Analyst upgrades, downgrades and initiations: SONS, HBC, BKS, VIA, GG, K ...

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

• Jefferies upgraded Sonus Networks (NASDAQ: SONS) to Buy from Hold on valuation as they find the risk/reward compelling at current levels. Jefferies has a $2 target on the stock.
  


• Dresdner upgraded HSBC (NYSE: HBC) to Buy from hold on valuation as they believe the dividend cut is fully priced in at current levels.
  


• JP Morgan upgraded Barnes & Noble (NYSE: BKS) to Neutral from Underweight on valuation as they recommend short positions take profits at current levels.


• Kellogg (K) was raised to Buy from Neutral at UBS.
  


• RPM, Inc (NYSE: RPM) and Valspar (NYSE: VAL) were upgraded at KeyBanc to Buy from Hold.
  


• Omnicare (NYSE: OCR) was upgraded to Overweight from Equal Weight at Barclays.

• Jefferies downgraded Dune Energy (AXE: DNE) to Underperform from Hold to reflect weak commodity prices and the company's reduced financial flexibility. The firm lowered its target price to 10c from 30c.


• Baird downgraded NeuStar (NYSE: NSR) to Neutral from Outperform and lowered their target to $20 from $22 based on 2009 revenue concerns and the CFO's departure.
  


• UBS cut Viacom (NYSE: VIA) to Neutral from Buy and lowered its target to $18 from $27. The firm believes advertising declines will be worst than expected and that Film expectations are too high.


• Goldcorp (NYSE: GG) was lowered to Neutral from Overweight at JP Morgan.
  


• Kindred Healthcare (NYSE: KND) and Tenet Healthcare (THC) were downgraded at Barclays to Equal Weight from Overweight.
  


• Cynosure (NASDAQ: CYNO) was downgraded to Hold from Buy at Citigroup.

• Keefe Bruyette believes Blackstone's (NYSE: BX) operating results and cash flow generation are likely to remain depressed well into 2009 given the weakening economy. The firm started shares with a Market Perform rating and $6 target.
  


• Oppenheimer views Brinks (NYSE: BCO) as a pure-play secure logistics company and feels it is well positioned to take advantage of a recent decline in acquisition prices. The firm has an Outperform rating and $32 target on the stock.


• Kellogg (NYSE: K) was initiated with a Buy rating and $52 target at Janney Montgomery.


• Avery Dennison (NYSE: AVY) was started at Barclays with an Equal Weight rating.


• Medco Health (NYSE: MHS) was initiated with a Market Perform rating and $59 target at Bernstein.

Analyst upgrades, downgrades and initiations: SONS, HBC, BKS, VIA, GG, K ... originally appeared on BloggingStocks on Fri, 16 Jan 2009 11:40:00 EST. Please see our terms for use of feeds.

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