Upgrades/Downgrades and News by Sector:
IT / Tech & Communications:
- Semiconductors: expect choppy Q2, valuations priding in weakness@GSCO The firm expects upward revisions from FORM, LLTC, & MCHP. Expects downward revisions from INTC, TXN, SNDK, AMAT, MXIM, MRCL, & MPWR.
TWPT believes GOOG's "Broad Match" rule set introduced during the quarter will drive price increases for its auction based keywords. The broker raised their Q2 revenue estimate to $1.68B from $1.62B.
- WBSN - price target lowered to $27 at SOLE and $23 at JMPS
- KRON - price target lowered to $32 at Jefferies
- Computer Hardware AAPL Apple Computer JMP Securities Initiated at Strong Buy $70
- Computer Hardware TTMI TTM Tech Thomas Weisel Downgraded from Outperform » Peer Perform
- Computer Software SABA Saba Software Maxim Group Initiated at Buy $9
- Semiconductors GNSS Genesis Microchip Matrix Research Upgraded from Hold » Buy
- Semiconductors TWB Tween Brands RBC Capital Mkts Initiated at Outperform $45
- Telecommunications BLS BellSouth AG Edwards Downgraded from Hold » Sell
- Telecommunications LU Lucent Citigroup Upgraded from Hold » Buy
- Telecommunications LU Lucent Robert W. Baird Downgraded from Outperform » Neutral $4 » $3
- Telecommunications VOD Vodafone PLC UBS Downgraded from Buy » Neutral
Oil / Gas
- Lehman Brothers reshuffled its ratings in the integrated oil and gas sector after recalculating oil companies' net asset values based on a long-term oil price of $50 a barrel. Lehman Brothers upgraded Petroleo Brasileiro SA (PBR) to equal weight from underweight, saying the shares are trading only slightly above NAV, which it said did not take account of the company's "superior growth prospects." Lehman Brothers also downgraded Hess Corp (HES) to underweight from equal weight and Murphy Oil Corp (MUR) to equal weight from overweight, citing valuation under its new NAV calculations. - DJN
- HES Hess Lehman Brothers Downgraded from Equal-weight » Underweight
- HOFF Horizon Offshore Oppenheimer Initiated at Buy $36
- MUR Murphy Oil Lehman Brothers Downgraded from Overweight » Equal-weight
- PBR Petrobras Brasileiro Lehman Brothers Upgraded from Underweight » Equal-weight
- STP Suntech Power HSBC Securities Initiated at Overweight $43
REITS:
- Deutsche Bank upgraded apartment real estate investment trusts AvalonBay Communities Inc. (AVB), Apartment Investment and Management Co. (AIV), BRE Properties Inc. (BRE) and Camden Property Trust (CPT) to buy from hold. Deutsche Bank said it believes the rent these companies can charge tenants will grow by about 1% more than it previously expected. "There is not a huge amount of absolute upside to our target prices. But we do like the relative return of the apartments compared to the real estate investment trust sector overall," Deutsche Bank said. - DJN
AVB AvalonBay Deutsche Securities Upgraded from Hold » Buy $108 » $122
CPT Camden Property Deutsche Securities Upgraded from Hold » Buy $70 » $84
PNP Pan Pac Rtl Prop AG Edwards Downgraded from Hold » Sell
Transportation:
- Merrill Lynch downgraded airline operators Continental Airlines Inc. (CAL), US Airways Group Inc. (LCC) and AMR Corp. (AMR), the parent of American Airlines, to neutral from buy, citing valuation. Merrill Lynch said second-quarter results for the airline industry are expected to be strong, and the third quarter could be even better. "Some of the stocks in our universe have responded to the improving fundamental backdrop with a doubling - even a tripling - in share price over the past nine months," said the broker. "But airline stocks are fickle creatures with plenty of downside risk, furthermore, some valuations are now approaching the upper half of their trading range." - DJN
Industrial Manufacturing:
- APD added to Americas Buy List on valuation, Buy at GSCO
Industrials: GLYT, HUBB and TNB well positioned for Q2 upside@CIBC CIBC is cautious on ROP and GWW going into Q2 results given both companies' short cycle exposure.
