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Analyst upgrades, downgrades and initiations

MOST NOTEWORTHY UPGRADES:

MOST NOTEWORTHY DOWNGRADES:
  • Broadpoint downgraded shares of Cache Inc. (NYSE: CACH) to Neutral from Buy and lowered their estimates after the company reduced its Q4 guidance. The broker also removed its $21 target.
  • Piper downgraded shares of Salix Pharmaceuticals (NASDAQ: SLXP) to Sell from Neutral to reflect concerns over the company's IBD franchise and potential Xifaxan patent concerns.

MOST NOTEWORTHY INITIATIONS:
  • Pacific Crest initiated shares of SuccessFactors (NASDAQ: SFSF) with an Outperform rating and $18 target, and believes the company has better visibility than its On-Demand peers with 2.5 year deals.

Analyst initiations 3-16-07: Cabela's, Time Warner & Callaway Golf initiated today

MOST NOTABLE: Cabela's Inc (CAB), Time Warner Inc (TWX), Open Text Corp (OTEX) and Tortoise Capital Resources Corp (TTO) were some of today's more notable initiations:
  • Cabela's inc (NYSE: CAB) was initiated with an Outperform rating and $30 target. The firm is confident in Cabela's outlook given the company's substantial store expansion opportunities, encouraging operating environment and valuation.
  • Time Warner (NYSE: TWX) was started with a Buy rating and $25 target at UBS.
  • Benchmark initiated Open Text Corp (NASDAQ: OTEX) with a Sell rating.
  • Tortoise Capital Resources (NYSE: TTO )was initiated by both Ferris Baker and Stifel with a Buy rating.
OTHER INITIATIONS:
  • CIBC initiated Volterra Semiconductor Corp (NASDAQ: VLTR) with a Sector Performer rating.
  • Goldman initiated Savvis, Inc (NASDAQ: SVVS) with a Buy rating and $50 target.
  • Cowen started Cogent Communications Group, Inc (NASDAQ: CCOI) with an Outperform rating.
  • Avondale initiated Callaway Golf Co (NYSE: ELY) with a Market Outperform rating and $20 target.
  • ThinkEquity started Adventrx Pharmaceuticals, Inc (NYSE: ANX) with a Buy rating and $5 target.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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Last updated: February 13, 2012: 12:20 PM

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