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Upgrades & Downgrades: TiVo Rewinds to Glory Days


Maybe the experts know something we don't know.

The S&P 500 Index rose for a fifth straight session and analyst upgrades of three key Dow components put the blue chips in positive territory for 2010. Abercrombie & Fitch (ANF), which outfits adolescents in barely-there attire, surged 14.76% to lead S&P 500 advancers and TiVo (TIVO) turned in a 61.90% gain after winning a court case dating back to 2004, the year they themselves famously benefited from malfunctioning wardrobes.

Strength was also seen in PetSmart (PETM), up 8.01% on impressive earnings, and Ford (F), which ended within a whisker of a fresh 52-week high. Perhaps the person who recently took to four wheels to walk his four legged friend can pay for the subsequent sanction by becoming a spokesman for both? And Citigroup (C) CEO Vikram Pandit was in Washington, the Indian giving thanks to US taxpayers for their $45 billion Indian giving. It's a slow Friday for earnings announcements in the States but European large caps Veolia Environnement (VE) and WPP Plc (WPPGY) each reported earlier this morning.


Myriad Genetics (MYGN): Auriga initiates Myriad Genetics at a Sell with a price objective of $19 as it believes BRACAnalysis growth appears to be plateauing as penetration in the oncology setting has been slower to materialize.

GameStop (GME): BB&T Capital begins GameStop at a Hold. For more on this sector, see Three Reasons Activision Won't Even Have to Pause.

Ag Stocks: Deutsche Bank begins Mosaic (MOS) ($65 price target) and Potash (POT) ($120) with Holds and assigns a Buy on Agrium (AGU) ($85).

CF Industries (CF): Thomas Weisel initiates CF Industries at Market Weight and establishes a target of $110.


Del Monte (DLM): The stock is moved to Equal Weight from Underweight at Morgan Stanley.

Allergan (AGN): Frozen smiles all round for Allergan, as the Botox maker gets a Buy-from-Hold boost at Lazard. The price objective is $74.

TiVo (TIVO): JP Morgan takes TiVo to Overweight from Neutral and lifts its price target to $23 from $15 after yesterday's favorable appeals court ruling.

Calpine (CPN): Jefferies upgrades Calpine (Buy from Hold) and increases its objective by $3 to $14.50, saying the shares should trade at a premium to other merchant generators since it's less exposed to changes in the commodity price of gas.

Energy Stocks: Also getting Buy-from-Hold boosts by the broker are Public Service Enterprise (PEG) ($35 target) and Constellation Energy (CEG) ($41). See also What Energy Charts Are Trying to Say.

Coldwater Creek (CWTR): The stock is increased to Overweight from Equal-weight by Barclays, which doubles its target price to $10.

Bristol-Myers Squibb (BMY): Morgan Stanley moves Bristol-Myers to Overweight from Equal Weight.

Family Dollar (FDO): The stock is upgraded to Neutral from Underperform (target up $5 to $35) with Wedbush Morgan, which says it should be able to generate solid comps and attain continued operating margin expansion to 8.0% over the next few years.

DISH Network (DISH): The stock is upgraded to Buy from Hold with a $30 target at Collins Stewart, which says yesterday's share price decline of roughly 5% due to the court deciding in favor of TiVo means most of the negative impact is now in the stock.

Ciena (CIEN): Cowen raises its rating on Ciena to Outperform from Neutral.


Capital One Financial (COF): The stock gets a Neutral-from-Buy downgrade at Goldman Sachs, which notes a new Fed late fee directive could cut subprime revenue by 5% to 10%.

Wendy's/Arby's (WEN): Goldman also lowers Wendy's/Arby's, now Neutral from Buy.

OfficeMax (OMX): Citigroup removes OfficeMax from its Top Picks Live list.

Ashland (ASH): The stock is now Neutral from Positive at Susquehanna.

Utilities: Saying it sees less potential upside in regulated utilities, Jefferies takes both Consolidated Edison (ED) and Southern Company (SO) to Hold from Buy.

Tyson Foods (TSN): The stock is taken to Hold from Buy at BB&T Capital.

Yamana Gold (AUY): The stock gets a Sector Perform-from-Outperform cut at RBC Capital.
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