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MOST NOTEWORTHY: First Solar, JA Solar, Alcatel-Lucent, Nokia and Ericsson were today's noteworthy initiations:
First Solar (NASDAQ: FSLR) and JA Solar Holdings (NASDAQ: JASO) were initiated with Buy ratings and targets of $160 and $61 at Collins Stewart. Collins Stewart sees room for margin expansion and is positive on First Solar after channel checks; the firm expects JA Solar to expand capacity given its long-term supply agreements with four wafer suppliers.
Merrill Lynch started shares of Alcatel-Lucent (NYSE: ALU) with a Sell rating, citing a lack of revenue growth prospects.
The firm also started shares of Nokia Corporation (NYSE: NOK) with a Buy rating, as they believe the company's share gains and margin expansion will continue.
Merrill also resumed coverage of Ericsson (NASDAQ: ERIC) with a Neutral rating, expecting high single digit earnings and share growth, but not enough for a Buy rating.
OTHER INITIATIONS:
Goldman initiated the trucking and railroad sectors with Neutral ratings.
MOST NOTEWORTHY: Abbott Labs, Barclays, SanDisk, Mission West Properties and Texas Instruments were today's noteworthy downgrades:
Wachovia downgraded shares of Abbott Labs (NYSE: ABT) to Market Perform from Outperform reflect several challenges to the company's key franchises. In particular, Wachovia cites the potential delay of the drug-eluting stent Xience launch in the U.S. and decelerating growth of Humira.
ABN Amro downgraded shares of Barclays (NYSE: BCS) to Hold from Buy to reflect the capital markets, lower UK bank non-interest income and higher bad debts.
Oppenheimer downgraded shares of SanDisk Corporation (NASDAQ: SNDK) to Neutral from Buy as they expect many of the advantages that drove shares to unwind in Q4 and into 1H08.
Mission West Properties (NYSE: MSW) was downgraded to Hold from Buy at Stifel, as they now believe the possibility of a sale is 50%/50% and could be pushed back to 1H08.
Think Equity downgraded shares of Texas Instruments (NYSE: TXN) to Source of Funds from Accumulate as they believe competition could hinder Q4 and 2008 growth for wireless.
MOST NOTEWORTHY: Pharmacopeia, Zumiez, Norfolk Southern and OccuLogix were today's noteworthy upgrades:
CIBC upgraded Pharmacopeia (NASDAQ: PCOP) to Sector Outperformer from Sector Performer, as they believe its lead cardiovascular drug DARA has the potential to become an important new therapy for hypertension and diabetic nephropathy.
Think Equity upgraded shares of Zumiez (NASDAQ: ZUMZ) to Buy from Accumulate to reflect the company's strong same store sales growth.
Caris upgraded shares of OccuLogix (NASDAQ: OCCX) to Above Average from Average, as they believe weakness in the stock creates a buying opportunity. The firm believes the stock has dropped due to concerns about the company's cash position, but thinks the current stock price underestimates the revenue potential of the company's assets.
OTHER UPGRADES:
BRE Properties (NYSE: BRE) was upgraded to Outperform from Neutral at Credit Suisse.
MOST NOTEWORTHY: Jones Lang LaSalle, Digital River, Dynamic Materials, Allot Communications and Oxford Industries were today's noteworthy downgrades:
Wachovia downgraded shares of Jones Lang LaSalle (NYSE: JLL) to Market Perform from Outperform, as they expect the deterioration in the credit markets to lead to fewer closed deals over the next year.
Oppenheimer transitioned coverage of Digital River (NASDAQ: DRIV) and downgraded shares to Neutral from Buy. The broker finds shares fairly valued given the pricing pressure and customer concentration.
Jefferies downgraded shares of Dynamic Materials Corporation (NASDAQ: BOOM) to Hold from Buy on valuation as they believe shares are already pricing in the company's near-term earnings potential.
