Tenet Healthcare (THC), SanDisk (SNDK), Altera (ALTR), Onyx Pharmaceuticals (ONXX), Cisco (CSCO), Riverbed (RVBD) were upgraded or downgraded by analysts.
Tenet Healthcare (THC) downgraded to Sell from Neutral at Citigroup.Citigroup downgraded Tenet Healthcare citing reimbursement risk due to federal and state spending cuts. The firm lowered its price target for shares to $3.50 from $4. Citi downgraded eight names in the Health Care Facilities space.
SanDisk (SNDK) downgraded to Neutral from Buy at Goldman.Goldman downgraded SanDisk based on expectations for industry oversupply of NAND flash in 1Q 2012, margin pressure, and valuation. Price target is $51.
Altera (ALTR) upgraded to Buy from Neutral at Goldman.Goldman upgraded Altera based on greater exposure to wireless vs. wireline spending, share gains vs. Xiinx (XLNX), and a semi recovery in 2012. Price target is $44.
Onyx Pharmaceuticals (ONXX) downgraded to Hold from Buy at Jefferies.Jefferies downgraded Onyx Pharmaceuticals citing valuation and maintains a $45 price target for shares.
Cisco (CSCO) upgraded to Overweight from Neutral at JP Morgan.JP Morgan believes Cisco will benefit from increased U.S. Federal spending and that the numerous small issues that impacted 2011 will not repeat themselves. Price target is $21
Riverbed (RVBD) upgraded to Outperform from Perform at Oppenheimer.Oppenheimer upgraded Riverbed with a $30 price target citing valuation and strong channel checks. The firm believes the company’s December quarter sales are tracking in line or slightly ahead of expectations.
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