Upgrades and Downgrades (BP, MGM, NEP, DKS, HRB, LVS, TWX, VIA.B)

Published on Wednesday, 08 September 2010 07:33 Written by Danny Miller

New York, September 8^th (TradersHuddle.com) – Following are some of the top upgrades and downgrades before the market open.

BP (NYSE:BP), the London based embattled energy giant, was upgraded by Fitch to 'A' from 'BBB’. The firm said the outlook is stable.

MGM Resorts (NYSE:MGM), the hospitality and gaming Company owner of properties like the Bellagio and MGM Grand in Las Vegas, NV, was upgraded to a Buy from Hold at Soleil.

Downgrades

China North East Petro (NYSE:NEP) was downgraded to Market Perform from Market Outperform at Rodman & Renshaw after the company reported year to date 2010 results that was below expectations.

Dick's Sporting (NYSE:DKS), the sporting goods retailer, was downgraded to a Neutral from Buy at Goldman Sachs.

H & R Block (NYSE:HRB), the tax preparation services provider, was downgraded to Perform from Outperform at Oppenheimer based on a lower FY11 earnings outlook on "significant" reinvestment of previously modeled cost cuts; and a mortgage put-back overhang carrying potential headline risk.

Las Vegas Sands (NYSE:LVS), the owner and operator of casino resorts and convention centers in the U.S., Macau, and Singapore, was downgraded to a Hold from Buy at Soleil.

Time Warner (NYSE:TWX), the owner of CNN and Fortune Magazine, was downgraded to a Hold from Buy at The Benchmark Company. The firm lowered its target price to $34 from $40 as a stalling economic recovery could hinder advertising and home entertainment sales. Firm says they are also shifting their Media sector rating to Market Weight from Overweight because persisting high levels of unemployment, weak housing demand and low consumer confidence combined with increasingly difficult comparisons could limit growth.

Viacom (NYSE:VIA.B), the owner of the MTV, Nickelodeon, and Comedy Central cable networks, was downgraded to a Hold from Buy at The Benchmark Company. The firm lowered their price target to $37 from $42, as it believes a stalling economic recovery could hinder advertising and home entertainment sales. Firm also notes that general consensus calls for sustained advertising demand despite more challenging comparisons going forward aided by solid upfront sales.