Allot Communications (NASDAQ: ALLT) was downgraded to Sector Performer from Outperformer at CIBC World Markets after the company pre-announced weaker-than-expected Q3 results.
Oxford Industries (NYSE: OXM) was downgraded to Hold from Buy at Morgan Joseph and to Neutral from Buy at SunTrust following the disappointing Q1 report and guidance.
OTHER DOWNGRADES:
Piper Jaffray downgraded Target Corporation (NYSE: TGT) to Market Perform from Outperform.
Thornburg Mortgage (NYSE: TMA) was downgraded to Underperform from Market Perform at Keefe Bruyette.
MOST NOTEWORTHY: The ocean shippers sector, Tesoro, Siemens AG and MGI Pharma were today's noteworthy upgrades:
Bear Stears upgraded the ocean shippers sector to Market Weight from Market Underweight, citing higher day rates in the dry bulk market. The firm sees potential upside for dry bulk firms Eagle Bulk Shipping (NASDAQ: EGLE), Quintana Maritime Limited (NASDAQ: QMAR) and Ultrapetrol Ltd (NASDAQ: ULTR).
Bernstein raised shares of Tesoro Corporation (NYSE: TSO) to Outperform from Market Perform and expects a rebound in West Coast refining margins.
ING upgraded shares of Siemens AG (NYSE: SI) to Buy from Hold on valuation and the possibility the company may exit businesses.
MGI Pharma (NASDAQ: MOGN) was upgraded at JP Morgan to Overweight from Neutral, citing expectations for a strong Q3, Aloxi re-acceleration, Dacogen growth, and Auqavan opportunity.
OTHER UPGRADES:
UBS upgraded shares of Agnico-Eagle (NYSE: AEM) to Buy from Neutral.
MOST NOTEWORTHY: Entertainment software stocks, Luxottica and Hansen Medical were today's noteworthy initiations:
Citigroup initiated Electronic Arts (NASDAQ: ERTS) and Activision (NASDAQ: ATVI) with Buy ratings and targets of $75 and $29, respectively; the firm initiated Take-Two (NASDAQ: TTWO) and THQ Inc (NASDAQ: THQI) with Hold ratings and targets of $23 and $34, respectively.
Citigroup also started shares of Luxottica Group (NYSE: LUX) with a Buy rating. The firm believes the company can maintain its dominant market position given its house brands portfolio and early expansion into emerging markets.
Merriman started shares of Hansen Medical (NASDAQ: HNSN) with a Buy rating and thinks the company's Sensei System could radically change the landscape of catheter based surgery. The firm believes the stock can trade to the $34-$41 range in 12-18 months.
MOST NOTEWORTHY: Coca-Cola, PepsiCo, Business Objects, Cognos and Cooper Companies were today's noteworthy downgrades:
Deutsche Bank downgraded Coca-Cola Company (NYSE: KO) and PepsiCo (NYSE: PEP) to Hold from Buy on valuation, as they believe shares reflect prospects for growth.
Business Objects (NASDAQ: BOBJ) was downgraded to Neutral from Buy at UBS following the acquisition by SAP AG (NYSE: SAP) and to Hold from Buy at Jefferies, as the firm finds the acquisition price fair and does not expect a counter-bid. Soleil believes the SAP offer is reflected in the stock price, and downgraded Business Objects to Hold from Buy.
Roth Capital downgraded shares of Cognos (NASDAQ: COGN) to Hold from Buy based on recent share appreciation as shares capture a vast majority of a potential takeover bid; Goldman downgraded shares to Neutral from Buy and Jefferies downgraded shares to Hold from Buy on valuation.
JP Morgan lowered shares of Cooper Companies (NYSE: COO) to Underweight from Neutral. The firm believes Street estimates are too high given a negative mix shift in the company's contact lens business, which could lead to a FY08 EPS shortfall.
Elizabeth Arden (NASDAQ: RDEN) was downgraded to Neutral from Buy at SunTrust.
