In a sign that the planned construction of new nuclear reactors in the U.S. market could jump-start the nation’s moribund manufacturing sector, France’s Areva SA and defense-industry giant Northrop Grumman Corp. (NOC) have formed a joint venture to make nuclear reactor…

Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations

Analyst upgrades:

• Wachovia upgraded shares of Exelon (NYSE: EXC) to Outperform from Market Perform to reflect the company's attractive nuclear fleets and strong operational track record.
  
• Jesup & Lamont upgraded Ormat Technologies Inc. (NYSE: ORA) to Buy from Hold on valuation and increasing visibility on near-term Products revenue.
  
• RBC Capital upgraded Memc Electronic (NYSE: WFR) to Outperform from Sector Perform on expectations of improved demand growth following the likely eight-year extension of the US solar tax credit program.
• AmBev (NYSE: ABV) was raised to Outperform from Neutral at Credit Suisse.
  
• AmerisourceBergen (NYSE: ABC) was upgraded at Merrill Lynch to Buy from Neutral.
  
• Piper upgraded Anadys Pharma (NASDAQ: ANDS) to Neutral from Sell.

Analyst downgrades:

• Deutsche Bank downgraded shares of DealerTrack (NASDAQ: TRAK) to Hold from Buy on valuation and ongoing auto demand challenges.
• HSBC cut Merrill Lynch (NYSE: MER) to Neutral from Overweight, citing the acquisition of Merrill by Bank of America (NYSE: BAC).
  
• Friedman Billings downgraded BB&T (NYSE: BBT) and New York Community Bank (NYSE: NYB) to Underperform from Market Perform on valuation and expectations for continued deterioration in the Mid-Atlantic region.
• PPL Corp. (NYSE: PPL) and Public Service Enterprise Group (NYSE: PEG) were lowered to Market Perform from Outperform at Wachovia.
  
• Infosys (NASDAQ: INFY), Arrow Electronics (NYSE: ARW) and Avnet (NYSE: AVT) were downgraded at Credit Suisse to Neutral from Outperform.

Analyst initiations:

• Jefferies believes United Therapeutics (UTHR) can solidify its position as a market leader in pulmonary arterial hypertension. The firm started shares with a Buy rating and $141 target.
  
• Affymax (AFFY) was initiated at Stanford with a Buy rating and $29 target. Stanford believes the company could benefit from the reimbursement and contract shifts that are set to occur in 2011.
  
• Deutsche Bank believes Alvarion (ALVR) competes well against larger rivals and stands to benefit from any success in the WiMax market, initiating shares with a Buy rating and $8 target.
• UBS initiated Patriot Coal (PCX) with a Buy rating and $67 target. Intermune (ITMN) was assumed with an Outperform rating and $35 target at JMP Securities.
  
• New York Community Bancorp (NYB) was initiated with a Buy rating and $18.50 target at Merrill.

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Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations

Analyst upgrades:

• Wachovia upgraded shares of Exelon (NYSE: EXC) to Outperform from Market Perform to reflect the company's attractive nuclear fleets and strong operational track record.
  
• Jesup & Lamont upgraded Ormat Technologies Inc. (NYSE: ORA) to Buy from Hold on valuation and increasing visibility on near-term Products revenue.
  
• RBC Capital upgraded Memc Electronic (NYSE: WFR) to Outperform from Sector Perform on expectations of improved demand growth following the likely eight-year extension of the US solar tax credit program.
• AmBev (NYSE: ABV) was raised to Outperform from Neutral at Credit Suisse.
  
• AmerisourceBergen (NYSE: ABC) was upgraded at Merrill Lynch to Buy from Neutral.
  
• Piper upgraded Anadys Pharma (NASDAQ: ANDS) to Neutral from Sell.

Analyst downgrades:

Continue reading Analyst calls: MER, BAC, EXC, ABV, PPL, BBT . . .