Analyst calls: NOC, RYAAY, ANN, CEG, LYG, NT, PLD, DPS, WFMI ...

Filed under: Analyst upgrades and downgrades, Whole Foods Market (WFMI), Amer Intl Group (AIG), Nortel Networks (NT), Analyst initiations, Lloyds TSB Group plc ADS (LYG)

Analyst upgrades:

• Baird upgraded Adtran (NASDAQ: ADTN) to Outperform from Neutral based on valuation, new product cycles, and confidence in 2H08 results.
  


• Morgan Stanley upgraded shares of Repsol (NYSE: REP) to Overweight from Equal Weight as they believe the potential sale to Sacyr Vallehermoso SA could lead to a restructuring.
  


• Stanford lifted National Oilwell Varco (NYSE: NOV) to Buy from Hold citing valuation. In addition, the firm, which set a target of $70, thinks most of the drop in commodity prices is now over.


• Ryanair (NASDAQ: RYAAY) was raised to Hold from Sell at Societe Generale.
  


• Ann Taylor (NYSE: ANN) was upgraded at Piper to Neutral from Sell.
  


• Goldman added Illinois Tool Works (NYSE: ITW) to the Conviction Buy List.

• Argus downgraded shares of Constellation Energy (NYSE: CEG) to Hold from Buy post-close given the volatility in the stock as they can no longer recommend CEG until concerns over its capital and liquidity are resolved. Shares were also downgraded to Hold from Buy at Citigroup.
  


• Collins Stewart downgraded Lloyds TSB Group (NYSE: LYG) to Hold from Buy following the acquisition of HBOS (OTC: HBOOY) as they expect short-term weakness in the stock.

• Wachovia cut Vornado (NYSE: VNO) to Market Perform from Outperform based on adjusted P/NAV and growth.


• Nortel (NYSE: NT) was lowered to Underweight from Overweight at JP Morgan.
  


• Varian (NYSE: VARI) and Illumina (NASDAQ: ILMN) were downgraded to Neutral from Buy at Merrill Lynch.
  


• Argus cut American International (NYSE: AIG) to Sell from Hold.

• Oppenheimer initiated ProLogis (NYSE: PLD) with an Outperform rating and $50 target. The firm thinks the company's expanding investment management and development businesses can drive average annual FFO growth of 10.5% over the next 2-3 years.
  


• Dr. Pepper Snapple (NYSE: DPS) was assumed with a Hold rating and $29 target at Detusche Bank. The firm is cautious on volume growth due to aggressive pricing and commodity costs.
  


• Friedman Billings initiated Whole Foods (NASDAQ: WFMI) with an Underperform rating and $16 target and believes shares should not trade at a premium to the group given the headwinds facing the company in FY09.


• Incyte (NASDAQ: INCY) was initiated at Goldman with a Buy rating and $16 target.
  


• JMP Securities started Internap (NASDAQ: INAP) with a Market Perform rating.
  


• Wachovia resumed coverage of Ulta Salon (NASDAQ: ULTA) with an Outperform rating and Bare Escentuals (NASDAQ: BARE) with a Market Perform rating.

 

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