Equal Weight.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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