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Analyst downgrades: WB, AIG, BT, NOK, ERIC, ALU, TWTI, T

MOST NOTEWORTHY: Wachovia, American International Group and BT Group were today's noteworthy downgrades:

Oppenheimer downgraded shares of Wachovia (NYSE: WB) to Underperform from Perform as they believe the outlook is "bleak" for equity shareholders. The firm thinks Wachovia's expenses can't come down fast enough too offset earnings erosion.
Wachovia downgraded shares of American International Group (NYSE: AIG) to Market Perform from Outperform as they believe AIG's CDO valuations worsened in Q2, which could result in a $2B-$7B after tax "valuation adjustment." Wachovia expects the value of AIG's core insurance franchise to be obscured by its credit exposure.
Collins Stewart cut BT Group (NYSE: BT) to Hold from Buy on concerns surrounding the company's fiber network expansion.

OTHER DOWNGRADES:

Nokia (NYSE: NOK) was downgraded to Add from Buy at WestLB; the firm also lowered Ericsson (NASDAQ: ERIC) to Hold from Buy and Alcatel-Lucent (NYSE: ALU) to Sell from Hold.
Third Wave (NASDAQ: TWTI) was cut to Hold from Buy at Deutsche Bank.
AT&T (NYSE: T) was removed from Goldman's Conviction Buy List.

MOST NOTEWORTHY: Texas Industries, TransGlobe Energy and Level 3 Communications were today's noteworthy downgrades:

Stephens downgraded shares of Texas Industries (NYSE: TXI) to Equal Weight from Overweight as it believes higher energy costs will affect the company's ability to achieve its guidance. The firm lowered its target to $68 from $83.
Jefferies assumed coverage and downgraded shares of TransGlobe Energy (NYSE:TGA) to Hold from Buy as it sees limited upside until the company completes its seismic activity and can better quantify its exploratory reserve potential. The firm lowered its target to $5.25 from $6.50.
Citigroup downgraded Level 3 (NASDAQ: LVLT) to Sell from Hold as it believes the pullback in telecom valuations increases downside risk for the stock. Citigroup lowered their target price to $2.50 from $3.

OTHER DOWNGRADES:

Safeway (NYSE: SWY), Sysco (NYSE:SYY) and Whole Foods (NASDAQ: WFMI) were cut to Neutral from Buy at UBS.
Piper lowered Third Wave (NASDAQ:TWTI) to Neutral from Buy.
China Petroleum (NYSE: SNP) was lowered at JP Morgan to Underweight from Overweight.

MOST NOTEWORTHY: BJ's Wholesale, Affiliated Managers and Yahoo! were today's noteworthy downgrades:

Citigroup downgraded shares of BJ's Wholesale (NYSE: BJ) to Hold from Buy on valuation and views a takeout as less likely given the current credit market conditions.
Wachovia downgraded shares of Affiliated Managers (NYSE: AMG) to Market Perform from Outperform as they believe credit quality concerns and record commodity prices will hinder the company's recovery in equity flows.
Thomas Weisel downgraded Yahoo! (NASDAQ: YHOO) to Underweight from Market Weight based on visibility into fundamentals and another potential reorganization that will likely be met with skepticism.

OTHER DOWNGRADES:

Third Wave (NASDAQ: TWTI) was cut to Neutral from Outperform at Baird.
Charles Rivers Labs (NYSE: CRL) was lowered at Goldman to Neutral from Buy.
United Parcel Service (NYSE: UPS) was downgraded at Baird to Neutral from Outperform.
SAIC, Inc (NYSE: SAI) was downgraded to Neutral from Overweight at JP Morgan.

MOST NOTEWORTHY: Third Wave, DryShips and Hil-Rom Holdings were among today's noteworthy initiations:

Third Wave (NASDAQ: TWTI) was initiated with a Buy, target $12 at Deutsche which said the company is compelling small-cap opportunity in molecular diagnostics with an $1B-plus opportunity in the HPV market.
DryShips (NASDAQ: DRYS) was initiated with an Outperform, target $110 at Credit Suisse, which is positive on the company's growth opportunity and is bullish on dry bulk rates into 2009.
Hil-Rom Holdings (NYSE: HRC) was initiated with an Outperform at Oppenheimer which believes 2H08 will be an inflection point for Hill-Rom, with revenue, margin expansion, and earnings growth all beginning to accelerate. The firm believes that the company's performance will improve due to its efforts to complete spending on R&D, reinvigorate its brand, and find low-cost sourcing and manufacturing alternatives.

OTHER INITIATIONS:

Imperial Tobacco (NYSE: ITY) coverage was resumed with a Buy at Merrill Lynch.
ICU Medical (NASDAQ: ICUI) was initiated with a Buy, target $35 at Jesup & Lamont, which is positive on the company's valuation, strong balance sheet, growth in oncology and expectations for gross margin improvement.

Posted Nov 26th 2007 11:55AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations

MOST NOTEWORTHY: Concur Tech, TranS1 and Third Wave were today's noteworthy initiations:

Broadpoint initiated Concur Tech (NASDAQ: CNQR) with a Strong Buy rating and $40 target. The firm believes Concur has attractive growth drivers, room for leverage, and is a market leader for innovation and growth. Wachovia is positive on TraS1's AxiaLIF procedure in lumbar fusions as it is less invasive and patients have a faster recovery period. The firm views the potential market at over $1B and started shares off with an Outperform rating.
Shares of TranS1 (NASDAQ: TSON) were also initiated with a Buy rating and $27 target at Piper Jaffray, as they believe the company's focus on minimally invasive surgical technique for treating lower back pain provides a large market opportunity, and at Cowen with an Outperform rating, as they positive on TSON's minimally invasive platform in spinal fusions that should leaded rapid growth.
Collins Stewart said Third Wave (NASDAQ: TWTI) is on track to file PMA submissions for 2 new screening tests for HPV by early next year and started shares with a Buy rating and $11 target.

OTHER INITIATIONS:

Piper initiated Ardea Biosciences (NASDAQ: RDEA) with a Buy rating.
JP Morgan initiated Lukoil (NASDAQ: LUKOY) with a Neutral rating.
Cowen started shares of Limelight Networks (NASDAQ: LLNW) with a Neutral rating.