Early Morning Upgrades and Downgrades (CSCO, ECLP, LOPE, IRBT, VIMC, ARO, JCG, PSUN, ZUMZ, ROST, TJX, CFNL, HMA, PGN, SVVS, AEO, SI, SCMF, TRW, WTNY)

Published on Thursday, 24 June 2010 07:35 Written by Danny Miller

New York, June 24^th (TradersHuddle.com) – Following are some of the top changes in analysts’ ratings before the market open.

Research Firms Initiate:

Cisco Systems (NASDAQ:CSCO), the networking giant, was initiated with a Buy at Kaufman and a $30 target price. Kaufman believes Cisco is positioned to drive and benefit from industry trends that include convergence of networks and convergence of technologies. The analysts see as drivers, voice, data, video, and wireless converging onto the IP network where the greatest opportunities are in video and wireless.

Eclipsys (NASDAQ:ECLP), the healthcare information technology company, was initiated with a Buy at Oscar Gruss and a $20 target price.

Grand Canyon Education (NASDAQ:LOPE), the online provider of graduate and undergraduate degree programs, was initiated with an Outperform at Baird. The analysts set a $33 target price, as they noted Grand Canyon's differentiated model, expectations for strong organic growth, margin expansion, and lower regulatory risk. They expect revenue earnings growth of 35% over the next three years.

iRobot (NASDAQ:IRBT), the maker of the Roomba vacuum cleaner, was initiated with a Market Perform at Morgan Keegan.

Vimicro International (NASDAQ:VIMC), the audio and video signal processing chipmaker, was initiated with a Buy at Auriga and a $6 target price. The analysts see  Vimicro as a key technology play in China's fast-growing video surveillance market and a value-oriented strategic play in China's emerging Internet of Things market.

Upgrades:

Oppenheimer is upgrading specialty retail stores. The firm believes the recent pullback in the group sets up for the next and potentially more sustainable change in the soft lines recovery, wherein select chains with the strongest fundamentally driven price value equation replace broad based momentum.

Aeropostale (NYSE:ARO) upgraded to Outperform from Underperform.

J Crew (NYSE:JCG), Pacific Sunwear (NASDAQ:PSUN), and Zumiez (NASDAQ:ZUMZ) upgraded to Outperform from Perform.

Ross Stores (NASDAQ:ROST) and The TJ Maxx (NYSE:TJX) upgraded to Perform from Underperform.

Cardinal Financial (NASDAQ:CFNL), the multi-bank holding company, was upgraded to Outperform from Neutral at Robert W. Baird. The analysts maintained the $12 target price, citing valuation.

Health Management (NYSE:HMA), the operator of general acute care hospitals in rural communities, was upgraded to Outperform from Market Perform at Leerink Swann.

Progress Energy (NYSE:PGN), the North Carolina based integrated electric utility company, was upgraded to Market Perform from Underperform at FBR Capital, with a $41 target price. The analysts cited safety is back in vogue given current macro concerns in the U.S. and Europe and a possible cyclical slowdown in China. Firm says Progress Energy is unlikely to lag peers with this backdrop, and it provides a key quality that they value in a regulated utility-namely, that its future looks boring and uneventful.

SAVVIS (NASDAQ:SVVS), the provider of hosting, network, and application services, was upgraded to a Buy from Hold at Brigantine Advisors. The analysts have a $19.50 target price. The upgrade comes following an investor conference call. Brigantine Advisors reiterates positive trends, as proximity hosting gains traction in financial trading markets.

Downgrades:

American Eagle Outfitters (NYSE:AEO), the specialty retailer of men' and women's casual apparel and outerwear, was downgraded to Perform from Outperform.

Siemens AG (NYSE:SI), the maker of a wide range of industrial and consumer products, was downgraded to Market Perform from Outperform at Bernstein.

Southern Community Financial (NASDAQ:SCMF), the holding company for Southern Community Bank and Trust, was downgraded to a Neutral from Buy at Sterne Agee.

TRW Automotive (NYSE:TRW), the auto parts supplier focused on active and passive safety related products, was downgraded to a Hold from Buy at KeyBanc. The analysts cited higher European exposure (58% of sales), lack of company specific catalysts, and more limited upside to former price target.

Whitney Holding (NASDAQ:WTNY), the bank holding company, was downgraded to Underweight from Neutral at JP Morgan.