Notable Analyst Rating Changes 8/18: APD, CDNS, NCS Upgraded; RHI, IM, CEM, HSY Downgraded

August 18, 2008 9:53 AM EDT

StreetInsider.com Notable Analyst Rating Changes:

UPGRADES:
Goldman Sachs upgrades Air Products & Chemicals Inc. (NYSE: APD) from Neutral to Buy with a $116 price target and adds the stock to their Conviction Buy List.

Citi upgrades Cadence Design Systems Inc (Nasdaq: CDNS) from Neutral to Buy and adds to Top Picks list. Price target increased from $9 to $11.50.

Piper Jaffray upgrades NCI Building Systems (NYSE: NCS) from Neutral to Buy and increases their price target from $36 to $47. The firm also added NCI to its Alpha List, indicating expected near-term strength.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES:
Lehman Bros. downgrades Robert Half International (NYSE: RHI) from Equalweight to Underweight.

BofA downgrades Ingram Micro (NYSE: IM) from Buy to Neutral.

Goldman Sachs downgrades Chemtura Corporation (NYSE: CEM) from Buy to Neutral with an $8 price target.

Citi downgrades Hershey Foods Corp (NYSE: HSY) from Buy to Hold.

For daily real-time Downgrades go to http://www.streetinsider.com/Downgrades

NEW COVERAGE:
Citi initiates coverage on Sovereign Bancorp, Inc. (NYSE: SOV) with a Hold. Price target $11.

RBC Capital initiates coverage on Kodiak Oil & Gas Corp. (NYSE: KOG) with an Outperform rating and $5 price target.

Needham & Co initiates coverage on FARO Technologies Inc. (Nasdaq: FARO) with a Buy rating and $34 price target.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage


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Stocks Mentioned

APD 46.14

-0.34 -0.73%
Volume: 1,937,555
Track APD

CDNS 3.57

-0.25 -6.54%
Volume: 3,621,852
Track CDNS

CEM 1.34

-0.10 -6.94%
Volume: 674,757
Track CEM

FARO 14.04

-0.19 -1.34%
Volume: 83,533
Track FARO

HSY 34.61

-0.75 -2.12%
Volume: 651,156
Track HSY

IM 11.02

-0.04 -0.36%
Volume: 1,023,776
Track IM

KOG 0.43

-0.01 -2.27%
Volume: 178,982
Track KOG

NCS 13.40

-0.98 -6.82%
Volume: 302,972
Track NCS

RHI 18.86

-0.69 -3.53%
Volume: 1,630,129
Track RHI

SOV 2.34

-0.09 -3.70%
Volume: 10,332,932
Track SOV


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