Below is a list of analyst upgrades, downgrades, and initiations in Wall Street research calls this Thursday morning with roughly half an hour until the market opens.
Analyst Upgrades:
- Public Service enterprise Group (PEG) upgraded Hold at Citigroup
- Rock-Tenn (RKT) upgraded to Neutral at Sterne Agee ; price target set at $44
- BioMarin Pharmaceutical (BMRN) upgraded to Outperform at Credit Suisse
- Wyndham (WYN) upgraded to Outperform at FBR Capital ; price target set at $23
- Enterprise Products (EPD) upgraded to Buy at Citigroup
- URS Corporation (URS) upgraded to Buy at Morgan Joseph ; price target set at $48
- ViroPharma (VPHM) upgraded to Buy at Think Equity
- Methanex (MEOH) upgraded to Buy at UBS
- Genworth Financial (GNW) upgraded to Buy at Bank of America/Merrill ; firm lowers co. price target to $13 from $14
- Urban Outfitters (URBN) upgraded to Overweight at Thomas Weisel
- PetroQuest Energy (PQ) upgraded to Overweight at JP Morgan
- Advanced Analogic (AATI) upgraded to Overweight at Piper Jaffray
- Anglo American (AAUKY) upgraded to Overweight at Morgan Stanley
- MeadWestvaco (MWV) upgraded to Buy at Sterne Agee ; price target raised to $30 from $25
- Fifth Third (FITB) upgraded to Outperform at Robert W. Baird ; price target raised to $11 from $10
- Sierra Wireless (SWIR) upgraded to Hold at Jefferies ; price target raised to $10 from $5
- Human Genome (HGSI) upgraded to Overweight at JP Morgan
- Annaly Mortgage (NLY) upgraded to Buy at Sterne Agee ; price target set at $19.75
- Manitowoc (MTW) upgraded to Outperform at BMO Capital Markets
- Tomkins PLC (TKS) upgraded to Buy at Bank of America /Merrill
- Boston Properties (BXP) upgraded to Buy at Deutsche Securities ; price target raised to $69 from $46
- ArcelorMittal (MT) upgraded to Buy at Societe Generale
- Cubist Pharmaceuticals (CBST) upgraded to Perform at Oppenheimer ; price target set at $17
- Hatteras Financial (HTS) upgraded to Outperform at Keefe Bruyette ; price target set at $30
- Plains Exploration (PXP) upgraded to Overweight at Morgan Stanley
- Nexen Inc. (NXY) upgraded to Equal Weight at Morgan Stanley
- Broadpoint Gleacher (BPSG) upgraded to Buy at Bank of America/Merrill
- ING Group (ING) upgraded to Equal Weight at Morgan Stanley
- Euronet Worldwide (EEFT) upgraded to Neutral at Piper Jaffray
Analyst Downgrades:
- Online Resources (ORCC) downgraded to Neutral from Buy at Janney Montgmery Scott
- Cytokinetics Inc. (CYTK) downgraded to Hold from Buy at Needham
- Agnico-Eagle Mines (AEM) downgraded to Neutral at Credit Suisse
- Regeneron Pharmaceuticals (REGN) downgraded to Sector Perform at RBC Capital
- K-Sea Trans (KSP) downgraded to Sell at Citigroup
- L-1 Identity (ID) downgraded to Hold from Buy at Needham
- Schnitzer Steele (SCHN) downgraded to Hold at Canaccord Adams ; price target lowered to $47 from $75
- Agnico-Eagle Mines (AEM) downgraded to Neutral at Credit Suisse
- Elan (ELN) downgraded to Neutral from Buy at UBS
- Gannett (GCI) downgraded to Underperform at Wells Fargo
- Activision (ATVI) downgraded to Neutral at Piper J.
