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Analyst downgrades: CTXS, ACAD and TRGL

MOST NOTEWORTHY: Citrix Systems, Acadia Pharmaceuticals and Toreador Resources were today's noteworthy downgrades:

Friedman Billings downgraded Citrix Systems (NASDAQ: CTXS) to Market Perform from Outperform citing the departure of key executive John Burris, head of CTXS's sales and services organization. The firm lowered the target to $37 from $43.
Banc of America cut Acadia Pharmaceuticals (NASDAQ: ACAD) to Sell from Buy following news the company's Phase IIb trial with ACP-104 for the treatment of schizophrenia did not meet its primary endpoint.
Jefferies downgraded shares of Toreador Resources (NASDAQ: TRGL) to Underperform from Hold as they believe the breakdown in negotiations to sell a portion of the company's Black Sea interests raises concerns over financing and development efforts.

OTHER DOWNGRADES:

Calgon Carbon (NYSE: CCC) was downgraded to Sell from Hold at Morgan Joseph.
Deutsche Bank downgraded W-H Energy Services (NYSE: WHQ) to Hold from Buy.
Cinemark (NYSE: CNK) and WPP Group (NASDAQ: WPPGY) were downgraded to Equal Weight from Overweight at Morgan Stanley.

MOST NOTEWORTHY: Intermec, Brasil Telecom and W-H Energy Services were today's most noteworthy upgrades:

Intermec (NYSE: IN) was upgraded to Hold from Sell at Standford Financial Group. After Intermec's stock fell 10.5% since April 1, and 5.1% on Friday, Stanford believes most of the bad news is priced into the stock.
Brasil Telecom (NYSE: BRP) was upgraded to Buy from Hold at Deutsche Bank and raised their target to $90 from $87 as they believe the recent weakness presents a good buying opportunity.
W-H Energy Services (NYSE: WHQ) was upgraded to Buy from Hold at Deutsche Bank following the Q1 miss as they believe the company is well positioned to benefit from a pickup in U.S. onshore activity and a significant acceleration in international and deep water work.

OTHER UPGRADES:

Commercial Vehicle Group (NASDAQ: CVGI) was upgraded to Overweight from Neutral at J.P. Morgan.
MoneyGram (NYSE: MGI) was upgraded to Buy from Add at Calyon Securities based on valuation.

Posted Dec 4th 2007 11:14AM by Eric Buscemi (RSS feed)
Filed under: Analyst initiations

MOST NOTEWORTHY: Longtop Financial, Royal Bank of Scotland and W-H Energy Services were today's noteworthy initiations:

Jefferies initiated Longtop Financial (NYSE:LFT) with a Buy rating and $29 target, as they expect strong earnings growth over the next several years from an acceleration in P&L performance and the company's attractive secular demand backdrop.
Morgan Stanley resumed coverage of Royal Bank of Scotland (NYSE:RBS) with an Underweight rating, as they believe investors will begin to question the sustainability of the company's dividend as earnings fall.
Oppenheimer views the outlook for W-H Energy Services (NYSE:WHQ) as compelling given its geographic expansion, international growth prospects, technological focus, and strong balance sheet. The firm started shares with a Buy rating and $73 target..

OTHER INITIATIONS:

HSBC initiated Diageo (NYSE:DEO) with an Overweight rating.
Banc of America resumed coverage of the softlines retailing sector, starting shares of Urban Outfitters (NASDAQ:URBN) and Pacific Sunwear (NADAQ:PSUN) with Buy ratings and a $32 target and $20 target, and Aeropostale (NYSE:ARO) with a Neutral rating.

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