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 28.66

-35.98 -55.66%
Volume: 442,891
Track APD

CDNS 5.78

-0.15 -2.53%
Volume: 2,585,966
Track CDNS

CEM 0.12

+0.00 +0.00%
Volume: 44,000
Track CEM

FARO 15.19

-0.51 -3.25%
Volume: 81,163
Track FARO

HSY 36.48

-0.36 -0.98%
Volume: 1,026,500
Track HSY

IM 17.56

-0.29 -1.62%
Volume: 1,459,374
Track IM

KOG 25.05

+23.98 +2,241.12%
Volume: 444,519
Track KOG

NCS 29.87

+27.23 +1,031.44%
Volume: 441,377
Track NCS

RHI 29.81

+6.23 +26.42%
Volume: 449,903
Track RHI

SOV 2.47

+0.00 +0.00%
Volume: 191,139,056
Track SOV


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