Upgrades and Downgrades (BCSI, CRDN, CTCM, MEE, ACI, SHBI, SLT, TOO, ABB, ASX, BCH, SAN, CF, POT, SKS, SI, SPIL)

Published on Wednesday, 01 September 2010 07:49 Written by Danny Miller

New York, September 1^st (TradersHuddle.com) – Following are some of the top upgrades and downgrades before the market open.

Blue Coat Systems (NASDAQ:BCSI), the provider of Web security solutions, was upgraded to a Buy from Hold at Needham. The firm set a target price of $27 per share.

Ceradyne (NASDAQ:CRDN) was upgraded to Buy from Hold at The Benchmark Company. The firm set a target price of $26 based on improving visibility and upside in body armor, as well as continued strength in its alternative energy and industrial markets.

CTC Media (NASDAQ:CTCM) was upgraded to a Buy from Hold at Deutsche Bank.

Massey Energy (NYSE:MEE) and Arch Coal (NYSE:ACI), the coal producers were upgraded at HSBC. Massey was upgraded to Overweight from Neutral and Arch Coal to Overweight from Neutral.

Shore Bancshares (NASDAQ:SHBI) was upgraded to a Buy from Hold at BB&T.

Sterlite Industries (NYSE:SLT) was upgraded to a Buy from Neutral at Nomura.

Teekay Offshore (NYSE:TOO) was upgraded to a Buy from Hold at Citigroup.

Downgrades

ABB Ltd (NYSE:ABB), the global provider of power and automation technologies, was downgraded to a Hold from Buy at Deutsche Bank.

Advanced Semiconductors (NYSE:ASX) was downgraded to a Neutral from Outperform at Credit Suisse.

Banco de Chile (NYSE:BCH) was downgraded to a Sell from Hold at Deutsche Bank.

Banco Santander (NYSE:SAN), the Spanish bank, was downgraded to a Sell from Hold at Deutsche Bank.

CF Industries (NYSE:CF), the North American manufacturer and distributor of agricultural fertilizers, was downgraded to Market Perform from Outperform at BMO Capital.

Potash (NYSE:POT), the largest fertilizer company in the world, was downgraded to Market Perform from Outperform at BMO Capital.

Saks (NYSE:SKS), the owner and operator of Saks Fifth Avenue stores, was downgraded to a Neutral from Overweight at JP Morgan.

Siemens AG (NYSE:SI) was downgraded to Hold from Buy at Deutsche Bank.

Siliconware Precision Industries (NASDAQ:SPIL) was downgraded to a Neutral from Outperform at Credit Suisse.