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Analyst upgrades: PFE, DELL DGX and SCGLY

MOST NOTEWORTHY: Pfizer, Dell, Quest Diagnostics, and Societe Generale were today's noteworthy upgrades:
  • Lehman upgraded Pfizer (NYSE: PFE) to Equal Weight from Underweight on valuation.
  • Friedman Billings raised Dell (NASDAQ: DELL) to Outperform from Market Perform, citing expectations for improved margins next quarter, and valuation.
  • Quest Diagnostics (NYSE: DGX) was upgraded to Outperform from Neutral by Credit Suisse, which cited valuation.
  • Lehman upgraded shares of Societe Generale (OTC: SCGLY) to Overweight from Underweight to reflect a potential takeover by BNP Paribas and limited downside.
OTHER UPGRADES:

Analyst downgrades: BEAS, NOK, MHS, DGX and PETM

MOST NOTEWORTHY: BEA Systems, Nokia, Medco Health, Quest Diagnostics and PetSmart were today's noteworthy downgrades:
  • Citigroup downgraded shares of BEA Systems (NASDAQ: BEAS) to Hold from Buy on valuation following the $17/share offer by Oracle (NASDAQ: ORCL) as they think a public bidding war for the company is unlikely.
  • ABN Amro downgraded shares of Nokia Corporation (NYSE: NOK) to Hold from Buy on valuation and believes above consensus Q3 results are already priced into shares.
  • Wachovia downgraded Medco Health Solutions (NYSE: MHS) to Market Perform from Outperform on valuation.
  • The firm also downgraded Quest Diagnostics (NYSE: DGX) to Market Perform from Outperform, as they believe the prospects from stabilizing volumes and cost savings are reflected in valuation and Street estimates.
  • Credit Suisse downgraded shares of PetSmart (NASDAQ: PETM) to Neutral from Outperform citing aggressive pricing at Petco, accelerating growth initiatives, limited visibility around expense management, and lack of consistent results.
OTHER DOWNGRADES:

Analyst initiations: AMD, DGX, NWA and ODFL

MOST NOTEWORTHY: Old Dominion Freight (ODFL), Jamba (JMBA), AMD (AMD), Orbitz Worldwide (OWW) and Quest Diagnostics (DGX) were today's notable initiations:
  • Baird is positive on Old Dominion's (NASDAQ: ODFL) growth opportunities, valuation, 2008 improving truck fundamentals, and a potentially seasonally stronger Q4, starting shares with an Overweight rating and $36 target.
  • Merriman initiated Jamba (NASDAQ: JMBA) with a Buy rating, as the company aggressively expands its store base beyond California.
  • BMO Capital believes AMD (NYSE: AMD) may lose the Intel platform integrated graphics market, and sizeable Intel platform discrete graphics market share. The firm initiated AMD shares with an Underperform rating and $10 target.
  • Soleil has concerns regarding Orbitz Worldwide's (NYSE: OWW) decelerating growth and poorer business mix vs. competitors and started shares with a Hold rating and $13 target.
  • Credit Suisse initiated Quest Diagnostics (NYSE: DGX) with a Neutral rating and $61 target, citing the recent UnitedHealth (UNH) contract loss, slowing growth, and valuation for its Neutral rating...
OTHER INITIATIONS:
  • JMP Securities started ShoreTel (NASDAQ: SHOR) with a Market Outperform rating.
  • Credit Suisse initiated LabCorp (NYSE: LH) with an Outperform rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 4-24-07: ADM, QSFT, NSM, MXIM and UTX initiated today

