Toll Brothers: Upgrades, Downgrades

Archer Daniels Midland (ADM) upgraded at BMO to Outperform. $38 price target. Underlying fundamentals appear to be improving.

Adtran ( ADTN) upgraded at Morgan Stanley from Equal-weight to Overweight. $45 price target. Company has multiple potential sales drivers.

BB&T ( BBT) downgraded at Credit Suisse to Underperform from Neutral. Higher rates have reduced unrealized bond gains, reducing ability to offset charge-offs with reserves, Credit Suisse said. Price target trimmed by a dollar to $28.

Cheesecake Factory ( CAKE) upgraded at Piper from Underweight to Neutral, Piper Jaffray said. Company has a clean balanced sheet and is positioned well to grow in 2011.

Comerica ( CMA) downgraded at Citigroup from Hold to Sell, Citigroup said. $40 price target. Stock is already pricing in potential interest rate hikes.

Chipotle ( CMG) upgraded at Piper from Neutral to Overweight, Piper Jaffray said. Company is a market leader with attractive demographic trends. $265 price target.

CMS Energy ( CMS) downgraded at Oppenheimer from Outperform to Perform, Oppenheimer said. Valuation call.

Centene Corp ( CNC) upgraded at Barclays to Overweight from Equal Weight. Centene will maintain a solid set of assets in the growing market of Medicaid-managed care, Barclays said. Price target raised to $32 from $25.

Charles River ( CRL) downgraded at Deutsche from Buy to Hold, Deutsche Bank said. Valuation call, as the company has limited near-term visibility. $37 price target.

DR Horton ( DHI) downgraded at Barclays to Equal Weight from Overweight. Valuation call, Barclays said. Maintain $13 price target.

DR Horton ( DHI)upgraded at Wells to Outperform. Housing activity should improve in each of the next two years.

Entergy ( ETR) downgraded at JP Morgan from Overweight to Neutral, JP Morgan said. $76 price target. Company faces headline risk at its nuclear arm.

ExxonMobil ( XOM) upgraded at Oppenheimer from Perform to Outperform, Oppenheimer said. $90 price target. Higher oil prices should allow the company to accelerate its buyback program.

Hershey ( HSY) upgraded at Janney to Buy, Janney Montgomery said. $54 price target. Company has reinvested earnings and should see a few years of solid growth upcoming.

Lamar Advertising ( LAMR) downgraded at Barclays to Equal Weight from Overweight. Economic uncertainty depresses small business ad budgets, Barclays said. Price target trimmed to $36 from $38.

Lennar ( LEN) downgraded at Credit Suisse to Neutral from Outperform as high expectations are baked in, Credit Suisse said. Price target increased to $19 from $17.

Allscripts ( MDRX) upgraded at Deutsche from Hold to Buy. $24 price target. Company can continue to gain market share.

National Fuel Gas ( NFG) rated new Overweight at Morgan Stanley. $82 price target. Company appears cheap, based on its net asset value.

Old Dominion ( ODFL) upgraded at Wells to Outperform from Market Perform. Estimates also boosted, as the company should realize higher pricing and volumes.

PG&E ( PCG) upgraded at Morgan Stanley from Equal-weight to Overweight, Morgan Stanley said. Company offers an attractive total return profile. $52.50 price target.

Patriot Coal ( PCX) upgraded at BB&T from Hold to Buy, BB&T Capital said. $28 price target. Company is leveraged to higher met coal prices.

Principal Financial Group ( PFG) downgraded at Credit to Neutral from Outperform on valuation and conservative capital deployment, Credit Suisse said. Price target raised to $35 from $32.

Par Pharmaceutical ( PRX) downgraded at Barclays to Equal Weight from Overweight. Valuation call and competition in the generic group over the next year, Barclays said. Price target raised to $44 from $43.

Reynolds American ( RAI) upgraded at UBS from Neutral to Buy, UBS said. $38 price target. Company can generate solid sales growth over the next couple of years and returns a lot of its cash to investors.

Rackspace ( RAX) downgraded at Oppenheimer from Outperform to Perform, Oppenheimer said. Valuation call, as the stock has gained more than 50% over the past four months.

Ryland Group ( RYL) downgraded at Barclays to Equal Weight from Overweight. Market already priced in upside in housing market, Barclays said. Price target lowered to $19 from $21.

Teco Energy ( TE) upgraded at UBS from Neutral to Buy, UBS said. $20 price target. Company should benefit from rising coal prices.

Teco Energy ( TE) downgraded at Morgan Stanley from Equal-weight to Underweight, Morgan Stanley said. Relative valuation call, based on an $18 price target.

Toll Brothers ( TOL) upgraded at Barclays to Overweight from Equal Weight. Expecting increase in home sales in 2011, Barclays said. Price targe3t lifted to $23 from $21.

Toll Brothers ( TOL) downgraded at Wells to Market Perform. Company could see lower near-term sales and negative operating leverage.

UTI Worldwide ( UTIW) downgraded at Keybanc from Buy to Hold. Valuation call, as the stock gained 48% in 2010.

Valmont ( VMI) rated new Buy at Deutsche Bank. $110 price target. Company has tailwinds in the irrigation and electric transmission businesses.

Waters ( WAT) downgraded at Deutsche from Buy to Hold. Valuation call, based on an $87.50 price target.

Wisconsin Energy ( WEC) upgraded at Morgan Stanley from Equal-weight to Overweight. Valuation call, based on a $63.50 price target.

Xcel Energy ( XEL) downgraded at Baird to Neutral. Valuation call, based on a $25 price target.

This article was written by a staff member of TheStreet.

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