- Deutsche Bank upgraded Garmin (NASDAQ: GRMN) to Hold from Sell as it believes the company's second half of 2009 is tracking better than expected due to retailer restocking. Deutsche raised its target on shares to $33 from $15 but thinks Garmin's long-term trends remain unfavorable.
- Goldman upgraded Fortune Brands (NYSE: FO) to Buy from Neutral citing potential EPS improvement driven by the Home division. Fortune Brands price target to $49 from $45. Note that the firm downgraded General Mills to Neutral from Buy.
- Oppenheimer upgraded FPIC Insurance (NASDAQ: FPIC) to Outperform from Perform to reflect the company's acquisition of Advocate MD and management's commitment to share repurchases. The firm set a $49 price target on the stock.
- PPG Industries (NYSE: PPG) and Olin Corp. (NYSE: OLN) were upgraded to Neutral from Sell at UBS.
- Synovus (NYSE: SNV) was upgraded to Neutral from Underperform at BofA/Merrill.
- Take-Two (NASDAQ: TTWO) was upgraded to Overweight from Neutral at Piper Jaffray.
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FeedAnalyst upgrades, downgrades and initiations: ADBE, GIS, MAR, S, TTWO, VZ ...
Continue reading Analyst upgrades, downgrades and initiations: ADBE, GIS, MAR, S, TTWO, VZ ...
Analyst calls: AAPL, NCC, NT, TLAB, TTWO, TSCM, HOT, CHK ...
Analyst upgrades:- Oppenheimer upgraded shares of National City (NYSE: NCC) to Outperform from Perform on valuation as they believe the bank is not seeing a mass exodus of depositors.
- Wachovia upgraded Brookfield Infrastructure (NYSE: BIP) to Outperform from Market Perform due to what the firm sees as the company's solid cash flow growth outlook, strong balance sheet, and discounted valuation.
- Baird upgraded Tellabs (NASDAQ: TLAB) to Outperform from Neutral citing valuation and improving 2009 prospects from 8800, 8600, and 7100 products and better Opex management..
- Take-Two (NASDAQ: TTWO) was upgraded to Outperform from Neutral at Cowen.
- UBS raised Nortel Networks (NYSE: NT) to Buy from Neutral.
- Borg-Warner (NYSE: BWA) was raised to Buy from Hold at Keybanc.
- Merriman downgraded shares of TheStreet.com (NASDAQ: TSCM) and Bankrate (NASDAQ: RATE) to Neutral from Buy to reflect concerns about display advertising trends and the company's above average exposure to the financial vertical.
- Baird downgraded Monaco Coach (NYSE: MNC) to Neutral from Outperform and Thor Industries (NYSE: THO) and Winnebago Industries (NYSE: WGO) to Underperform from Neutral citing valuations and checks that indicate "dreadful" fundamentals.
- RBC Capital downgraded Apple (NASDAQ: AAPL) to Sector Perform from Outperform citing weakening consumer spending, reduced visibility, and risks to valuation. The company's target was lowered to $140 from $200.
Continue reading Analyst calls: AAPL, NCC, NT, TLAB, TTWO, TSCM, HOT, CHK ...
Analyst downgrades: Anadigics, Crystal River Capital, Canadian Solar
MOST NOTEWORTHY: Anadigics, Crystal River Capital and Canadian Solar were today's noteworthy downgrades:
- Oppenheimer downgraded shares of Anadigics (NASDAQ: ANAD) to Perform from Outperform on valuation following the recent run-up.
- Wachovia downgraded Crystal River Capital (NYSE: CRZ) to Market Perform from Outperform citing the uncertain near-term strategic outlook.
- Broadpoint downgraded shares of Canadian Solar (NASDAQ: CSIQ) to Buy from Strong Buy on valuation following yesterday's rally but raised their target to $45 from $29.
OTHER DOWNGRADES:
- UBS cut Sunstone Hotel Investors (NYSE: SHO) to Neutral from Buy.
- KeyBanc downgraded Wabtec (NYSE: WAB) to Hold from Buy.
- Goldman downgraded Fiserv (NASDAQ: FISV) to Neutral from Buy.
- Suntrust downgraded Spectrum Brands (NYSE: SPC) to Neutral from Buy.




