Amidst the positive opening of the U.S. market, several stocks were either upgraded or downgraded by analysts and rating agencies. Some notable stocks are discussed here.
Brookfield Properties Corp. (NYSE: BPO), a publicly owned real estate investment firm, is lowered to Hold from Buy by analysts at TD Newcrest and given a revised price target of $16.50, down from $20. They state reiterate their opinion that Brookfield is well-positioned to capitalize on attractive value creation opportunities over the medium and long term, and they now believe near-term news flow will be more mixed, thereby limiting the potential for share price appreciation. They add that they lowered the rating as a result of reduced AFFO estimates and target price, as well as electing to take a more cautious stance on Brookfield's leverage, given increasing credit market risks. Shares of Brookfield fell 0.67 percent, or $0.10, to trade at $14.88.
Analysts at Deutsche Bank upgraded rating for BioMarin Pharmaceutical Inc. (Nasdaq: BMRN), a leading biopharmaceutical company based in Novato, California, to Buy from Neutral with a price target of $40. They state that they were encouraged by the promising pipeline of enzyme replacement therapies of BioMarin. Shares of BioMartin Pharmaceutical rose 4.05 percent, or $1.25, to trade at $32.08.
Ralph Lauren Corp. (NYSE: RL),a luxury clothing and goods company of the American fashion designer Ralph Lauren, is downgraded to Hold from Buy by analysts at Citigroup with a price target of $148.77. Recently, the company signed a five year partnership with golf's governing body to become an official patron of golf's Open Championship. Shares of Ralph Lauren slipped 1.86 percent, or $2.76, to trade at $145.81.
Meadwestvaco Corp. (NYSE: MWV), a leading provider of packaging solutions to the healthcare, beauty and personal care industries, is raised to Overweight with a price target of $26.34 by analysts at JP Morgan Chase. Meadwestvaco announced that it will host qualified investors and analysts at its global headquarters in Richmond, Virginia, on Wednesday, December 14, 2011, to feature the company's packaging strategy. Shares of Meadwestvaco added 0.91 percent, or $0.24, to trade at $26.58.
Imperial Holdings, LLC (NYSE: IFT), a specialty finance company in the US, is cut to Hold from Buy by analysts at Wunderlich Securities, with a price target of $6.30. Imperial's offices were raided by the federal investigators in the U.S. investigating matters related to the company's life-insurance business. Shares of Imperial were trading at $6.30, with zero percent change on its last close.