UBS downgraded Healthcare REITs to Market Weight from Overweight. UBS downgraded Health Care REIT (NYSE: HCN) and Ventas (NYSE: VTR) to Neutral from Buy and Omega Healthcare (NYSE: OHI) to Sell from Neutral.
MOST NOTEWORTHY: CyberSource, Century Casinos, Spectrum Pharm and Winnebago were today's noteworthy upgrades:
JMP Securities upgraded shares of CyberSource (NASDAQ: CYBS) to Market Outperform from Market Perform citing valuation, positive management comments regarding BidPay, and incrementally positive industry checks on its fraud product.
Brean Murray upgraded shares of Century Casinos (NASDAQ: CNTY) to Buy from Hold based on continued progress at recently opened properties, reduced Street expectations, and potential catalysts.
Brean Murray also upgraded Spectrum Pharmaceuticals (NASDAQ: SPPI) to Buy from Hold. The firm is highly confident that Spectrum's ozarelix will demonstrate similar efficacy and safety in the current U.S. Phase IIb trial and expects statistical significant. The firm expects Ph III initiations by year-end 2007 and Ph IIb data to be released on 2Q08.
Winnebago Industries (NYSE: WGO) was upgraded to Outperform from Sector Perform at RBC Capital. The firm expects Winnebago to begin to post better earnings from more favorable mix and pricing in the 2008 model year.
MOST NOTEWORTHY: Sigma Designs, Satyam and Genpact were today's noteworthy initiations:
Deutsche Bank initiated shares of Sigma Designs (NASDAQ: SIGM) with a Buy rating and $62 target, as they believe the company can maintain its leadership position in the fast-growing IPTV and high-def DVD markets. Baird said Sigma's IPTV momentum is accelerating, Blu-ray demand in strong, and Ultrawideband is the next growth opportunity. The firm resumed coverage with an Outperform rating.
Business Objects (NASDAQ: BOBJ) was downgraded to Neutral from Outperform at Baird following its acquisition by SAP AG (NYSE: SAP).
Wachovia downgraded Allstate Corporation (NYSE: ALL) to Market Perform from Outperform and P&C Insurance (NYSE: PGR) citing deteriorating fundamentals in personal lines.
OTHER DOWNGRADES:
UBS downgraded BEA Systems (NASDAQ: BEAS) to Neutral from Buy.
JP Morgan downgraded Merrill Lynch (NYSE: MER) to Neutral from Outperform.
Sealy Corporation (NYSE: ZZ) was downgraded to Neutral from Buy at Banc of America.
MOST NOTEWORTHY: Sunoco, Valero Energy, UBS AG, Lehman Brothers and Supertex were today's noteworthy upgrades:
Citigroup upgraded both Sunoco (NYSE: SUN) and Valero (NYSE: VLO) to Buy from Hold, as they believe both companies will benefit from the collapse of ethanol prices since refiners are mainly supplied under term contracts struck above current levels.
Merrill upgraded shares of UBS (NYSE: UBS) to Buy from Neutral to reflect the company's lack of exposure to fixed income.
Credit Suisse upgraded shares of Lehman Brothers (NYSE: LEH) to Outperform from Neutral citing improved performance prospects.
Supertex (NASDAQ: SUPX) was raised to Buy from Neutral at Oppenheimer. The firm expects a rebound in all business segments, Medical is entering a seasonally strong September quarter, and notes Motorola (NYSE: MOT) shipments are growing.
OTHER UPGRADES:
CIBC upgraded Novatel Wireless (NASDAQ: NVTL) to Sector Outperformer from Sector Performer.
MOST NOTEWORTHY: Monster Worldwide, Business Objects, Arcelor Mittal, Walgreen and Sealy Corp were today's noteworthy downgrades:
Wachovia downgraded shares of Monster Worldwide (NASDAQ: MNST) to Market Perform from Outperform citing increased risk of an economic slowdown and execution issues in its N.A. Careers segment.
