Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Upgrades & Downgrades: Analysts Shopping at Nordstrom


Maybe the experts know something we don't know.

Cher sure got her wish last week, clocks (and stocks) both going back. Daylight -- and assorted other -- Savings disappeared as the Dow ended October with its worst one day point decline since the spring, sending the index to exactly where it started the month (9,712). Amid a spike in volatility the S&P 500, along with Nasdaq, saw a seven month streak snapped due to one scary Halloween-eve implosion that had the appropriately named Monster (MWW) (-9.14%) among leading laggards. Time travel extended to home prices, which returned to levels last seen in '03, and even the New York City Marathon, won by an American citizen for the first time since 1982 (which by happy coincidence was when the mother of all bull markets began). Alas yesterday's race, once again the world's largest, fared far better than its sponsor -- Friday's 5.91% plunge ending a horrific week for ING Group (ING).

Meanwhile CIT Group's (CIT) failure to brush up on Act 1, Scene 3 of Hamlet requires the century old business loan provider to read Chapter 11 this morning, among the biggest bankruptcies in US corporate history. Though not as large as Lehman Brothers, whose auctioneers in the City of Brotherly Love were somehow able to sell artwork of a $100 bill for almost five grand yesterday. Earnings season is winding down but two of today's will test your broker's phone phonetics; Sysco (SYY) and Loews (L) (not Cisco (CSCO) and Lowe's (LOW)) each announce, along with Anadarko (APC) and Ford (F). In economics, September pending home sales and October ISM manufacturing are out at 10:00 AM Eastern.


Warner Chilcott (WCRX): The stock is reinstated at Overweight by JP Morgan.

Incyte Corporation (INCY): Incyte is initiated at Outperform by Leerink Swann on opportunities with its psoriasis treatment.


Restaurants: Yum Brands (YUM) and PF Chang's China Bistro (PFCB) are increased to Outperform from Sector Perform by RBC Capital.

Estée Lauder (EL): The stock is upgraded at UBS (Neutral from Sell) as it sees more signs of greater discipline at the cosmetics outfit. Firm.

Dish Network (DISH): Bank of America/Merrill Lynch lifts Dish Network to Neutral from Underperform and takes its price target to $21 from $16.

Recreation: Royal Caribbean (RCL) and Brunswick Corp. (BC) are boosted by Wells Fargo to Outperform from Market Perform.

Nordstrom (JWN): Deutsche Bank is upgrading Nordstrom to Buy from Hold and raising its target to $45 from $36 on expected October comp store sales growth. For more on this sector, see Three Retailers to Short.

Biogen Idec (BIIB): The bitech company is bumped up to Buy from Hold at Jefferies, which cites strong free cash flow yield and the unlikelihood of Tysabri being pulled from the market.

Credit Suisse (CS): Citigroup takes Credit Suisse to Buy from Hold.

Leap Wireless (LEAP): The stock is upgraded to Buy from Hold at Citigroup ($20 target), citing an anticipated seasonal rebound.

Weyerhaeuser (WY): The company will hope for paper gains after a Neutral-from-Underperform upgrade at Credit Suisse ($37 price objective).

Cablevision (CVC): Cablevision is upgraded to Buy from Hold at Kaufman Brothers, the target raised to $28.

Juniper Networks (JNPR): The stock is upgraded to Buy from Hold at Stifel Nicolaus ($31 price objective).

Motorola (MOT): Citigroup upgrades Motorola to Buy from Hold, taking its target price up $1.50 to $10.50, on an upbeat outlook for its new Droid phone. Also check out Betting on Motorola's Droid Is Premature.


Comcast (CMCSA): By contrast, Kaufman is cutting Comcast (Hold from Buy) and reduces its price objective by $1 to $17 due to uncertainty over the NBC Universal deal. We covered this potential merger in Ten Ways NBC Can Save Itself.

Harmony Gold (HMY): The miner is lowered to Hold from Buy by Deutsche Bank.

Newell Rubbermaid (NWL): The stock finds itself clipped to Market Perform from Outperform at Raymond James.

Geron (GERN): Needham downgrades Geron (Hold from Buy) on a lack of near-term newsflow.

Office Depot (ODP): The office supply chain is cut to Underperform from Neutral at Credit Suisse.

Research in Motion (RIMM): Citigroup research is in perpetual motion with Research in Motion, giving it a 180 degree downgrade (Sell from Buy) and halving its price objective to $50.

Palm (PALM): The firm also cuts Palm to Hold from Sell with its new target now $10, down from $19.50.
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos