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Analyst upgrades: FLR, FWRD and MDR

MOST NOTEWORTHY: Fluor, Forward Air and McDermott were today's noteworthy upgrades:
  • Citigroup upgraded shares of Fluor (NYSE: FLR) to Buy from Hold to reflect the company's strong performance and backlog in Q4 and raised their target to $190.50 from $158.
  • Baird upgraded Forward Air (NASDAQ: FWRD) to Outperform from Neutral citing near-term growth initiatives that are gaining traction.
  • Citigroup also upgraded shares of McDermott (NYSE: MDR) to Buy from Hold to reflect the company's strong Q4 performance and rising commodity prices.
OTHER UPGRADES:

Analyst upgrades: UBS, PLD, AMB, NVT and PDLI

MOST NOTEWORTHY: UBS AG, ProLogis, AMB Property, Navteq and PDL BioPharma were today's noteworthy upgrades:
  • JP Morgan upgraded shares of UBS (NYSE: UBS) to Neutral from Underweight as they believe the company can start fresh after yesterday's pre-announcement.
  • Banc of America upgraded shares of ProLogis (NYSE: PLD) and AMB Property (NYSE: AMB) to Buy from Neutral to reflect their positive outlook on global industrial REITs and believes they are positioned to benefit from global demand for industrial space.
  • Navteq Corporation (NYSE: NVT) was upgraded at Deutsche Bank to Hold from Sell to reflect the acquisition by Nokia Corporation (NYSE: NOK).
  • Wachovia raised shares of PDL BioPharma Inc (NASDAQ: PDLI) to Outperform from Market Perform following the CEO resignation and potential sale of the company.
OTHER UPGRADES:

Analyst downgrades: AZN, CNTY, DBD and DHI

MOST NOTEWORTHY: Sonic Automotive (SAH), Hawaiian Electric (HE), AstraZeneca (AZN), AMB Property (AMB) and ProLogis (PLD) were today's noteworthy downgrades:
  • Hawaiian Electric (NYSE: HE) was cut to Underweight from Equal Weight at Lehman based on valuation and the regulatory environment.
  • AstraZeneca (NYSE: AZN) was downgraded to Equal Weight from Overweight at MorganStanley based on the reduced buyback, the $1.6B restructuring charge and potential for Nexium generics in Europe.
  • Citigroup cut AMB Property (NYSE: AMB) and ProLogis (NYSE: PLD) to Sell from Hold citing the tight capital markets and the impact on costs for the downgrades...
OTHER DOWNGRADES:
  • Keybanc downgraded shares of Diebold (NYSE: DBD) to Hold from Buy.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst upgrades 5-30-07: Coca-Cola upgraded to Buy

MOST NOTEWORTHY: Coca-Cola (KO), Fiserv, Inc (FISV) and several real estate companies were today's noteworthy upgrades:
OTHER UPGRADES:
  • RBC Capital upgraded Texas Roadhouse (NASDAQ: TXRH) to Outperform from Sector Perform, citing valuation and improved EPS outlook.
  • Kenexa Corp (NASDAQ: KNXA) was upgraded to Outperform from Neutral at Credit Suisse, citing valuation and reduced risk from the BrassRing acquisition.
  • Goldman Sachs added Foster Wheeler (NASDAQ: FWLT) added to its Conviction Buy List, citing valuation and leverage to energy infrastructure build and power.
  • Goldman also added ProLogis (NYSE: PLD) to its Conviction Buy list, citing upside to FFO guidance, favorable domestic and international demand and above-average development margins.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA+203.5210,226.94
NASDAQ+41.622,154.06
S&P 500+23.781,093.08

Last updated: November 10, 2009: 06:54 AM

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