Upgrades and Downgrades
Upgrades:
KeyBanc upgrades BorgWarner (BWA 32.46) to Buy from Hold and sets a $46 tgt, as they believe that robust demand for the co's products will continue to drive revenue growth and margin expansion, resulting in double-digit EPS growth... Oppenheimer upgrades National City (NCC 3.71) to Outperform from Perform and sets a $5 tgt, based on valuation and believe the bank isn't seeing a mass exodus of despositors while their loan portfolio is more diversified and better quality than WaMu's... UBS upgrades Nortel (NT 2.54) to Buy from Neutral... Wachovia upgrades Brookfield Infrastructure Partners LP (BIP 15.40) to Outperform from Market Perform... Piper Jaffray upgrades Xilinx (XLNX 23.98) to Buy from Neutral... J.P Morgan upgrades Telesp Part Adr (TSP 23.90) to Neutral from Underweight.
Downgrades:
Morgan Stanley downgrades Apple (AAPL 128.24) to Equal Weight from Overweight... RBC downgrades Apple (AAPL 128.24) to Sector Perform from Outperform. Miscellaneous: Oppenheimer initiates China Mass Media Int'l Advertising (CMM 4.92) with an Outperform and sets an $8.50 tgt, based on a proven attractive partner to China's dominant TV network, China's ad market that is large and fast growing, and expansion into commercial production that creates a potential growth opportunity.
Merriman downgrades Bankrate (RATE 39.12) to Neutral from Buy, based on concerns about display advertising trends industry-wide, the co's above-average exposure to the financial vertical, and shares that trade in-line with peers... Merriman downgrades TheStreet.com (TSCM 6.01) to Neutral from Buy, as they believe near-term expectations appear relatively safe but FY09 could be at risk... Baird downgrades Monaco Coach (MNC 2.30) to Neutral from Outperform, Thor Industries (THO 26.80) to Underperform from Neutral, and Winnebago Industries (WGO 13.85) to Underperform from Neutral, based on valuation and checks that suggest fundamentals remain dreadful, including weak demand, failing dealers/manufacturers, tighter credit, and no appetite for inventory... Credit Suisse downgrades Digital River (DRIV 36.03) to Neutral from Outperform... JP Morgan downgrades Arch Capital (ACGL 73.40) to Neutral from Overweight... Deutsche Bank downgrades DISH Network (DISH 24.55) to Hold from Buy and lowers their tgt to $31 from $51, following news that AT&T won't be renewing its five-year partnership with DISH, instead choosing to partner with DirecTV... Citigroup downgrades Starwood Hotels & Resorts (HOT 30.27), Sunstone Hotel Investors (SHO 14.04) and Host Hotels & Resorts (HST 13.95) to Hold from Buy, as they feel tighter credit could result in a more difficult economic environment for the cos than previously anticipated... Citigroup downgrades Strategic Hotels & Resorts (BEE 9.00) to Sell from Hold and lowers their tgt to $6 from $9, based on valuation, balance sheet leverage that is high, and a possible dividend reduction next year. Citigroup downgrades Sadia (SDA 9.50) to Sell from Buy.
KeyBanc upgrades BorgWarner (BWA 32.46) to Buy from Hold and sets a $46 tgt, as they believe that robust demand for the co's products will continue to drive revenue growth and margin expansion, resulting in double-digit EPS growth... Oppenheimer upgrades National City (NCC 3.71) to Outperform from Perform and sets a $5 tgt, based on valuation and believe the bank isn't seeing a mass exodus of despositors while their loan portfolio is more diversified and better quality than WaMu's... UBS upgrades Nortel (NT 2.54) to Buy from Neutral... Wachovia upgrades Brookfield Infrastructure Partners LP (BIP 15.40) to Outperform from Market Perform... Piper Jaffray upgrades Xilinx (XLNX 23.98) to Buy from Neutral... J.P Morgan upgrades Telesp Part Adr (TSP 23.90) to Neutral from Underweight.
Downgrades:
Morgan Stanley downgrades Apple (AAPL 128.24) to Equal Weight from Overweight... RBC downgrades Apple (AAPL 128.24) to Sector Perform from Outperform. Miscellaneous: Oppenheimer initiates China Mass Media Int'l Advertising (CMM 4.92) with an Outperform and sets an $8.50 tgt, based on a proven attractive partner to China's dominant TV network, China's ad market that is large and fast growing, and expansion into commercial production that creates a potential growth opportunity.
Merriman downgrades Bankrate (RATE 39.12) to Neutral from Buy, based on concerns about display advertising trends industry-wide, the co's above-average exposure to the financial vertical, and shares that trade in-line with peers... Merriman downgrades TheStreet.com (TSCM 6.01) to Neutral from Buy, as they believe near-term expectations appear relatively safe but FY09 could be at risk... Baird downgrades Monaco Coach (MNC 2.30) to Neutral from Outperform, Thor Industries (THO 26.80) to Underperform from Neutral, and Winnebago Industries (WGO 13.85) to Underperform from Neutral, based on valuation and checks that suggest fundamentals remain dreadful, including weak demand, failing dealers/manufacturers, tighter credit, and no appetite for inventory... Credit Suisse downgrades Digital River (DRIV 36.03) to Neutral from Outperform... JP Morgan downgrades Arch Capital (ACGL 73.40) to Neutral from Overweight... Deutsche Bank downgrades DISH Network (DISH 24.55) to Hold from Buy and lowers their tgt to $31 from $51, following news that AT&T won't be renewing its five-year partnership with DISH, instead choosing to partner with DirecTV... Citigroup downgrades Starwood Hotels & Resorts (HOT 30.27), Sunstone Hotel Investors (SHO 14.04) and Host Hotels & Resorts (HST 13.95) to Hold from Buy, as they feel tighter credit could result in a more difficult economic environment for the cos than previously anticipated... Citigroup downgrades Strategic Hotels & Resorts (BEE 9.00) to Sell from Hold and lowers their tgt to $6 from $9, based on valuation, balance sheet leverage that is high, and a possible dividend reduction next year. Citigroup downgrades Sadia (SDA 9.50) to Sell from Buy.
posted by Gordengekko at 7:20 AM
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