NEW YORK (
) -TheStreet Ratings' stock model upgraded
to 'Buy' from 'Hold'. Net income at this real estate developer increased by 189% to $51 million compared to second quarter 2009.
TheStreet Ratings released rating changes on 23 additional U.S. common stocks for August 10, 2010. In total, just six stocks were downgraded and 18 stocks have been upgraded by our stock model. The number of upgrades exceeding downgrades by a three-to-one margin today continues the bullish trend coming from our model's read of second quarter earnings.
AvalonBay Communities Chairman and CEO, Bryce Blair, credited the good quarter to an improving but bumpy economy, weakness in the for-sale home market, demographics favoring rental demand, and lack of new apartments. As the home ownership rate fell below 67% in the second quarter more residents are opting to rent instead of buy, thus favoring AvalonBay's core apartment rental business.
Another company being upgraded to 'Buy' from 'Hold' is
. This pharmaceutical company improved its top-line revenue by 6.4% in the second quarter over the same quarter last year. For the three months ending June 30, the company reported total revenue of nearly $1.1 million as key products Lexapro, Namenda, Bystolic and Savella continued to perform well.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.