Upgrades

Davenport upgrades Foster Wheeler AG (NASDAQ: FWLT) from Neutral to Buy. Price target $31.

Davenport analyst says, "Shares of FWLT have come under pressure for a variety of reasons. For
one, we think the recent delay of the Schtockman LNG project has created some doubt about the viability of other LNG projects in the global pipeline. FWLT is a major player in LNG. Second, we think the pullback in oil (down ~11% from its $83.18/barrel peak in early January) has disproportionately affected FWLT as 85% of its backlog is energyrelated. Third, the power markets, from which FWLT generates 22% of its revenue, remain soft and any recovery is likely no sooner than 2011. Finally, FWLT generates more of its sales (21%) from Europe than any of its competitors. Europe accounted for 45% of the Power group’s backlog and 13% of E&C’s backlog in the first nine months of 2009. Concerns over Greece, Portugal, Spain, etc. may have hit FWLT accordingly."

"We expect earnings of $0.61/share versus consensus of $0.64. We are looking for Global E&C EBITDA of $105 million and Power EBITDA of $39 million. Our Global E&C scope margin assumption is 22% (down 90 bps sequentially), bringing our FY09 margin assumption to 22.7%, in line with the company’s annual guidance range of 21-23%. Our Power scope margin estimate is 14%, although we acknowledge there is upside to our estimate."

To see all the upgrades/downgrades on shares of FWLT, visit our Analyst Ratings page.

Brean Murray upgrades Iconix Brand Group (Nasdaq: ICON) from Hold to Buy. Price target $17.

Brean analyst says, "We believe, after conversations with management and key store checks, that the company's guidance for Q4 and 2010 is conservative and achievable...we estimate free cash flow per share for the company in 2009 and 2010 of $1.67 and $1.89, respectively."

To see all the upgrades/downgrades on shares of ICON, visit our Analyst Ratings page.

Iconix Brand Group, Inc. (Iconix) is a brand management company engaged in licensing, marketing and providing trend direction for a portfolio of owned consumer brands.

Brean Murray upgrades WMS Industries (NYSE: WMS) from Hold to Buy. Price target $51.

Brean analyst says, "With the potential for WMS's participation base to increase following flattish results over the past 2 qtrs and with the most leverage to industry replacement sales, which should dominate the sales landscape for the next few qtrs, we view the recent 20% slide in WMS shares as a compelling investment opportunity."

To see all the upgrades/downgrades on shares of WMS, visit our Analyst Ratings page.

WMS Industries Inc. (WMS) designs, manufactures and distributes gaming machines and video lottery terminals (VLTs) for customers in gaming jurisdictions worldwide.

Late yesterday, Thomas Weisel upgraded shares of Agrium (NYSE: AGU) from Underweight to Market Weight. The firm also raised its price target on the stock from $48 to $68.

The stock jumped more than 5% yesterday amid better-than-expected Q4 results.

Shares are indicated modestly higher in this morning's pre-market session. The stock last traded at $61 even, up 0.5% from yesterday's close.

To see all the upgrades/downgrades on shares of Agrium, visit our Analyst Ratings page.

Agrium Inc. produces and markets agricultural nutrients, industrial products, and specialty products worldwide, as well as involves in the retail supply of agricultural products and services in North and South America.

Calyon Securities upgrades NYSE Euronext (NYSE: NYX) from Underperform to Outperform. Price target $27.

To see all the upgrades/downgrades on shares of NYX, visit our Analyst Ratings page.

NYSE Euronext is a diverse exchange group.