Today’s list of analyst upgrades, downgrades, and initiations in Wall Street research calls with roughly 30 minutes until the opening bell.
Analyst Upgrades:
- Under Armour, Inc. (UA) upgraded to Neutral from Negative at Susquehanna
- Gentex (GNTX) upgraded to Outperform at Wells Fargo
- American Express (AXP) upgraded to Buy at Stifel Nicolaus ; price target set at $50
- Hubbell Inc. (HUBB) upgraded to Overweight at Barclays ; price target raised to $54 from $47
- CSG Systems (CSGS) upgraded to Buy at Kaufman Bros ; price target raised to $20 from $17
- Barrington raises its price target on Fortune Brands Inc. (FO) to $49 from $46
- AECOM Technology (ACM) upgraded to Overweight at Morgan Stanley
- Stifel Nicolaus raises its price target on KLA-Tencor (KLAC) to $45 from $39
- MarineMax (HZO) upgraded to Buy at Rochdale ; price target raised to $10 from $7
- Riverbed Technology (RVBD) upgraded to Overweight at Piper Jaffray
- Microsoft (MSFT) upgraded to Buy at Canaccord….Jefferies raises its price target on MSFT to $32 from $30
- Noble (NE) upgrded to Outperform at RBC Capital Markets ; price target raised to $90 from $85
- Washington Federal Inc. (WFSL) upgraded to Overweight at Barclays Capital ; price target raised to $21 from $13
- Shaw Group (SHAW) upgraded to Buy at Stifel Nicolaus ; price target set at $42
- RBC raises its price target on Gardner Denver (GDI) to $45 from $39
- T Rowe Price (TROW) upgraded to Neutral from Sell at Pali Research
- Goldman Sachs (GS) removes Garmin (GRMN) from its ‘Conviction Sell List’
- Buckeye GP Holdings (BGH) upgraded to Buy at Wunderlich ; price target raised to $30.50 from $25
- RBC Capital Markets raise their target on Schlumberger (SLB) to $80 from $70
- Benchmark raises its price target on Expedia Inc. (EXPE) to $32 from $26 ahead of the co.’s earnings due 10/29
- RBC raises its price target on Itron Inc. (ITRI) to $68 from $62
- ClickSoftware (CKSW) upgraded to Buy at Roth Capital ; price target set at $7
- RBC raises its price target on Open Text (OTEX) to $47 from $45
- Dr. Reddy’s Laboratories (RDY) upgraded to Outperform at Credit Suisse
- Union Banc (UBSH) upgraded to Outperform at Keefe Bruyette ; price target set at $16
- Spectranetics (SPNC) upgraded to Buy at Stifel Nicolaus ; price target set at $8
- Skilled Healthcare (SKH) upgraded to Buy at Jefferies & Co. ; price target raised to $10 from $8.50
Analyst Downgrades:
- Acergy S. A. (ACGY) downgraded to Sell at Citigroup
- Buckeye Partners (BPL) downgraded to Hold at Wudnerlich
- Healthways (HWAY) downgraded to Hold from Buy at Stifel Nicolaus
- Fifth Third Bancorp (FITB) downgraded to Sell at Rochdale
- Lukoil (LUKOY) downgraded to Neutral at JP Morgan
- Pitney Bowes (PBI)downgraded to Sell at Goldman Sachs
- HSBC Holdings (HBC) downgraded to Hold at Citigroup
- J. Crew (JCG) downgraded to Hold at Brean Murray
- H&R Block (HRB) downgraded to Underweight at Morgan Stanley
- KBR Inc. (KBR) downgraded to Hold at Stifel Nicolaus
- Synovus (SNV) downgraded to Neutral at Wunderlich ; price target set at $1.50
- SunTrust (STI) downgraded to Sell at Rochdale
- Pearson Plc (PSO) downgraded to Hold at Stifel Nicolaus
- Zymogenetics (ZGEN) downgraded to Underperform at Oppenheimer
- U.S. Bancorp (USB) downgraded to Neutral at Rochdale
Coverage Initiated:
- Qiagen (QGEN) initiated with an Outperfrom at Cowen
- Intuit (INTU) initiated with an Overweight and a $37 price target at Barclays Capital
- LTC Properties (LTC) initiated with an Outperform at JMP Securities
- Cedar Shopping Centers (CDR) initiated with a Hold at KeyBanc Capital Markets
- Atlas America (ATLS) initiated with a Buy at Stifel Nicolaus ; price target set at $40
- Wausau Paper Corp. (WPP) initiated with a Buy at Bank of America/Merrill
