Cisco Systems, Inc. (NASDAQ: CSCO): RBC Capital downgraded its rating on Cisco to Underperform from Outperform.
DryShips, Inc. (NASDAQ: DRYS): Wells Fargo upgraded the company to Outperform from Market Perform citing valuation and the pending U.S. listing of the company's drillship subsidiary, which the firm believes may unlock value for shareholders. The firm has a $5.00-$6.00 target range for shares. "Shares have traded off 31% YTD, largely on the back of the weak dry bulk market and DRYS' entry into the struggling tanker market to the point that we now believe shares are considerably oversold," the firm said.
SunPower Corporation (NASDAQ: SPWRA): Goldman Sachs lowered its rating on the company to Sell from Neutral with a $14 price target. The firm cited fundamental and technical risks following the expected close of Total's tender offer.
MEMC Electronic Materials (NYSE: WFR): Goldman Sachs upgraded its rating on the stock to Neutral from Sell. However, the firm slashed its 6-month price target to $10 from $11. In a research note to clients, the firm said "We continue to view MEMC as a capital-intensive business with a constrained returns profile vs. peers. And we believe a back-half-weighted 2011 earnings cadence heightens execution risk."
Goldman Sachs (NYSE: GS): RBC Capital on Tuesday initiated coverage on the company with an Underperform rating.
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