Credit Suisse downgraded shares of Business Objects (NASDAQ: BOBJ) to Neutral from Outperform on valuation with shares above their $46 target.
Banc of America downgraded Arcelor Mittal (NYSE: MT) to Neutral from Buy on valuation. The firm also downgraded Walgreen (WAG) to Sell from Buy, as they see further downside following the Q4 miss and believes the problems in Q4 are company-specific and not industry-wide.
Citigroup downgraded shares of Sealy Corporation (NYSE: ZZ) to Sell from Hold following the Q3 results, as they believe Sealy faces increased competitive pressures at the high end of the market where the best margins are derived.
OTHER DOWNGRADES:
Goldman Sachs removed Cisco Systems (NASDAQ: CSCO) and Nucor (NYSE: NUE) from its Conviction Buy List.
MOST NOTEWORTHY: Polaris Industries, Edwards Lifesciences, BearingPoint and Fortis were today's noteworthy upgrades:
Rochdale upgraded Polaris Industries (NYSE: PII) to Buy from Hold, as they have increased confidence in the company's ability to achieve estimates.
Piper upgraded shares of Edwards Lifesciences (NYSE: EW) as they believe the bad news is behind the company with a U.S. turnaround expected in 2008.
Jefferies raised shares of BearingPoint (NYSE: BE) to Hold from Underperform on valuation as they believe the risk/reward is neutral following the recent pullback.
Fortis (OTC: FORSY) was upgraded to Outperform from Peer Perform at Bear Stearns. The firm upgraded shares on valuation as they believe the recent weakness is overdone.
MOST NOTEWORTHY: The technology and services sector, Cognizant, Infosys Technologies and Silicom Ltd were today's noteworthy initiations:
Wachovia initiated shares of Dell (NASDAQ: DELL), Micron (NYSE: MU) and Nokia (NYSE: NOK) with Outperform ratings and IBM (NYSE: IBM), AMD (NYSE: AMD) and Motorola (NYSE: MOT) with Market Perform ratings.
CIBC started shares of Cognizant (NASDAQ: CTSH) and Infosys (NASDAQ: INFY) with Sector Outperformer ratings and a $100 target and $60 target, respectively. The firm views risk/reward as favorable.
Merriman initiated Silicom Ltd (NASDAQ: SILC) with a Neutral rating, citing valuation and low visibility into the quarter.
OTHER INITIATIONS:
BMO Capital started shares of Apple (NASDAQ: AAPL) with an Outperform rating.
Solei initiated Lincoln Electric (NASDAQ: LECO) with a Buy rating and $114 target.
MOST NOTEWORTHY: NutriSystem, Endo Pharmaceuticals, Corporate Express NV, Aventine Renewable Energy Holdings and BioFuel Energy were today's noteworthy downgrades:
NutriSystem (NASDAQ: NTRI) was downgraded to Hold from Buy at Lazard and to Buy from Strong Buy at Broadpoint following its lowered Q3 guidance.
Jefferies downgraded shares of Endo Pharmaceuticals (NASDAQ: ENDP) to Hold from Buy after Impax Laboratories (NASDAQ: IPXL) filed a Paragraph IV challenge against Opana ER yesterday to reflect the potential for a generic version of Opana ER arriving as early as 2010 and the possibility of a similar threat against Lidoderm.
Corporate Express (NYSE: CXP) was downgraded to Hold from Buy at ING, as they believe the new CEO's long-term targets are overly ambitious.
JP Morgan downgraded Aventine Renewable (NYSE: AVR) and BioFuel Energy (NASDAQ: BIOF) to Neutral from Overweight, citing weaker fundamentals in ethanol pricing.
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MOST NOTEWORTHY: First Solar, JA Solar, Alcatel-Lucent, Nokia and Ericsson were today's noteworthy initiations:
Interview with the head of Xerox's (XRX) Webster research lab
General Electric (GE) Q3 quarterly results preview
Foreclosures double again, another wave is coming
