Notable Analyst Rating Changes 5/30: DELL, AIG, PBR, BIG Upgraded; OSTK, COST, SIGM, JCG Downgraded

May 30, 2008 10:17 AM EDT

StreetInsider.com Notable Analyst Rating Changes:

UPGRADES:
Merrill Lynch upgrades Dell (Nasdaq: DELL) from Neutral to Buy, following Q1 results.

Morgan Stanley upgrades AIG (NYSE: AIG) from Equal Weight to Overweight, saying the sell-off appears overdone.

Goldman Sachs upgrades Petrobras (NYSE: PBR) from Neutral to Buy.

Piper Jaffray upgrades Big Lots (NYSE: BIG) from Neutral to Buy and raises their price target from $27 to $37.

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

DOWNGRADES:
Merrill Lynch downgrades Overstock.com (Nasdaq: OSTK) from Neutral to Sell.

Piper Jaffray downgrades Costco Wholesale (NASDAQ: COST) from Buy to Neutral with a $77 price target.

Lazard and Roth Capital downgrade Sigma Designs (Nasdaq: SIGM) to Hold.

Wachovia and Citi downgrade J. Crew (NYSE: JCG) to Market Perform and Sell, respectively.

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

NEW COVERAGE:
Citi assumes coverage on Hess Corp (NYSE: HES) with a Hold. Price target increased from $109 to $133.

Oppenheimer initiates coverage on P.F. Chang's (Nasdaq: PFCB) with a Market Perform, citing slowing return and too early for results from Pei Wei.

Lehman Brothers initiates coverage on IntercontinentalExchange (NYSE: ICE) with an Equal-Weight and and $165 target, saying secular growth, product expansion and vertical integration of its energy clearing functions should drive growth, but concerns include valuation and perceived regulatory risk.

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


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Stocks Mentioned

AIG 2.57

+0.24 +10.30%
Volume: 141,136,999
Track AIG

BIG 25.58

+2.25 +9.64%
Volume: 2,565,201
Track BIG

COST 59.52

+5.62 +10.43%
Volume: 8,431,841
Track COST

DELL 15.21

+1.92 +14.45%
Volume: 37,369,168
Track DELL

HES 59.22

+6.30 +11.90%
Volume: 9,563,250
Track HES

ICE 86.12

+12.12 +16.38%
Volume: 1,864,911
Track ICE

JCG 20.54

+0.10 +0.49%
Volume: 2,349,935
Track JCG

OSTK 15.98

+1.44 +9.90%
Volume: 198,638
Track OSTK

PBR 34.00

+7.90 +30.27%
Volume: 39,458,050
Track PBR

PFCB 21.26

+1.93 +9.98%
Volume: 509,085
Track PFCB

SIGM 13.10

+1.21 +10.18%
Volume: 962,878
Track SIGM


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