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SMF Notes Early Research Calls 1
Upgrades:
* Integrated Silicon (ISSI 7.57) resumed with a Buy from Hold Auriga U.S.A; tgt $9 saying the co has reduced its commodity memory exposure and is focused on driving differentiation through providing specialty products to thousands of customers.
* Research in Motion (RIMM 58.99) upgraded to Buy from Hold at Jefferies
Downgrades:
* Shanda Interactive (SNDA 40.00) downgraded to Hold from Buy at Auriga U.S.A; tgt lowered to $41 from $51 following earnings. The firm believes SNDA has been and will continue to incubate companies in line with its multiple lines of business to establish the foundation for future growth. However, at the same time, they believe margins can be uncertain for a while until the speed of incubating slows and the incubated companies start to generate positive results in profitability.
* Chimera Investment (CIM 4.08) downgraded to Market Perform from Outperform at JMP Securities
* Brightpoint (CELL 8.79) downgraded to Hold from Buy at Jefferies
Miscellaneous:
* Vera Bradley (VRA 31.00) initiated with a Neutral at Robert W. Baird; tgt $34 saying they are positive on VRA's substantial growth prospects, management team, and differentiated positioning in an attractive category. Firm says their Neutral rating primarily reflects seeing less near-term upside following the stock's recent outperformance.
* DryShips (DRYS 5.30) and Genco (GNK 15.05) initiated with a Neutral at Goldman
* Diana Shipping (DSX 12.63) initiated with a Buy at Goldman
* LaSalle Hotel (LHO 23.53) initiated with a Buy at Goldman
* Sunstone Hotel (SHO 9.71) DiamondRock Hospitality (DRH 10.32), and Felcor Lodging (FCH 6.22) initiated with Neutrals at Goldman
* NRG Energy (NRG 19.55) reinstated with a Neutral at Goldman
* PPG Industries (PPG 77.80) initiated with a Neutral at Susquehanna
* Sherwin-Williams (SHW 74.22) initiated with a Neutral at Susquehanna
* Mechel (MTL 23.67) initiated with a Buy at Societe Generale
* DuPont Fabros (DFT 22.49) initiated with a Buy at Jefferies
* CoreSite Realty (COR 12.87) initiated with a Buy at Jefferies
* Digital Realty (DLR 52.92) initiated with a Buy at Jefferies
* Illinois Tool Works (ITW 47.40) initiated with a Buy at Jefferies
* Merck (MRK 34.69) and Pfizer (PFE 16.56) initiated with Buys at Credit Agricole
* Bravo Brio Restaurant (BBRG 17.54) initiated with an Outperform at Wells Fargo
* Bravo Brio Restaurant (BBRG 17.54) initiated with a Buy at Jefferies
* Vera Bradley (VRA 31.00) initiated with an Outperform at Wells Fargo
* Integra LifeSciences (IART 43.31) initiated with a Buy at Madison Williams
* Energy Partners (EPL 12.34) initiated with a Buy at Global Hunter
* Kimberly Clark (KMB 61.53) initiated with a Buy at Janney Montgomery Scott
* MarketAxess (MKTX 18.98) initiated with a Market Perform at Keefe Bruyette
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