Top Pre-Market Stock Upgrades/Downgrades April 22, 2010

Here is a list of this morning’s top companies upgrades, downgrades, and initiations by brokerage firms.

Upgrades:

• Alcoa (AA) upgraded to Neutral from Underweight at HSBC Securities
• Baidu.com (BIDU) target raised to $728 from $720 at Susquehanna Financial
• Chipotle Mexican Grill (CMG) upgraded to Buy from Hold at Jesup & Lamont; price target $149 from $96
• F5 Networks (FFIV) target raised to $80 from $72 at Miller Tabak
• Nabors Industries (NBR) upgraded to Outperform from Underperform at Calyon
• Netflix (NFLX) upgraded to Buy from Hold at Citigroup
• Red Robin Gourmet Burgers (RRGB) upgraded to Buy from Hold at KeyBanc Capital Markets; price target $33
• SanDisk (SNDK) target raised to $52 from $37 at Caris & Company
• Starbucks (SBUX) upgraded to Buy from Hold at Jesup & Lamont; price target $32 from $25

Downgrades:

• Array BioPharma (ARRY) downgraded to Neutral from Buy at UBS
• Dendreon (DNDN) downgraded to Hold from Buy at Lazard
• eBay (EBAY) downgraded to Sell from Neutral at MKM Partners; price target $20
• Elan (ELN) downgraded to Sell from Neutral at UBS
• Time Warner (TWX) downgraded to Perform from Outperform at BMO Capital Markets

Coverage Initiated:

• AirMedia Group (AMCN) initiated with a Hold at Auriga; price target $6
• Delcath Systems (DCTH) initiated with a Buy at Roth; price target $15
• Dollar Thrifty (DTG) initiated with a Buy at Goldman
• Focus Media Holding (FMCN) initiated with a Buy at Auriga; price target $23
• QLT (QLTI) initiated with a Buy at Roth; price target $14

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