Downgrades: J.P Morgan downgrades Sherwin Williams (SHW 51.42) to Neutral from Overweight. Miscellaneous: Citigroup initiates The McClatchy Co (MNI 2.22) with a Sell... Citigroup initiates Gannett (GCI 9.13) with a Buy... Citigroup initiates New York Times (NYT 9.51) with a Sell... Merrill lowers their tgt on Cicso (CSCO 16.09) to $22 from $30.
Upgrades: J.P Morgan upgrades Choice Hotels (CHH 20.86) to Neutral from Underweight... UBS upgrades PepsiAmericas (PAS 16.20) to Buy from Neutral... UBS upgrades China Telecom (CHA 26.71) to Buy from Neutral. Downgrades: Credit Suisse downgrades News Corp. (NWS 7.88) to Neutral from Outperform... Jefferies downgrades Embarq (EQ 30.38) to Hold from Buy following the announced acquisition by CenturyTel (CTL) for $11.6 bln... Credit Suisse downgrades Ralcorp (RAH 64.33) to Neutral from Outperform... UBS downgrades Evergreen Solar (ESLR 2.39) GT Solar (SOLR 3.96) and Energy Conversion Devices (ENER 28.38) to Neutral from Buy... UBS downgrades Sunpower (SPWRA 34.68) to Sell from Neutral. Miscellaneous: Credit Suisse initiates Google (GOOG 329.49) with an Outperform... Credit Suisse initiates Yahoo! (YHOO 11.58), Amazon.com (AMZN 49.58) and eBay (EBAY 14.53) with Neutrals... Credit Suisse initiates Dish Network (DISH 15.62), DirecTV (DTV 17.95) and Time Warner Cable (TWC 18.01) with Neutrals... Credit Suisse initiates Comcasct (CMCSA 13.62) and Disney (DIS 21.37) with Outperforms.
Upgrades: J.P Morgan : Oppenheimer upgrades Integra LifeSciences (IAR 31.05) to Outperform from Perform and sets a $40 tgt, as they believe margins are set for a steady turnaround via GM improvement from $40 mln in higher margin Theken sales, a currency benefit, as the co has more costs in Euros than revenue, and discontinued products... Deutsche Bank upgrades Boardwalk Pipeline Partners, LP (BWP 20.48) to Buy from Hold... Citigroup upgrades Ryanair (RYAAY 19.62) to Buy from Hold... Citigroup upgrades British Sky Broadcasting (BSY 21.69) to Buy from Hold. Downgrades: Keefe, Bruyette downgrades AmeriCredit (ACF 5.91) to Underperform from Market Perform and lowers their tgt to $3 from $8, following a Q109 loss that was better than firm and consensus estimates and remain cautious on the co's outlook while noting an increase in the loss rate to 8.5% could trigger an event of default, increasing the chances of a bankruptcy filing, in their view... Keefe, Bruyette downgrades National City (NCC 2.02) to Market Perform from Outperform and lowers their tgt to $2.30 from $7, based on the definitive agreement for PNC Financial to purchase NCC for approx $5.6 bln, including cash payment for warrants... Baird downgrades PCTEL (PCTI 6.75) to Neutral from Outperform and lowers their tgt to $8 from $13, following Q3 revenue that was in line, EPS above expectations and tempered guidance due to lower WiMAX demand and macro concerns... Jefferies downgrades ION Geophysical (IO 5.59) to Hold from Buy and lowers their tgt to $6.50 from $16, as they believe that seismic equipment demand will be negatively impacted as customers' spending habits will turn more conservative in light of current market conditions and have concerns over the near-term financial needs that ION faces as the financing used to partially fund the ARAM acquisition expires soon.