Upgrades and Downgrades
Upgrades:
Merrill Lynch upgrades Logitech (LOGI 24.78) to Neutral from Underperform... RBS upgrades UBS (UBS 21.45) to Buy from Hold... Merrill Lynch upgrades Navios Maritime (NM 7.46) to Neutral from Underperform... UBS upgrades Lloyds TSB (LYG 22.52) to Neutral from Sell... Citigroup upgrades GFI Group (GFIG 6.11) to Hold from Sell... Baird upgrades Otter Tail (OTTR 30.01) to Outperform from Neutral and maintains their $41 tgt, based on valuation and expect well-above-average EPS growth to result in attactive total returns fueled by multiple major utility infrastructure projects ans significant wind tower business expansion supported by state renewable generation mandates... Wachovia upgrades Teva (TEVA 46.07) to Outperform from Market Perform... Wachovia upgrades Watson Pharma (WPI 28.29) to Outperform from Market Perform... Merrill upgrades TransCanada (TRP 35.79) to Buy from Sell.
Downgrades:
Friedman Billings downgrades Sovereign Bancorp (SOV 10.23) to Underperform from Market Perform and lowers their tgt to $6 from $9, following the co's announcement to sell all $750 mln of CDOs and believe the co is on the brink of "well capitalized"... J.P Morgan downgrades Penson Worldwide (PNSN 15.60) to Neutral from Overweight... J.P Morgan downgrades Barclays (BCS 32.50) to Underweight from Neutral... Oppenheimer downgrades Watsco (WSO 58.49) to Underperform from Perform based on valuation, and potential for negative revisions to 2009 EPS consensus, and unfavorable trends in late 3Q08... Oppenheimer downgrades Airgas (ARG 59.98) to Perform from Outperform based on valuation. Miscellaneous: Merrill restarts Garmin (GRMN 37.93) with an Underperform... J.P Morgan initiates Tyson Foods (TSN 13.13) with an Overweight... J.P Morgan initiates Pilgrim's Pride (PPC 12.50) with a Neutral... J.P Morgan initiates Sanderson Farms (SAFM 40.17) with an Underweight.
Merrill Lynch upgrades Logitech (LOGI 24.78) to Neutral from Underperform... RBS upgrades UBS (UBS 21.45) to Buy from Hold... Merrill Lynch upgrades Navios Maritime (NM 7.46) to Neutral from Underperform... UBS upgrades Lloyds TSB (LYG 22.52) to Neutral from Sell... Citigroup upgrades GFI Group (GFIG 6.11) to Hold from Sell... Baird upgrades Otter Tail (OTTR 30.01) to Outperform from Neutral and maintains their $41 tgt, based on valuation and expect well-above-average EPS growth to result in attactive total returns fueled by multiple major utility infrastructure projects ans significant wind tower business expansion supported by state renewable generation mandates... Wachovia upgrades Teva (TEVA 46.07) to Outperform from Market Perform... Wachovia upgrades Watson Pharma (WPI 28.29) to Outperform from Market Perform... Merrill upgrades TransCanada (TRP 35.79) to Buy from Sell.
Downgrades:
Friedman Billings downgrades Sovereign Bancorp (SOV 10.23) to Underperform from Market Perform and lowers their tgt to $6 from $9, following the co's announcement to sell all $750 mln of CDOs and believe the co is on the brink of "well capitalized"... J.P Morgan downgrades Penson Worldwide (PNSN 15.60) to Neutral from Overweight... J.P Morgan downgrades Barclays (BCS 32.50) to Underweight from Neutral... Oppenheimer downgrades Watsco (WSO 58.49) to Underperform from Perform based on valuation, and potential for negative revisions to 2009 EPS consensus, and unfavorable trends in late 3Q08... Oppenheimer downgrades Airgas (ARG 59.98) to Perform from Outperform based on valuation. Miscellaneous: Merrill restarts Garmin (GRMN 37.93) with an Underperform... J.P Morgan initiates Tyson Foods (TSN 13.13) with an Overweight... J.P Morgan initiates Pilgrim's Pride (PPC 12.50) with a Neutral... J.P Morgan initiates Sanderson Farms (SAFM 40.17) with an Underweight.
posted by Gordengekko at 7:19 AM
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