Up/Downgrades (ARG, AKS, AUDC, GIB, GILD, LM, SNDA, SUSQ, X, ARMH, ASML, AV, GBX, PVA)

Published on Wednesday, 29 June 2011 08:18 Written by Danny Miller

New York, June 29^th (TradersHuddle.com) – Following are some of the top upgrades and downgrades before the market open.

Upgrades

Airgas (NYSE:ARG), the distributor of industrial and medical gasses, was upgraded to a Buy from Hold at KeyBanc Capital Markets. The firm set its target price at $85 saying it believes the company will return to consistent strong growth particularly in the early parts of an industrial recovery, which will be augmented by highly accretive acquisitions.

AK Steel (NYSE:AKS), the Ohio based steel company, was upgraded to a Buy from Hold at Deutsche Bank.

Audiocodes (NASDAQ:AUDC) was upgraded to Outperform from Perform at Oppenheimer based on valuation. The firm set its target price at $6 based on an appealing valuation and the company's ability to execute its strategy.

CGI Group (NYSE:GIB) was upgraded to Outperform at RBC Capital Markets.

Gilead Sciences (NASDAQ:GILD) was upgraded to Overweight from Neutral at Piper Jaffray.

Legg Mason (NYSE:LM), the Baltimore, Maryland based global asset Management Company, was upgraded to a Buy from Hold at Deutsche Bank.

Nike (NYSE:NKE), the athletic footwear and apparel giant, was upgraded to a Buy from Hold at Capstone following earnings beat.

Shanda Interactive (NASDAQ:SNDA), the Chinese interactive entertainment media company, was upgraded to a Hold from Sell at Deutsche Bank.

Susquehanna Bancshares (NASDAQ:SUSQ) was upgraded to a Buy at Jefferies.

U.S. Steel (NYSE:X), the integrated steel producer with operations in North America and Europe, was upgraded to a Buy from Hold at Deutsche Bank.

Downgrades:

ARM Holdings (NASDAQ:ARMH), the licensor of technology designs to semiconductor companies, was downgraded to an Equal Weight from Overweight at Morgan Stanley.

ASML Holdings (NASDAQ:ASML), the provider of lithography systems for the semiconductor industry, was downgraded to a Neutral from Outperform at Exane BNP Paribas.

Aviva (NYSE:AV) was downgraded to a Hold from Buy at Deutsche Bank.

Greenbrier Companies (NYSE:GBX) was downgraded to a Hold from Buy at Jefferies.

Penn Virginia (NYSE:PVA) was downgraded to a Neutral at Credit Suisse.