Upgrades: Merrill Lynch upgrades Bemis (BMS 27.58) to Neutral from Underperform... Citigroup upgrades Ann Taylor (ANN 24.54)to Hold from Sell and raises their tgt to $27 from $21, following Q208 EPS that exceeded firm and consensus estimates and believe 2H08 guidance is appropriately conservative, expect the co to deliver EPS in line with estimates and note shares could trade sideways given deteriorating sales amid a weak macro environment... Jefferies upgrades China Sunergy (CSUN 11.72) to Buy from Hold and raises their tgt to $15 from $12, following Q208 EPS that exceeded consensus estimates and believe the co's silicon supply outlook and liquidity situation are improving, providing greater confidence in the co's ability to execute on increasing its production of higher margin, higher efficiency cells.
Downgrades: Citigroup downgrades Cablevision (CVC 32.40) to Sell from Buy and maintains their $29 tgt, as they don't expect Class A holders to unlock value because equity now trades at a material premium to peers, the majority of directors - and shareholder votes - are aligned with Class B shareholders, and see intermediate term risks: Looming FiOS threat in Bronx and Brooklyn that will push FiOS to over 50% of passed homes by 2011 and a near-term $1.4 bln debt refinancing could raise interest costs... Wachovia downgrades the U.S Trucking sector to Market Weight from Overweight, also downgrades Knight Transportation (KNX 18.08) and Werner Enterprises (WERN 23.95) to Market Perform from Outperform.