Analyst upgrades, downgrades and initiations: CNX, MA, CAT, MHS ...

Filed under: Analyst reports, Analyst upgrades and downgrades, Caterpillar (CAT), Boston Scientific (BSX), MasterCard Inc'A' (MA), Analyst initiations

• Citigroup upgraded shares of Consol Energy (NYSE: CNX) to Buy from Hold following the company's lowered guidance as 2009 is fully contracted with a 26% price increase. The firm raised its target to $40 from $38.
  


• Deutsche Bank upgraded AstraZeneca (NYSE: AZN) to Buy from Hold on valuation as it thinks the sell-off on the company's Q4 miss and cautious guidance is overdone.
  


• Wachovia upgraded Boston Scientific (NYSE: BSX) to Outperform from Market Perform because the firm thinks the outlook of the company's two main markets is improving. The firm believes the company's valuation is attractive. Thomas Weisel upgraded Boston Scientific to Overweight from Market Weight citing valuation and improving fundamentals.


• Goldman added MasterCard (NYSE: MA) to the Conviction Buy List.
  


• Accuray (NASDAQ: ARAY) was raised to Buy from Neutral at Piper Jaffray.
  


• KLA-Tencor (NASDAQ: KLAC) was upgraded to Buy from Neutral at Banc of America/Merrill.

• Friedman Billings downgraded shares of Zenith National (NYSE: ZNT) to Market Perform from Outperform following the company's Q4 results on increased EPS and dividend uncertainty in 2009. The firm lowered its price target to $27.50.
  


• Oppenheimer downgraded SeaBright Insurance (NYSE: SBX) to Perform from outperform to reflect deterioration in the California workers' compensation market implied by Zenith's Q4 results. The firm now expects SeaBright's operating environment to be more challenging than previously thought.
  


• Goldman added shares of Caterpillar (NYSE: CAT) to its Conviction Sell List citing lack of near-term catalysts, aggressive 2009 guidance, and potential dividend risk.


• Replidyne (NASDAQ: RDYN) was lowered to Sell from Hold at Argus.


• PerkinElmer (NYSE: PKI) was cut at Thomas Weisel to Market Weight from Overweight.
  


• Grubb & Ellis (NYSE: GBE) was downgraded to Market Perform from Outperform at JMP Securities.

• Maxim started Medco Health (NYSE: MHS) with a Buy rating. The firm said Medco is well-positioned to drive strong defensive growth as clients search for additional ways to control costs.
  


• Keefe Bruyette expects Allied World (NYSE: AWH) to benefit from the current market dislocation and finds the stock attractively valued at current levels. Shares were initiated with an Outperform rating and $52 target.
  


• RW Baird is positive on Alliance Imaging (NYSE: AIQ) based on momentum in its diversification strategy, credit market dislocation help AIQ's positioning, conservative guidance, and valuation. Shares were initiated with an Outperform rating and $12 target.


• WCA Waste (NASDAQ: WCAA) was initiated at Wunderlich with a Buy rating and $ target.
  


• Century Aluminum (NASDAQ: CENX) was reinstated with an Outperform rating and $8 target at Credit Suisse.
  


• AECOM Technology (NYSE: ACM) was started at Barclays with an Equal Weight rating and $32 target.

 

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