- Robert W. Baird upgraded Broadcom to Outperform from Neutral, as they expect the company to gain market share in mobile phones, IPTV, and digital TVs. The firm set a target of $23. However, Kaufman Bros. slashed their target to $17 from $23. The firm thinks the company has good revenue opportunities, but they are still concerned that demand for the company's products is weak. Broadcom's stock jumped $1.63, or 11.81%, to $15.43 in early trading.
Dominos Pizza Inc. (DPZ) upgraded by Sidoti
Flir Systems (FLIR) upgraded by BB&T to Buy from Hold
Middleburg Financial Corporation (MBRG) upgraded by Davenport
Jefferies upgraded shares of Genentech (NYSE: DNA) to Buy from Hold and raised its target to $100 from $95 on increased likelihood of an acquisition after Roche (OTC: RHHBY) reaffirmed commitment to its $100/share offer.
Keefe Bruyette upgraded shares of Torchmark (NYSE: TMK) to Outperform from Market Perform as they see limited earnings risk and an attractive risk/reward.
Apple (NASDAQ: AAPL) was raised to Buy from Add at Calyon.
Tellabs (NASDAQ: TLAB) was upgraded to Buy from Neutral at UBS and to Hold from Underperform at Jefferies.
Goldman upgraded AK Steel (NYSE: AKS) to Neutral from Sell and Steel Dynamics (NASDAQ: STLD) to Buy from Neutral.
Fitch Downgrades The McClatchy Company (MNI) On Revenue, Earnings Pressure
- Fitch Ratings on Wednesday downgraded the issuer default rating of McClatchy Co. to B- from B+ because of continued revenue pressure and earnings decline. Fitch also lowered the company's senior secured credit facility to B+/RR2 from BB+/RR1, its senior secured term loan to B+/RR2 from BB+/RR1, and its senior unsecured notes/debentures to CCC/RR6 from B/RR5. The outlook is negative. The ratings affect about $2.1 billion in debt. "Over the longer term, Fitch continues to anticipate that MNI will be challenged to generate meaningful and consistent revenue growth and remains cautious regarding newspaper companies' prospects for capturing and monetizing the significant volume of advertising dollars that are migrating toward the internet," Fitch said in a statement. (Copyright © 2008 MarketWatch, Inc.)
POZEN, Inc. (POZN) downgraded by Wachovia
Millicom International Cellular SA (MICC) downgraded by Davenport from strong buy to buy
Coventry Health (CVH) downgraded by Merrill Lynch to Underperform from Buy
Target to $21 from $32.
Gentex Corp. (GNTX) downgraded by Buckingham
Target price $6
STMicroelectronics NV (STM) downgraded by Natixis
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