Publish date:

Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
Author:

CHANGE IN RATINGS

Agnico-Eagle Mines

(AEM) - Get Report

downgraded at UBS to Neutral rating from Buy. However, price target lifts to $53 from $50 and 2008 EPS estimates rise to $1.34 from $1.30.

American Eagle

(AEO) - Get Report

downgraded at Merrill Lynch to Sell. Consensus earnings estimates are likely too high through 2008. Prefer ANF at current levels.

Amgen

(AMGN) - Get Report

upgraded at Merrill Lynchfrom Neutral to Buy. Worst issues are likely already behind the company, and even the worst-case scenario suggests limited downside potential.

Amgen upgraded at UBS to Neutral rating from Sell. Price target lifts to $61 from $50 and 2008 EPS estimate holds at $4.06.

Apache

(APA) - Get Report

upgraded at Goldman Sachs to Buy from Neutral based on Australia and Egypt production growth, greater production growth vs. previous periods, and Goldman's bullish view on crude oil. Also see minimal value to potential for reserve additions in Gulf of Mexico, and increased optimism in Canada shale potential. Target price raised to $100 from $92.

Cognizant

(CTSH) - Get Report

upgraded at Bernstein from Market Perform to Outperform. Stock is down 21% over the past month, and fears of a slowdown in spending from financial services customers has been overdone.

First Solar

(FSLR) - Get Report

coverage initiated at Goldman Sachs with a Buy rating. Believe solar sector will see continued positive earnings trends, news on continued/additional government support for solar, and increasing demand for solar shares relative to supply. Noted industry leading cost/watt manufacturing ability. Price target at $125.

Global SantaFe

(GSF)

upgraded at JP Morgan from Underweight to Neutral. Valuation call, as the combination with RIG will provide solid earnings visibility.

GSI Commerce

(GSIC)

TheStreet Recommends

upgraded at Jefferies to Buy rating from Hold. Price target lifts to $30 from $26 and 2009 EPS estimate bumps up to $0.43 from $0.42.

Gentiva Health

(GTIV)

upgraded at BB&T Capital from Hold to Buy. $23 price target. Stock has sold off to an attractive valuation. Price cuts will effect earnings, but the company still maintains solid market share.

International Game Tech

(IGT) - Get Report

upgraded at Wachovia to Outperform. 2008 estimates also raised, as the company has lots of market opportunities, both in China and the US.

Macrovision

(MVSN)

downgraded at Jefferies to Hold rating from Buy. Price target dips to $25 from $28 and 2009 EPS estimate drop to $1.40 from $1.60.

Newfield Exploration

(NFX)

downgraded at Goldman Sachs to Neutral from Buy based on more attractive catalysts at other E&Ps, most notably Apache. See potential for improved sentiment if Newfield ramps up production in Malaysia, an if drilling results are successful at the Woodford Shale. Price target at $56.

Orbitz

(OWW)

coverage initiated at Goldman Sachs with a Buy rating. See EBITDA and operating income growing 18% and 22%, respectively, from 2008 to 2011. Company is well positioned in online travel industry, which is experiencing strong secular growth. Price target at $18.

Primedia

(PRM)

downgraded at Deutsche Bank from Hold to Buy. $15.50 price target. Investors now have the special dividend and the stock now looks fully valued.

Transocean

(RIG) - Get Report

upgraded at JP Morgan from Underweight to Neutral. Valuation call, as the company's earnings, including GSF, are mostly contracted over the next couple of years at attractive prices.

Synovus Financial

(SNV) - Get Report

upgraded at Bernstein from Market Perform to Outperform. Market is expecting more credit losses than will likely materialize. $35 price target.