Analyst upgrades, downgrades and initiations: KR, CCE, WFMI, TWC, ANN ...

Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations

Analyst upgrades:

• JP Morgan lowered its 2009 North American light vehicle production estimate by 13% to 11.2M and Europe by 10% to 19M. The firm upgraded Borg-Warner (NYSE: BWA) to Overweight from Neutral citing balance sheet and revenue growth.
  


• Jefferies upgraded shares of Kroger (NYSE: KR) to Buy from Hold and raised its target to $32 from $28 as they expect the company's value image to benefit in the current environment.
  


• Leerink upgraded AMAG Pharma (NASDAQ: AMAG) to Outperform from Market Perform on valuation as they believe current data is sufficient for some form of first cycle approval of Ferumoxytol.


• Coca-Cola Enterprises (NYSE: CCE) was upgraded to Neutral from Underperform at Merrill Lynch.
  


• Watsco (NYSE: WSO) was raised to Perform from Underperform at Oppenheimer.
  


• UBS upgraded Invitrogen (NASDAQ: IVGN) to Buy from Neutral.

• Jefferies downgraded shares of Whole Foods (NASDAQ: WFMI) to Underperform from Buy and lowered its target to $9.50 from $23 on the worsening macro environment, which they believe is "overwhelming" the company's ability to drive even flat comps in Q4 and FY09.
  


• Deutsche Bank cut Texas Instruments (NYSE: TXN) to Hold from Buy and lowered its target to $19 from $28 following the company's worse-than-expected outlook, as they expect shares to be range bound.
  


• Banc of America downgraded the Dry Bulk Shipping sector to Equal Weight from Overweight to reflect the "depressed" charter rate environment, tighter credit markets and the weakening macroeconomic outlook. The firm downgraded Britannia Bulk (NYSE: DWT), Navios Maritime (NYSE: NM) and TBS International (NASDAQ: TBSI) to Neutral from Buy.


• Eaton (NYSE: ETN) was lowered to Underperform from Neutral at Merrill Lynch.
  


• AXA (NYSE: AXA) was downgraded at JP Morgan to Neutral from Overweight.
  


• Aracrus (NYSE: ARA) was downgraded to Underweight from Equal Weight at Morgan Stanley.

• PharMerica (NYSE: PMC) was initiated at Oppenheimer with an Outperform rating and $28 target. The firm believes the Street is underestimating the benefit from the company's consolidation efforts.
  


• Banc of America named Time Warner Cable (NYSE: TWC) its favorite stock in Cable given its economic resilience, key business health and valuation. Shares were assumed with a Buy rating and $30 target.
  


• William Blair believes HMS Holdings (NASDAQ: HMSY) has favorable end markets and a strong competitive position. The firm initiated shares with an Outperform rating.


• UBS initiated Zumiez (NASDAQ: ZUMZ) and Ann Taylor (NYSE: ANN) with Neutral ratings and targets of $12 and $16, respectively.
  


• Universal American (NYSE: UAM) was assumed at BMO Capital with a Market Perform rating and $14 target.
  


• New Generation Biofuels (NASDAQ: NGBF) was initiated with a Hold rating at Jesup & Lamont.

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