- PPD Inc. (PPDI) downgraded to Market Perform at Wells Fargo
- Goodyear (GT) downgraded to Underperform at Bank of America/Merrill ; price target lowered to $10 from $22
- First Solar (FSLR) downgraded to Neutral at Bank of America/Merrill ; price target lowered to $135 from $180
- PrivateBancorp (PVTB) downgraded to Neutral at JP Morgan
Coverage Initiated:
- Alliance Resource (ARLP) initiated with an Outperform at RBC Capital
- Smith International (SII) initiated with a Market Perform at Wells Fargo
- Affymax (AFFY) initiated with a Buy at Lazard
- Halliburton (HAL) initiated with an Outperform at Wells Fargo
- Adobe Systems (ADBE) resumed with an Overweight and a $40 price target at Morgan Stanley
- Comtech Telecom (CMTL) initiated with an Overweight at JP Morgan
- Imax (IMAX) initiated with an Overweight and a $14 price target at Piper Jaffray
- Medivation (MDVN) initiated with an Overweight at JP Morgan
- Range Resources (RRC) initiated with a Hold at Deutsche Securities
- Cimarex Energy (XEC) initiated with an Overweight at Morgan Stanley
On the news front this morning:
- The WSJ reports Deutsche Bank’s (DB) net profit more than tripled in the third quarter, largely as the result of tax benefits. The bank confirmed Thursday that net profit for the three months to Sept. 30 rose to EUR1.4 billion ($2.06 billion) from €414 million a year earlier. Pretax profit increased to €1.3 billion from €93 million. The latest results include €369 million in net tax gains. New write-downs in the bank’s sales and trading segment totaled around €300 million. Deutsche Bank also booked €350 million in charges related to Ocala Funding LLC, a commercial-paper vehicle for a U.S. mortgage broker. The bank attributed the strong results in part to market share gains in its U.S. fixed-income business, emerging markets debt trading and a solid performance in commodities.
- AP reports The Procter & Gamble Co. (PG) saw its profit dropped slightly in its first quarter, as consumers around the world kept tight reins on spending for such household items as laundry detergent and shavers. The co. reported profits were off 1 percent at $3.35 billion, or 1.06 per share, compared to $3.31 billion, or $1.03 per share, a year ago. Sales fell 6 percent to 19.8 billion. Analysts expected earnings of 99 cents on $19.83 billion for P&G.
- According to AP, Motorola (MOT) posted an unexpected profit for the third quarter as operating losses in its struggling mobile phone division narrowed. The company said it earned $12 million, or a penny per share, in the three months ended Oct. 2. It lost $397 million, or 18 cents per share, in the period a year ago. Excluding unusual items, Motorola says its adjusted earnings were 2 cents per share. Analysts had expected a break-even quarter.Motorola Inc. says its sales fell 27 percent to $5.4 billion. Analysts were looking for $5.5 billion.
- Moody’s beats by 5 cents…. Reuters reports Moody’s Corp (MCO) said 3Q revenue increased 4% on a pick-up in corporate bond issuance. Profit attributable to shareholders of New York-based Moody’s fell to $100.6 million, or 42 cents per share (street view 38 cents a share), from $113 million, or 46 cents per share, a year earlier. Revenue climbed to $451.8 million.
- FT reports the Galleon hedge fund at the center of an insider trading scandal paid hundreds of millions of dollars a year to its Wall Street banks and in return regularly received market information that would not have been disclosed to most investors, executives familiar with the matter say. A person familiar with Galleon, whose founder, Raj Rajaratnam, was charged with insider trading this month, said it paid about $250 mln to its banks last year. Executives who dealt with the fund said it paid more in fees and other charges during the boom years of this decade. Morgan Stanley (MS), which counted Galleon as one of its top-five hedge fund clients, and Goldman Sachs (GS) were Galleon’s top providers of hedge-fund services — or prime brokerage.
- Exxon Mobil Corp. (XOM) said Thursday its 3Q earnings declined 68% to $4.73 billion, or 98 cents a share, from $14.83 billion, or $2.85 a share on a year-over-year basis.
