Wall to Wall Street Coverage: Upgrades and Downgrades

Markets meandered, trading in a tight range on anemic volume and ending mixed as ongoing European sovereign debt concerns offset another encouraging report on core inflation here at home. Consumer discretionary stocks provided pockets of strength but financials were the worst performing sector and Canadian Solar Inc (CSIQ), off 3.77%, was indicative of a industry which slumped after an analyst downgrade. (That a Vancouver native was just named People‘s Sexiest Man Alive was consolation of sorts for the country.) In other analyst action, a broker's boost sent shares of Discovery Communications (DISCA) surging 3.45%; it's a safe bet Sarah Palin is thrilled with the strong showing of her employer, though she will be less enamored with a 2.34% tumble in Alaska Air (ALK). Still, she won't have to read about irate individuals taking a shotgun to the TV due to her daughter, at least not in the National Enquirer, which filed for Chapter 11. As did Michael Jordan's Steakhouse, doubtless dismaying the current basketball loving occupant of the house Sarah so covets.

Obama in fact announced he will bestow the Presidential Medal of Freedom on Warren Buffett. Berkshire's (BRK-A) billionaire doesn't owe many debts but only hours earlier he very publicly expressed a big one of gratitude to Uncle Sam. Talk about paying it forward. Ever the investor, Omaha's Oracle will note that the nation's highest civilian honor contains a central disk depicting thirteen gold stars, worth less than it would have been last week with bullion having backed off approximately 6% in as many days. And Warner Music Group (WMG) slid 7.51% after announcing uninspiring earnings, though the record label will surely look to immediately recoup much of the damage from royalties of a certain song they own the rights to. After all, with General Motors pricing its initial offering at an impressive $33 per share, rasing roughly $23.1 billion in history's biggest ever IPO, today is going to be all about Cars. In economics, October leading indicators and November's Philadelphia Fed Index are each expected to increase at 10:00AM Eastern. On the corporate front Autodesk (ADSK), Dell (DELL), Gap (GPS), SABMiller (SAB), Sears (SHLD), and Staples (SPLS) are all anticipated to announce earnings.

Initiations

Motorola (MOT): MOT is begun with a Buy and set an $11 target price at Stifel Nicolaus, which says its improving competitive position in the high-growth smartphone market is not reflected in the valuation.

Green Dot (GDOT): The stock gets initiated at Neutral by Janney Montgomery Scott, which sets a $48 price objective.

SAP AG (SAP): BMO Capital starts SAP AG with Market Perform and establishes a price target of $52. The brokerage believes current valuation is full in light of a potential slowing of growth in 2011.

Chipotle Mexican Grill (CMG): CMG is a new Hold with a $210 target at brokers Miller Tabak. Although long term believers in the stock, the firm feels that current upside is limited given the sharp rally in shares over the past four months.

Biostar Pharmaceuticals (BSPM): Rodman & Renshaw begin Biostar Pharmaceuticals at Outperform at Rodman & Renshaw, which notes they have an established strong historical revenue growth with its flagship product Xin Aoxing targeting the world's largest hepatitis B market in China. For more on the sector, see Has Merck Found the Holy Grail of Cholesterol Drugs?

TiVo Inc (TIVO): Saying their cautious stance reflects fears it will face continued declines in its subscriber base with existing US cable service providers, Stifel Nicolaus starts TiVo Inc at a Hold.

Garmin (GRMN): Navigation stock Garmin is initiated with a Sell at Stifel Nicolaus due to the proliferation of smartphones with GPS functionality, which will cause erosion in Garmin's core Auto/Mobile segment to occur more rapidly than is reflected in current Street estimates.

Kohlberg Kravis Roberts & Co. (KKR): KKR is resumed at Outperform by JMP Securities.

Solar Capital (SLRC): RBC Capital starts Solar Capital is initiated with an Outperform at RBC Capital.

Upgrades

NetApp (NTAP): NTAP is now Buy from Hold at Canaccord Genuity. The stock is also now on the Short term Buy list at Deutsche Bank.

Qualcomm (QCOM): Credit Suisse raises its Qualcomm recommendation to Outperform from Neutral.

Allegheny Technologies (ATI): ATI is moved to Overweight from Neutral at JP Morgan, which establishes a price objective of $58.

CRH Plc. (CRH): ING Group gives a Buy-from-Hold boost to CRH Plc.

Golar LNG (GLNG): The stock gets a Buy-from-Neutral upgrade at Goldman Sachs.

Suntech Power (STP): The stock is upgraded to Hold from Sell at Citigroup. See also The Solar Sector Strikes Again!

Boston Properties (BXP): BXP is now Outperform from Neutral at Cowen & Company.

Estee Lauder (EL): EL gets lifted to Perform from Underperform at Oppenheimer.

Downgrades

General Maritime (GMR): GMR gets moved to Market Perform from Outperform with Wells Fargo.

Abbott Labs (ABT): Sanford Bernstein lowers Abbott Labs to Market Perform from Outperform.

Alcatel-Lucent (ALU): ALU is trading lower in Europe after being downgraded to Underperform from Neutral at Credit Suisse, which is concerned it “will continue to burn significant cash in [the first half of 2011], which increases the risk of a potential capital raise.”

Research In Motion (RIMM): RIMM is reduced to Hold from Buy at Stifel Nicolaus, which takes their target to $45 from $65 on a view that their window of opportunity to create a competitive ecosystem of smartphone content has closed. Also read PlayBook Tablet May Be Sign of Trouble at Research In Motion.

LDK Solar (LDK): LDK is lowered to Sell from Buy at Soleil Securities.

Nothing contained in this article is intended as a solicitation for business of any kind or for investment in the firm.