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Upgrades & Downgrades: Best Buy May Not Be the Best


Maybe the experts know something we don't know.

Stocks rose for a fifth straight session, continuing their steady reign on the day Daniel Craig, aka James Bond, began Broadway previews of A Steady Rain. Indeed bonds everywhere showed strength after a well received Treasury auction. As equities hit highs for the year Tiffany (TIF) rose 2.5% on an upgrade and CBS (CBS), aka the Tiffany Network, gained 8.4%. Kodak (EK) surged over 11% but a longtime user of its products remains in a darkroom of debt.

Pittsburgh parking lots get a workout this month; Steelers fans enjoyed tailgate parties as their team opened the new NFL season with a win and protesters at the upcoming G20 economic summit have been told to assemble in a paved paradise. Yesterday was good to Gorman, promoted to CEO at Morgan Stanley (MS), and Campbell Soup (CPB) hopes today is equally good to gourmands when it announces earnings. September 10th, 2001 and the Dow stood at 9,605.51; September 10th, 2009 and the Dow stood at 9,627.48. Not much, and everything, has changed. Never forget. Also see Todd's amazing first hand account of the events of this day eight years ago in Brokedown Palace.


Thermo Fisher (TMO): The stock is initiated at Morgan Stanley with an Overweight.

EMC Corp. (EMC): Oppenheimer initiates picks up coverage of EMC with a Perform rating. While analysts are upbeat on its acquisition of Data Domain (DDUP), valuation concerns persist.


Intel (INTC): The tech stock is upgraded at Roth (Buy from Hold). The target goes to $25 from $21 as they see a strong rebound in servers.

Colgate-Palmolive (CL): Goldman Sachs raises Colgate-Palmolive to Buy from Neutral and increases its price objective $2 to $85.

Garmin (GRMN): Bank of America/Merrill Lynch boosts Garmin to Buy from Underperform.

Plum Creek Timber (PCL): Credit Suisse upgrades Plum Creek Timber to Neutral from Underperform ($30 target).

ConAgra (CAG): CAG is added to the Top Picks Live list at Citigroup, which believes upcoming earnings could prove a catalyst.


Best Buy (BBY): Oppenheimer downgrades Best Buy (Perform from Outperform; $44 target intact) as it believes upside is limited. For an opposing view, check out Six Reasons Best Buy is a Retail Winner.

Tyco (TYC): TYC is cut at Equal Weight from Overweight at Barclays Capital.

American International Group (AIG): There's no keeping AIG out of the news; Wells Fargo lowers it Underperform from Neutral.

Media Stocks: Cowen cuts several media stocks - Viacom (VIA) (Neutral from Outperform), CBS, and News Corp (NWS) (each Underperform from Neutral).

Nokia (NOK): Robert Baird is downgrading Nokia to Neutral from Outperform due to valuation.
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No positions in stocks mentioned.
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