MOST NOTEWORTHY: UBS AG, Ansys and AstraZeneca were today's noteworthy upgrades:
Deutsche Bank upgraded shares of UBS AG (NYSE: UBS) to Buy from Hold after the company announced further write-downs and plans to boost capital.
Jefferies upgraded shares of Ansys (NASDAQ: ANSS) to Buy from Hold as they like the Ansoft (NASDAQ: ANST) acquisition and feel yesterday's sell-off creates an attractive entry point.
AstraZeneca (NYSE: AZN) was raised to Neutral from Underweight at JP Morgan following the positive Crestor study results.
OTHER UPGRADES:
Piper raised Akamai (NASDAQ: AKAM) to Buy from Neutral.
Goldman upgraded Hansen Natural (NASDAQ: HANS) to Buy from Neutral.
Vertex Pharma (NASDAQ: VRTX) was raised to Market Perform from Underperform at Wachovia and to Outperform from Neutral at Baird.
MOST NOTEWORTHY: Dreamworks Animation, Pharmasset and Vertex Pharmaceuticals were today's noteworthy initiations:
Jefferies initiated Dreamworks Animation (NYSE: DWA) with a Hold rating and $25 target. The firm believes the company needs stronger-than-expected box office performance to drive material share appreciation, which they view as a risky bet given recent non-Shrek film performance, slower DVD sales and a tough economy.
Merriman assumed coverage of Pharmasset (NASDAQ: VRUS) with a Buy rating, as they believe the current share price does not adequately reflect the company's strong clinical data, potential for clinical milestones, or potential for revenue generation. They believe shares could trade to a fair value range of $20-24 in the next 12 months.
Merriman initiated shares of Vertex Pharmaceutials (NASDAQ: VRTX) with a Neutral rating, and recommends investors hold pending a greater understanding of clinical timelines and results for other HCV drug candidates.
MOST NOTEWORTHY: Kelly Services, Iron Mountain, Covenant Transportation and the biotech sector were today's noteworthy upgrades:
Merrill Lynch upgraded Kelly Services Inc (NASDAQ: KELYA) to Neutral from Sell and Iron Mountain Incorporated (NYSE: IRM) to Buy from Neutral after they adjusted estimates in the group to reflect risks of a recession in the U.S.
AG Edwards upgraded shares of Covenant Transportation Group (NASDAQ: CVTI) to Buy from Hold as they believe the stock is oversold after the company was able to renegotiate its debt covenants without significant cost increases.
Netflix Inc (NASDAQ: NFLX) was upgraded to Hold from Sell at Wedbush. The firm also upgraded shares of Kenexa Corporation (NASDAQ: KNXA) to Buy from Hold.
MOST NOTEWORTHY: Pfizer Inc (PFE), Exxon Mobil Corp (XOM), ConocoPhillips (COP), Xerox Corp (XRX), and Amazon.com, Inc (AMZN) were some of today's noteworthy downgrades:
Prudential downgraded shares of Pfizer Inc (NYSE: PFE) to Neutral from Overweight with a $29 target to reflect concerns about competition from generic medications and a lack of new products.
Citigroup downgraded shares of Xerox Corp (NYSE: XRX) to Sell from Hold as the firm believes the acquisition of Global Systems could hurt profits in the short-term. The broker recommended trimming positions of Xerox on any strength.
Amazon.com (NASDAQ: AMZN) was cut to Underperform from Market Perform at Piper Jaffray based on valuation...
OTHER DOWNGRADES:
Stifel lowered its rating of Jones Soda Co (NASDAQ: JSDA) to Hold from Buy on valuation.
Deutsche Bank downgraded shares of Chevron Corp (NYSE: CVX) to Sell from Hold based on valuation.
MOST NOTEWORTHY: Some of today's more notable upgrades include Nokia Corp (NOK), SanDisk Corp (SNDK), RealNetworks, Inc (RNWK) and Vertex Pharmaceuticals Inc (VRTX):
Oppenheimer upgraded shares of Nokia Corp (NYSE: NOK) to Buy from Hold citing increased emerging markets demand, valuation, and expectations for upcoming N76 and Barracuda.
Oppenheimer also upgraded SanDisk Corp (NASDAQ: SNDK) to Buy from Neutral with a $50 target, as the firm believes the worst of seasonal price declines has occurred and that 2007 Samsung royalty revenues appear intact.
Goldman Sachs upgraded shares of RealNetworks Inc (NASDAQ: RNWK) to Neutral from Sell, citing valuation.
Vertex Pharma Inc (NASDAQ: VRTX) was upgraded to Neutral from Sell at Bank of America, citing valuation.
OTHER UPGRADES:
American Technology added Cephalon, Inc (NASDAQ: CEPH) to its Focus List as the firm believes the recent pullback provides a buying opportunity. The brokerage believes it sees a significant near-term catalyst with Nuvigil's PDUFA date of March 31, 2007.
Lehman upgraded Xilinx, Inc (NASDAQ: XLNX) to Overweight from Equal-Weight. Goldman upgraded Amdocs Ltd (DOX) to Buy from Neutral with a $41 target; the firm expects Amdocs to benefit from the health 2007 telco fundamentals.
UBS upgraded J.C. Penney Company (NYSE: JCP) to Buy from Neutral on valuation.
Citigroup upgraded shares of Radian Group Inc (RDN) in conjunction with their upgrade of MGIC Investment Corp (MTG), to Buy from Hold, to reflect the planned merger.
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MOST NOTEWORTHY: UBS AG, Ansys and AstraZeneca were today's noteworthy upgrades:.gif){kind=logo}
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