November 16, 2012 at 10:05 AM EST
Equity Brief: Ratings Changes for November 16th: AEO, AGN, ALKS, AMTD, ANN, ATRC, BAYRY, BKE, CAM

A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network (http://bit.ly/equitybriefdaily) and Equity Brief:

BMO Capital Markets downgraded shares of American Eagle (NYSE: AEO) from an outperform rating to a market perform rating. Their analysts now have a $20.00 price target on the stock, down previously from $27.00.

SunTrust initiated coverage on shares of Allergan, Inc. (NYSE: AGN). They issued a buy rating on the stock and set a $103.00 price target.

Zacks downgraded shares of Alkermes Inc. (NASDAQ: ALKS) from an outperform rating to a neutral rating. Their analysts now have a $20.00 price target on the stock. Zacks` analyst wrote, "We are moving back to a Neutral recommendation on Alkermes as we believe the stock is fairly valued at current levels. Even though impressed by the purchase of Elan`s EDT unit, which has significantly broadened Alkermes product portfolio/pipeline, we believe the stock price already reflects the impact of this transaction. The US approval of type II diabetes drug, Bydureon, is a major positive for Alkermes. However, Bydureon might struggle for market share in the crowded diabetes market. Competition is likely to intensify further with many diabetes candidates under development. In view of the challenges facing Alkermes, we see limited upside from current levels. Our target price is $20.00. "

Mizuho initiated coverage on shares of Alkermes Inc. (NASDAQ: ALKS). They issued a buy rating on the stock and set a $27.00 price target.

Compass Point initiated coverage on shares of TD Ameritrade (NASDAQ: AMTD). They issued a neutral rating on the stock and set a $17.00 price target.

Macquarie initiated coverage on shares of ANN Inc. (NYSE: ANN). They issued a neutral rating on the stock and set a $36.00 price target.

Piper Jaffray upgraded shares of AtriCure (ATRC) from a neutral rating to an overweight rating. Piper Jaffray now has a $10.00 price target on the stock, up previously from $6.00. They wrote, "We are upgrading ATRC shares to Overweight from Neutral (and raising our PT to $10 from $6) after meeting with the newly appointed CEO, Michael Carrel. With the CEO slot filled, we believe a level of normalcy should return to operations, allowing us to return to our original thesis. As a reminder, before the former CEO exited unexpectedly, our positive viewpoint had centered on recent FDA approval that finally put Synergy "on-label" for its intended use. While the product has been for sale in the US for the last 11 years, the potential revenue was severely constrained without the ability to market, train, hold symposia, or in any way promote the use of the ablation technology for the treatment of AF."

JPMorgan Chase upgraded shares of Bayer AG (BAYRY) from a neutral rating to an overweight rating.

Janney Montgomery Scott reiterated its sell rating on shares of Buckle (BKE). They have a $39.00 price target on the stock.

Dahlman Rose upgraded shares of Cameron International Corp (CAM) from a hold rating to a buy rating. Dahlman Rose now has a $61.00 price target on the stock. They wrote, "Cameron and Schlumberger today announced that they are combining their subsea-related businesses into a joint venture that Cameron would manage with a 60% interest. . There are two major benefits to Cameron from this transaction: first, the product lines and services that Schlumberger is contributing (subsea loading string services, subsea processing and boosting, subsea multiphase meters and measurement systems, subsea surveillance, power and controls, flow assurance, and marine swivel stacks and fluid transfer systems), but in our view, even more importantly, Schlumberger`s unparalleled understanding of the reservoir along with the combines company`s systems offering should lead to substantially higher reservoir recovery."

UBS AG raised its price target on shares of Colfax Co. (CFX) from $38.00 to $42.00. They have a buy rating on the stock. They wrote, "compelling long-term growth story."While the stock is not without risks, UBS views it as among the most attractive multi-year growth stories in the sector."We still expect a `12-`16 adj. EPS CAGR of 30%+ (albeit, off a lower `12 base), driven by deleveraging, restructuring cost saving initiatives, conversion of the convertible preferred, and (hopefully) a cyclical recovery. We also see upside from future M&A activity. However, given CFX`s outperformance since July, and lower base-year EPS for `12, CFX is now somewhat more of a "macro bet" than it was in late `11/1H12."

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