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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Related Entities

• Goldman Sachs Conviction Buy List
• Piper Jaffray
• Piper Jaffray Alpha List
• Goldman Sachs
• Citi
• Lehman Brothers
• Needham & Company
• Bank of America
• RBC Capital
• Notable Analyst Rating Changes

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