Analyst upgrades, downgrades and initiations: BKC, NOC, RTN, CMCSA ...

Filed under: Analyst reports, Analyst upgrades and downgrades, Comcast Cl'A' (CMCSA), Kohl's Corp (KSS), Burger King Hldgs (BKC), Analyst initiations, Northrop Grumman (NOC)

• RW Baird upgraded LHC Group (NASDAQ: LHCG) to Outperform from Neutral based on valuation and expectations for raised 2009 guidance. The firm has a $36 target on the stock.
  


• Deutsche Bank upgraded Swiss Reinsurance (OTC: SWCEY) to Buy from Hold following the CEO change as the firm views it as a positive move.
  


• Wachovia upgraded DuPont Fabros (NYSE: DFT) to Outperform from Market Perform because it thinks the company has taken major measures to mitigate its liquidity risk by obtaining additional debt. The firm also notes that the company signed several new leases.


• Goldman added Air Products (NYSE: APD) and Burger King (NYSE: BKC) to the Conviction Buy List.
  


• MSC Industrial (NYSE: MSM) was upgraded to Outperform from Market Perform at William Blair.
  


• Northrop Grumman (NYSE: NOC) was raised to Outperform from Market Perform at Bernstein.

• Citigroup downgraded NYSE Euronext (NYSE: NYX) to Hold from Buy following the company's investor day to reflect a lack of near-term catalysts and the challenging capital markets. The firm lowered its price target to $21 from $24.


• Jefferies downgraded GSI Commerce (NASDAQ: GSIC) to Hold from Buy on slowing e-commerce trend growth and valuation following the company's "solid" Q4 results. The firm maintains an $11 target.


• Baird downgraded Pacer (NASDAQ: PACR) to Underperform from Neutral citing the deteriorating outlook and increased risk to its wholesale model.


• Raytheon (NYSE: RTN) was cut to Market Perform from Outperform at Bernstein.


• Kohl's (NYSE: KSS) was downgraded to Sell from Neutral at Goldman and added to the Conviction Sell List. The firm also removed Praxair (NYSE: PX) from the Conviction Buy List.


• BNP Paribas (OTC: BNPQY) was downgraded to Add from Buy at WestLB.

Analyst initiations:

• Merriman initiated Ligand Pharmaceuticals (NASDAQ: LGND) with a Buy rating. The firm expects several data catalysts this year as well as trial initiations and thinks the company has a lean business model.
  


• Roth Capital is positive on Multimedia Games' (NASDAQ: MGAM) revised business strategy and valuation. Shares were started with a Buy rating and $3.50 target.
  


• Wunderlich believes Comcast (NASDAQ: CMCSA) offers a "relative safe haven" in the cable group given its national diversity and advanced product penetration upside. The firm initiated shares with a buy rating and $19 target.


• Crucell NV (NASDAQ: CRXL) was initiated with a Buy rating at Jefferies.
  


• Grand Canyon (NASDAQ: LOPE) was assumed with an Outperform rating and $25 target at Credit Suisse.

 

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