Upgrades: Credit Suisse upgrades Interpublic Group (IPG 3.75) to Neutral from Underperform.
Downgrades: Barclays downgrades Pepco Holdings (POM 12.78) to Equal-weight from Overweight. Miscellaneous: Jefferies initiates Foster Wheeler (FWLT 13.24) with a Buy and a $20 tgt as the firm believes the supply/demand global projects and contractors appears better balanced than the excess contractor demand seen during 2006-08.
Upgrades: Piper Jaffray upgrades Trimeris (TRMS 1.34) to Neutral from Sell... Deutsche Bank upgrades Unisource Energy (UNS 24.05) to Buy from Hold and maintains their $32 tgt, based on valuation. Miscellaneous: Keefe, Bruyette initiates DCT Industrial Trust (DCT 2.67) with a Market Perform and sets a $3.50 tgt, as they believe near-term occupancy pressure and lease-up risks on new development are already reflected in its discount valuation... Bofa/Merrill initiates Cree (CREE 18.14) with an Underperform... BofA/Merrill resumes First Solar (FSLR 110.44) resumed with a Buy... BofA/Merrill initiates Ener1 (HEV 2.50) with a Neutral... BofA/Merrill resumed Sunpower (SPWRA 25.81) with a Neutral... JP Morgan adds AT&T (T 22.67) to Analyst Focus List.
Upgrades: Jefferies upgrades Monotype Imaging (TYPE 2.23) to Buy from Hold and lowers their tgt to $4 from $6, following Q408 revenue and adjusted Ebitda that met firm estimates, see a low risk of the co breaching on its debt covenants, and believe the co has the opportunity to accelerate the paydown of debt... Citigroup upgrades BioMarin Pharma (BMRN 10.60) to Buy from Hold and maintains their $17 tgt, based on valuation and believe the President's new healthcare initiative will have minimal to moderate impact on BMRN's future business and is already reflected in shares... Citigroup upgrades ArcelorMittal (MT 18.44) to Hold from Sell, based on initiatives to increase production cuts, reductions of capital expenditures and lower dividends that are positive in the context of the credit crunch...
Citigroup upgrades Bachoco (IBA 9.91) to Buy from Hold and lowers their tgt to $16 from $20, as they look for a significant operating recovery this year that involves growth on the order of 10% in sales, 115% in Ebitda and a positive net income... UBS upgrades AEGON (AEG 2.89) to Neutral from Sell... Piper Jaffray upgrades Palm (PALM 7.38) to Buy from Neutral.
Downgrades: Wachovia downgrades Pepco Holdings (POM 12.78) to Market Perform from Outperform... Wachovia downgrades Edison Int'l (EIX 24.84) to Market Perform from Outperform... Jesup & Lamont downgrades Mantech Int'l (MANT 48.72) to Hold from Buy as the firm believes the stock is not priced to absorb the uncertainty created by the departure of Robert A. Coleman, MANT's President and Chief Operating Officer.