Financial Services:
- Financial Services: Valuations attractive for group, top ideas listed@BARD Robert W. Baird's survey of 36 financial institutions suggested the demand environment was solid and they continue to recommend the group. They consider Fiserv (FISV), Fidelity (FIS) and Open Solutions (OPEN) as their top ideas.
Apparel:
- LIZ Liz Claiborne Prudential Downgraded from Neutral » Underweight $40 » $33
Broadcasting:
- EMMS Emmis Comms Stanford Research Upgraded from Sell » Hold $15.25
Brokerage Services:
- AMTD Ameritrade Banc of America Sec Upgraded from Neutral » Buy
- NDAQ NASDAQ Piper Jaffray Initiated at Outperform $39
Business Services:
- MINI Mobile Mini Robert W. Baird Initiated at Outperform $36
- SUMT SumTotal Maxim Group Initiated at Buy $10
Healthcare:
- HCA - downgraded to Neutral at Oppenheimer
- GPRO Gen-Probe Piper Jaffray Price Target raised Outperform $62 » $64
- HORC Horizon Health Matrix Research Upgraded from Sell » Hold
- CGPI CollaGenex Pharm BMO Nesbitt Burns Initiated at Outperform $19
- CHTT Chattem JP Morgan Upgraded from Neutral » Overweight
- CNCT Connetics RBC Capital Mkts Upgraded from Sector Perform » Outperform $16 » $10
- GILD Gilead Sciences Piper Jaffray Price Target raised Outperform $70 » $75
- KOSP KOS Pharma BMO Nesbitt Burns Initiated at Outperform $49
- NSTK Nastech Pharm BMO Nesbitt Burns Initiated at Outperform $19
- PPCO Penwest Pharma BMO Nesbitt Burns Initiated at Outperform $27
- SEPR Sepracor BMO Nesbitt Burns Initiated at Outperform $65
- VRGY Verigy Needham & Co Initiated at Buy $23
Heavy Machinery :
- PCP Precision Castparts Matrix Research Downgraded from Strong Buy » Buy
Insurance:
- CPS ChoicePoint Credit Suisse Downgraded from Outperform » Neutral $52 » $40
- CPS ChoicePoint JMP Securities Downgraded from Mkt Outperform » Mkt Perform
Manufacturing
- ROP Roper Inds Lehman Brothers Initiated at Overweight
Real Estate:
- AIV Apt Inv & Mgt Deutsche Securities Upgraded from Hold » Buy $42 » $52
Regional Banks:
- ZION Zions Bancorp Friedman Billings Initiated at Mkt Perform $85
Rental Services:
- WLSC Williams Scotsman First Albany Initiated at Buy $26
Restaurants:
- OSI Outback Steakhouse Jefferies & Co Upgraded from Underperform » Hold $35
Retail:
- Retail Trade ANF Abercrombie RBC Capital Mkts Initiated at Outperform $73
- Retail Trade ARO Aeropostale Matrix Research Downgraded from Hold » Sell
- Retail Trade ARO Aeropostale RBC Capital Mkts Initiated at Top Pick $37
- Retail Trade CSH Cash America Roth Capital Upgraded from Hold » Buy $38
- Retail Trade FLWS 1-800-FLOWERS Goldman Sachs Upgraded from Sell » Neutral
- Retail Trade KSS Kohl's Prudential Initiated at Overweight $71
- Retail Trade LTD Limited RBC Capital Mkts Initiated at Outperform $31
- Retail Trade TJX TJX Cos Matrix Research Downgraded from Hold » Sell
Savings & Loan:
- UPFC Utd PanAm Fincl Matrix Research Upgraded from Sell » Hold
Utilities:
- TE TECO Energy Credit Suisse Upgraded from Neutral » Outperform $17
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