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Upgrades
posted by: elvis date: 4/19/2011
April 19, 2011
It would be another setback for housing and construction if starts and permits don't bounce higher from a very weak February.
It would be another setback for housing and construction if starts and permits don't bounce higher from a very weak February.
Watchlist: CYH AKAM HAL UHS CELG SLW CNQ ABX TEX A GG HOT LRCX PAY FMCN ANR CDE FCX PAAS LVS CAM
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Up/Downgrades (ETN, MAT, NAV, ZION, ABAT, BIO, BRNC, CRU, EXL, PHG, SFSF)
Upgrades
Eaton Corp. (NYSE:ETN), the diversified power management company, was upgraded to Outperform from Perform at Oppenheimer. The firm set its target price at $63 based on its view of stronger trends for Aero AM, Truck and Hydraulics segments that they think could pull forward some traction toward mid-cycle segment margin targets.
Mattel (NYSE:MAT), the toy maker, was upgraded to Overweight from Neutral at Piper Jaffray.
Navistar (NYSE:NAV), the maker of medium and heavy-duty trucks, was upgraded to a Neutral from Underweight at JP Morgan.
Zions Bancorp (NASDAQ:ZION), the collection of regional banks with operations in the Western U.S., was upgraded to Outperform from Neutral at FBR Capital. The firm raised its target price to $30 from $22, due to credit trends improving better than it originally expected. Zions was also upgraded to Outperform from Market Perform at Wells Fargo.
Downgrades
Advanced Battery Technologies (NASDAQ:ABAT) was downgraded to Market Perform at Rodman & Renshaw. The firm notes stock has come under pressure from various allegations raised about the company's business model. The firm believes, there is now a state of confusion amongst investors about the story. In addition, the firm is projecting negative to flat EPS growth in 2011 driven by potentially lower margins and higher share count post the capital raise.
Bio-Rad Laboratories (NYSE:BIO) was downgraded to Market Perform from Outperform at Leerink Swann.
Bronco Drilling (NASDAQ:BRNC) was downgraded to Market Perform from Outperform at FBR Capital. The firm lowered its target price to $11 from $13.50 due to Chesapeake Energy's (NYSE:CHK) intent to acquire the company for $11 per share, as the pending transaction is likely.
Crude Carriers (NYSE:CRU) was downgraded to Underperform from Outperform at Wells Fargo.
Excel Trust (NYSE:EXL) was downgraded to a Neutral from Buy at UBS.
Philips Electronics (NYSE:PHG) was downgraded to a Hold from Buy at ING Group following yesterday’s results and announcement that the company was forming a joint venture to trim its exposure to the TV market.
SuccessFactors (NASDAQ:SFSF) was downgraded to Market Perform from Outperform at JMP Securities.
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