- Aeropostale (ARO) initiated with a Neutral at Credit Suisse
- Sirona Dental Systems (SIRO) initiated with a Outperform at Barrington Research ; price target set at $38
- Anglo American (AAUKY) initiated with an Overweight at HSBC
- Urban Outfitters (URBN) initiated with a Neutral at Credit Suisse
- Ocwen Financial Corp. (OCN) initiated with an Outperform and a $15 price target at Northland Securities
- Senior Housing (SNH) initiated with an Outperform at JMP Securities
- BHP Billiton (BHP) initiated with a Neutral at HSBC Securities
- Omega Healthcare (OHI) initiated with a Market Perform at JMP Securities
- Rio Tinto PLC (RTP) initiated with a Neutral at HSBC Securities
- Rosetta Resources (ROSE) initiated with a Hold at Stifel Nicolaus
- KB Home (KBH) initiated with a Hold and a $17 price target at Deutsche Securities
- MDC Holdings (MDC) initiated with a Buy and a $46 price target at Deutsche Securities
- Medical Properties Trust (MPW) initiated with a Market Perform at JMP Securities
- Delphi Financial Group (DFG) initiated with an Outperform and a $30 price target at Keefe Bruyette
On the news front this morning:
- According to the WSJ, Bank of America Corp.’s attempt to repay federal bailout funds and escape the government’s grasp has been snagged by a disagreement over how much additional capital the bank must raise to satisfy regulators, people familiar with the situation said.
The dispute is gaining urgency in the wake of restrictions handed down this week by the Obama administration’s “pay czar,” which clipped compensation for top employees of Bank of America (BAC) and six other firms receiving large sums of government aid. Bank of America wants to return the government’s $45 billion investment, arguing that it has raised $40 billion of new equity since May and is able to survive without government help. Some government officials, concerned about the bank’s ability to absorb losses, believe it ought to replace at least some of the federal money with new capital above and beyond the $40 bln of equity identified so far this year, people familiar with the matter said.
- Bloomberg reports ING Group NV (ING) plans to raise 7.5 billion euros ($11.3 billion) in a rights offering and sell its insurance units as the biggest Dutch financial services company seeks European Union approval for a taxpayer-funded bailout. ING, which traces its roots to 1743, fell the most in five months after saying it planned to sell shares to finance the repurchase of 5 billion euros of core tier 1 securities held by the government. It will shed the insurance units through initial public offerings and sales to other firms over the next four years, the Amsterdam-based company said today.
- AP reports, Verizon Communications Inc. (VZ), the nation’s second largest phone company, on Monday said third-quarter revenue fell nearly 30 percent as higher costs offset an increase in revenue that largely was driven by an acquisition in its wireless business. Revenue from landlines fell by 4.8 percent while wireless services – including cell phones and data plans – were up 24.4 percent thanks largely to its January purchase of Alltel Corp. Verizon, which is based in New York, earned $1.18 billion, or 41 cents per share, in the quarter compared with $1.67 billion, or 59 cents per share, a year ago.
- Telecommunications services provider FairPoint Communications (FRP) announced Monday that it had filed for Chapter 11 bankruptcy protection after agreeing on a deal with lenders that will help lower its debt by $1.7 billion. FairPoint said in a statement that the restructuring plan with lenders holding more than half of its outstanding secured debt is subject to bankruptcy court approval.