MOST NOTEWORTHY: Four analog semiconductors, Archer Daniels Midland Co (ADM) and United Technologies Corp (UTX) were today's more noteworthy initiations:
  • Archer Daniels Midland Co (NYSE: ADM) was initiated with a Neutral rating at Banc of America based on expected declines in ethanol margins. JP Morgan started shares with an Overweight rating.
  • United Technologies (NYSE: UTX) was started with a Strong Buy rating at Matrix USA with a $90 intrinsic value...
OTHER INITIATIONS:
  • Merrill Lynch started BigBand Networks, Inc (NASDAQ: BBND) with a Neutral rating, ThinkEquity started shares with an Accumulate rating and $19 target, Jefferies started them with a Buy rating and Cowen started shares with an Outperform rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst upgrades 2-09-07: UPS delivers, Ford & GM revs their engines

MOST NOTEWORTHY: United Parcel Service Inc (UPS), Ford Motors (F), General Motors Corp (GM) and The Walt Disney Co (DIS) were today's notable upgrades:
  • Baird upgraded United Parcel Service Inc (NYSE: UPS) to Outperform from Neutral with an $86 target following the increased dividend and buyback to reflect valuation.
  • Deutsche Bank upgraded both Ford Motor Co (NYSE: F) and General Motors Corp (NYSE: GM) to Buy from Hold based on optimism the Big Three will seek an agreement with the United Auto Workers on health care. The firm believes such an agreement would improve the companies' flexibility in restructuring as well as profitability.
  • The Walt Disney Co (NYSE: DIS) was upgraded to Buy from Hold on positive fundamental trends at Matrix USA.
OTHER UPGRADES:
  • Quest Communications Int'l Inc (NYSE: Q) was upgraded to Hold from Sell at Stifel, as they believe the company's better-than-expected 2007 guidance and share buyback will create a near-term floor on the stock.
  • Citigroup upgraded DaimlerChrysler AG (NYSE: DCX) to Buy from Hold as they believe the company's optimization plan will prove successful.
  • UAL Corp (NASDAQ: UAUA) was added to Goldman Sachs America's Conviction Buy List with a $55 target.
  • JP Morgan upgraded the Semiconductor Sector to Bullish from Cautious as they believe utilization rates will bottom in the first quarter. Deutsche Bank also upgraded the Semiconductors to Overweight from Neutral as they believe fundamentals will bottom in the second-quarter and that valuations are attractive.
  • Bear Stearns upgraded GlaxoSmithKline plc ADR (NYSE: GSK) to Peer Perform from Underperform to reflect the better-than-expected 2007 outlook.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst upgrades 2-08-07: Cisco, Alcoa & Cheesecake Factory upgraded

MOST NOTEWORTHY: Cisco Systems Inc (CSCO) and Cheesecake Factory Inc (CAKE) were today's most notable upgrades:
  • Cisco Systems Inc (NASDAQ: CSCO) was upgraded at DA Davidson to Neutral from Sell with a $32 target, following better-than-expected second-quarter results.
  • Piper Jaffray upgraded Cheesecake Factory Inc (NASDAQ: CAKE) from Market Perform from Underperform on valuation.
OTHER UPGRADES:
  • Goldman Sachs added both Hewlett Packard Co (NYSE: HPQ) and McDonald's Corp (NYSE: MCD) to its Conviction Buy List.
  • JP Morgan upgraded Quest Communications Int'l Inc (NYSE: Q) to Overweight from Neutral based on valuation.
  • Citigroup upgraded Alcoa Inc (NYSE: AA) and Alcan Inc (NYSE: AL) to Buy from Hold to reflect a favorable outlook for metal prices.
  • Raymond James upgraded EMC Corp (NYSE: EMC) to Outperform from Market Perform following VMware's IPO announcement.
  • Wachovia upgraded Vornado Realty Trust (NYSE: VNO) to Outperform from Market Perform citing the company's withdrawal from the Equity Office Properties Trust (NYSE: EOP) bid process.
  • Baird upgraded Maguire Properties Inc (NYSE: MPG) to Neutral from Underperform with a $42 target.
  • Brean Murray upgraded Aeropostale Inc (NYSE: ARO) to Hold from Sell.
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: 06:34 AM

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