10/17/2008 - Upgrades & Downgrades(Updates 1)

Upgrades:

1. Novellus (NVLS): Novellus-NVLS shares are attractive for long-term investors. The firm points out shares are trading at an enterprise value of about $950M, close to levels not seen since the 1998 Asian crisis. Novellus (NVLS) was upgraded at Soleil to Buy from Hold.


2. Carrizo Oil & Gas Inc. (CRZO): Jefferies upgraded shares on valuation and maintains a $58 target


3. Anadarko Petroleum Corp. (APC): Jefferies upgraded shares of Anadarko Petroleum to Buy from Hold and raised the target to $79 from $52.50 on valuation and believes the company can use its strong cash flow position to acquire assets. Baird said Corporate Executive's valuation is discounting a miss and that the company is well positioned as an early-cycle story with a new CFO, continued mid-market traction, and likely better than feared 2009 results. The firm upgraded shares to Outperform from Neutral and raised its target to $38 from $41.


4. Novartis AG (NVS): Merrill upgraded Novartis (NVS) to Buy from Neutral based on valuation and the company's defensive earnings


5. Corporate Executive Board Co. (EXBD): EXBD was upgraded to Outperform from Neutral at RW Baird. Baird said EXBD's valuation is discounting a miss and that the company is well positioned as an early-cycle story with a new CFO, continued mid-market traction, and likely better than feared 2009 results. Target to $38 from $41.


6. Independent Bank Corp. (INDB): Baird upgraded INDB based on valuation. Target $30


7. Energen Corp. (EGN): Citigroup upgraded shares to reflect the company's low capital intensity and attractive free cash flow. Target lowered to $46 from $57.


8. Barclays plc (BCS): Barclays (BCS) was raised to Hold from Sell at Citigroup.

The Others: TLEO, UTHR, WSO, AAP, JNPR, MAS, SYC, FL, WGO, BMI, NSR, LYTS, TE

Downgrades:

1. Mosaic Co. (MOS) & Agrium Inc. (AGU): Canaccord downgraded AGU and MOS citing deterioration of the global stock markets and global recession fears. The firm maintains their buy rating on POT.


2. BPZ Resources, Inc. (BPZ): -


3. ATP Oil & Gas Corp. (ATPG): Jefferies downgraded shares as they believe investors will likely avoid the name given the company's sensitivity to commodity prices and high leverage. Target lowered to $10 from $57.


4. STMicroelectronics NV (STM): Credit Suisse downgraded shares to reflect the company's exposure to the PC, Wireless Industrial and Automotive markets


5. FPL Group Inc. (FPL): Citigroup believes the company's long-term EPS growth target is at risk and lowered their target to $45 from $74.

The Others: CP, CNI, LMC, FCX, LUX, ZION, TXT, DAN, SPWRA, CAR

Related Posts :

1. Bottom Fishing - RIMM & POT
2. 10/16/2008 Double Bottom

Sources :

1. The Knight Trader: Upgrades and Downgrades, October 16, 2008 07:49 am
2. http://theflyonthewall.com

Please Note!
This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer on the bottom for more information.

You are welcome to republish this article, or any portion thereof.
Please, cite the actual/original source. I would be grateful if you could link back.