2012-12-06 16:13:24 -

A number of stocks were upgraded and downgraded by equities research analysts
today, as reported by Analyst Ratings Network ( bit.ly/equitybriefdaily)
and Equity Brief:

Zacks reiterated its neutral rating on shares of Citigroup (C). They have a
$36.00 price target on the stock. Zacks' analyst wrote, "Citigroup's third
quarter 2012 results comfortably surpassed the Zacks Consensus Estimate on lower
loan loss provisions, higher Global Consumer Banking revenues and a drop in
expenses. Moreover, there was a sudden change in its top management within a few
days after the earnings release. Nevertheless, we believe that Citigroup's
global footprint and attractive core business are impressive and its expansion
in the emerging markets is a strategic fit. Restructuring efforts are
encouraging and the new CEO's significant experience in the company is likely to
benefit Citigroup   over the long term. Yet, revenues have continuously been under
pressure for the past several quarters and a low interest rate environment,
regulatory issues along with litigation risks remain the headwinds. Hence, we
remain Neutral on the stock."

UBS AG downgraded shares of CBL & Associates Properties, Inc. (CBL) from a
neutral rating to a sell rating.

Deutsche Bank initiated coverage on shares of Crown Castle (CCI). They issued a
buy rating on the stock and set a $82.00 price target.

Deutsche Bank raised its price target on shares of Cobalt International Energy
(CIE) from $38.00 to $39.00. They have a buy rating on the stock. They wrote,
"CIE's successful discovery at the North Platte prospect in the US Gulf of
Mexico is an outstanding start to a very active 12-15 month drilling program.
Our thesis at CIE has been its unique position in US E&Ps in its ability to
accrete value via the drill bit, and the most attractive risk reward in our
coverage universe. Key to the long term thesis has been the potential of a GOM
program which has been underappreciated by the market, and our view that
eventual success rates, both in the US GoM and West Africa will be far higher
than the market currently assumes. Today's announcement is key in highlighting
the first point, while increasing market confidence and momentum into the 10-12
wells ($65-$70/sh unrisked) to be drilled over the next 12-15 months. Maintain
BUY and top pick. Target price to $39/sh."

Goldman Sachs reiterated its buy rating on shares of Cobalt International Energy
(CIE).

Zacks reiterated its neutral rating on shares of Cincinnati Financial (CINF).
They have a $42.00 price target on the stock. Zacks' analyst wrote,
"Cincinnati's' third quarter earnings came in significantly ahead of the Zacks
Consensus estimate on the back of stronger underwriting income. The company has
shown a favorable performance in the first nine months of 2012 and we expect the
trend to continue led by favorable trends in the Commercial segment. Management
is appointing agencies and expanding product offerings to compensate the decline
in businesses. Low leverage, solid capital, consistent cash flow generation,
favorable reserve release, share repurchases and dividend increase are among the
other positives. However, its Personal line business remains prone to low
earnings. Cincinnati is likely to witness limited investment growth owing to
regular low yields for investment options. We expect pressure on the top line
until the soft insurance market cycle reverses completely. Exposure to
catastrophe also imparts earnings volatility. "

Morgan Stanley reiterated its overweight rating on shares of Canadian Pacific
Railway Limited (CP). They have a $127.00 price target on the stock. They wrote,
"Since resuming coverage with an OW rating in September, CP has been our top
pick in freight as we believe the turnaround has the potential to be the most
compelling railroad investment opportunity over the next 3 years. The arrival of
Mr. Hunter Harrison as CEO should catalyze change on a network that is certainly
not broken and arguably has strong potential. While we acknowledge that key man
risk and weakening macro are concerns, we see significant opportunity for OR
improvement at CP with non-economic drivers to growth and productivity."

Stifel Nicolaus upgraded shares of Canadian Pacific Railway Limited (CP) from a
hold rating to a buy rating. Stifel Nicolaus now has a $138.00 price target on
the stock.

Brean Murray initiated coverage on shares of Callon Petroleum Company (CPE).
They issued a buy rating on the stock.

Jefferies Group reiterated its buy rating on shares of Compuware (CPWR). They
have a $11.00 price target on the stock, up previously from $10.00. They wrote,
"Recent activities surrounding CPWR have provided updated inputs and have drawn
greater attention to potential value creation opportunities. We believe the
fundamentals could remain inconsistent but the stock has been somewhat resilient
given the building presence of higher growth revenue, a nearing event timeline
to isolate Covisint and potential outside shareholder influence. We have
refreshed our SOTP and adjust our target to $11."

Imperial Capital initiated coverage on shares of Crocs (CROX). They issued an
outperform rating on the stock and set a $16.00 price target. They wrote, "We
believe Crocs is well positioned to generate sales and EBITDA growth in the
15%+ range over the coming years given continued efforts to broaden its product
assortment, aggressively grow its specialty retail store footprint, further
develop its internet business, and move into new geographies globally. In our
view, valuation looks attractive with the stock trading at a significant
discount to its peers and its historical average. Near-term risks include the
difficult external environment in Japan and Europe which could limit upside to
earnings in 2013."

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