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business newsUpgrades and Downgrades: Callaway Golf Hits the Rough
By
Justin Sharon
Jun 15, 2010 8:10 am
Wall Street ratings agencies set the tone for today's stock market.
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Meanwhile BP Plc (BP) shares plunged another 9.71% and are at a 13-year low in London ahead of tomorrow’s scheduled meeting between CEO Tony Hayward and a fresh-from-the-Gulf President Obama as the impact of the oil spill continues to ripple. (If yesterday’s incident involving a burst sewage pipe at its World Cup headquarters is any indication, England is on a leak streak.) Oil executives testify before Capitol Hill this morning and Best Buy (BBY) highlights today’s earnings announcements. Also read Best Buy Outlook Ahead of First Quarter Earnings.
Initiations
eBay (EBAY): The Internet auction stock is initiated with a Hold at ThinkEquity, which assigns a $25 price target. For a related article, see How Former eBay CEO Meg Whitman Will Save California.
A123 Systems (AONE): Needham has a new Hold on A123 Systems.
Conceptus (CPTS): Maxim begins coverage on Conceptus with a Buy and assigns a $20 price objective as it feels the shares are now attractively valued.
Hologic (HOLX): Saying the Street is largely ignoring growth opportunities from its profitable disposable business, Hologic is given a new Buy rating at Maxim.
Jazz Pharmaceuticals (JAZZ): The stock is picked up with a Buy and $11.50 target price at Capstone.
Ameren (AEE): AEE is a new Neutral at UBS, which sets a $24 target.
Upgrades
T. Rowe Price (TROW): Wells Fargo raises its T. Rowe Price recommendation to Outperform from Market Perform.
Finish Line (FINL): The stock gets lifted to Buy from Hold at Citigroup.
Biomed Realty Trust (BMR): BMR gets an Outperform-from-Market Perform boost with Wells Fargo.
Philips Electronics (PHG): Holland’s Philips Electronics is upgraded to Overweight from Equal Weight with Morgan Stanley as restructuring efforts begin to bear fruit.
ABB Limited (ABB): Staying in Europe, Morgan Stanley also moves ABB Limited to Overweight from Equal Weight as the firm says it is a good investment play on the transmission grid infrastructure cycle.
Gibraltar Industries (ROCK): ROCK is raised to Buy from Hold at Jefferies, which takes its target up $3 to $16.
Amkor Technology (AMKR): The stock is hoisted to Buy from Hold at Deutsche Bank, its price objective also increasing to $8 from $7.50.
Downgrades
Callaway Golf (ELY): Callaway gets cut to Market Perform from Outperform at JMP Securities.
Aluminum Corp. of China (ACH): Deutsche Bank downgrades Aluminum Corp. of China to Hold from Buy.
Rosetta Resources (ROSE): The stock is reduced to Neutral from Buy at Suntrust.
Lincare (LNCR): Susquehanna lowers Lincare to Neutral from Positive.
American Public Education (APEI): APEI is moved to Market Perform from Outperform at Barrington Research due to valuation.
No positions in stocks mentioned.
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