Upgrades and Downgrades Before the Open (CVBK, EMC, EEFT, GHL, JEF, JNPR, EW, FCN, TEX, RNOW)
Published on Wednesday, 07 July 2010 07:29 Written by Danny Miller
New York, July 7th (TradersHuddle.com) – Following are some of the top upgrades and downgrades before the market open.
Central Virginia Bankshares (NASDAQ:CVBK), the regional bank, was upgraded to a Hold from Underweight at BB&T.
EMC (NYSE:EMC), the provider of enterprise storage systems, software, networks, and services, was upgraded to Outperform from Perform at Oppenheimer. The analysts set a $22 target price. The firm checks indicate EMC is seeing strong demand supported by a solid project pipeline and upgrade activity. Firm expects the company to deliver 2Q10 results ahead of consensus.
Euronet Worldwide (NASDAQ:EEFT), the electronic financial transaction solutions provider, was upgraded to a Buy from Hold at Duncan-Williams. The analysts set a $16 target price, citing continued growth opportunities across all of the company’s segments. The firm expects revenue growth and margin expansion, with near term relative strength in industry wide remittances to Mexico.
Greenhill & Co. (NYSE:GHL), the independent investment bank, was upgraded to a Buy from Neutral at Ticonderoga, with a $74 target price. The analysts cited that despite the global M&A slowdown, Greenhill’s backlog has increased to more than $40 billion from $19 billion in February. The heightened restrictions around conflicts and fiduciary responsibilities will benefit Greenhill’s completely un-conflicted business model over both the short term and long term.
Jefferies Group (NYSE:JEF), the independent full service global securities services and investment banking firm, was upgraded to Neutral from Sell based on valuation. The analysts cited assets that look increasingly to be highly liquid securities and they are encouraged by Jefferies raising long-term debt post second quarter.
Juniper Networks (NASDAQ:JNPR), the provider of Internet infrastructure solutions, was upgraded to Overweight from Neutral at Piper Jaffray. The analysts maintained their $31 target price on the stock.
Edwards Lifesciences (NYSE:EW), the developer and manufacturer of products and services to treat late-stage cardiovascular disease, was downgraded to Market Perform from Outperform at BMO Capital.
FTI Consulting (NYSE:FCN), the forensic and litigation consulting, corporate finance, economic consulting and technology services provider, was downgraded to Market Perform from Outperform at William Blair.
Terex Corp. (NYSE:TEX), the maker of heavy-duty off-road trucks and high-capacity surface mining trucks, was downgraded to a Hold from Buy at KeyBanc.
RightNow Technologies (NASDAQ:RNOW), the on demand customer relationship management software and services provider, was downgraded to a Neutral from Buy at Janney Montgomery Scott.