Analysts Upgrades & Downgrades is published weekdays at 10am EDT.
Phillips-Van Heusen ( PVH) upgraded at Morgan Stanley to overweight with $37 price target. Upgrade based on margin stabilization in the domestic businesses and the underappreciated value of the Calvin Klein licensing business. Regions Financial ( RF - Get Report) upgraded at Goldman to Buy from Neutral based on valuation. Decreased target price to $5 from $5.50. Raymond James ( RJF) upgraded at Pali from Neutral to Buy. $20 price target. Bank credit quality is improving, and the company is leveraged to an improvement in the equity markets. UnitedHealth Group ( UNH) downgraded at Oppenheimer to Underperform from Perform. Indicating that the co. is relying on a very aggressive Medicare bidding strategy that will likely result in significant margin compression. Decreased price target to $24 from $32. VistaPrint ( VPRT) downgraded at Citigroup to Hold from Buy. Due to its current valuation, the risk/reward scenario is less compelling after reaching its target price. Maintained target price of $44. Western Alliance Bancorp ( WAL) downgraded at Goldman to Sell from Neutral. Decreased price target to $6 from $8. Warnaco ( WRC) downgraded at Morgan Stanley to equal weight from overweight with $39 price target. Morgan Stanley continues to believe in long term potential of Calvin Klein portfolio, however recent outperformance leaves other retail stocks with a more favorable risk/reward profile.
Yamana ( AUY) target decreased at Credit Suisse to $9.25 from $9.50 based on a decline in production following the sale of three of assets. Maintained Neutral rating. Brown & Brown ( BRO) estimates cut at Barclays through 2010. Organic growth is slowing during the recession. Underweight rating and $16 price target. Darden Restaurants ( DRI) target boosted at Morgan Stanley to reaching $41. Stock should be bought ahead of the June 23 earnings report. Company is outperforming its peers in a difficult environment. Overweight rating. Duke Energy ( DUK) target lowered at Goldman to $14 from $15. Maintained Neutral rating. El Paso Electric ( EE) target decreased at Goldman to $18 from $19. Lower capital spending and higher than expected rates led to the decrease in numbers. Maintained Buy rating. Home Depot ( HD) estimates increased at Barclays through 2011. Company held an upbeat analyst meeting, highlighting its improved market position ahead of the home improvement turnaround. Overweight rating and $26 price target. Skyworks ( SWKS) estimates, target raised at Barclays. Shares seen reaching $12. Estimates increased, as the company is likely taking market share in handsets. Equal-weight rating. T. Rowe Price ( TROW) numbers increased at Goldman to $34. Estimates also raised, to reflect strong equity market performance. Inflows should also begin to improve soon. Neutral rating. Vale ( VALE) numbers increased at Credit Suisse to $19 from $18. Cites the changes in the price curve for iron ore. Maintained Neutral rating. Wisconsin Energy ( WED) target raised at Goldman to $43 from $42 following its earnings statement. Maintained Neutral rating. Westar Energy ( WR) target raised at Goldman to $21 from $20. Lower near term capital spending, rate based growth, and decreased equity issuance led to the decrease in ratings. Maintained Neutral rating. XL Capital ( XL) target raised at Credit Suisse to $13 from $9. Following its agreement with Berkshire Hathaway the co. is more stabilized and the risk of insolvency is less. Maintained Neutral rating.