09:46 am Celgene: . Target $67. Credit Suisse downgrades CELG to Neutral from Outperform and sets target price at $67 partially driven by valuation given the stock is up over 40% this year. The firm also says they this is not a recommendation to short CELG and/or completely sell positions. Rather, they believe the stock will be range bound over the remainder of the year and would use strength in the mid to high $60s to lighten positions and weakness (high-$50s) to rebuild.

09:46 am NVIDIA: . Target $39 to $27. Stifel Nicolaus upgrades NVDA to Buy from Sell and sets target price at $26 saying while they are lowering their estimates, they believe further downside risk is limited, and is outweighed by the potential for an improving outlook for the company's earnings ability. The firm believes NVIDIA's lackluster F1Q results and F2Q outlook mark a potential inflection point for estimate revisions as expectations regarding potential share loss, margin expansion and new product ramps should improve as we move through the year.

09:45 am DRS Tech: . Morgan Joseph downgrades DRS to Hold from Buy noting the Wall Street Journal reported this morning that Finmeccanica SpA is in advanced talks to purchase DRS. Details of the offer are not yet available, however according to the Journal, the purchase price is expected to reflect a premium about 25% above DRS' closing price last night. The firm says in reaction to the Journal item, the stock has already moved up to $75 this morning. Given the current attractive price and various risks associated with closing the transaction, they recommend that investors lock in profits. 

09:45 am True Religion: . Target $24 to $29. Brean Murray raises their tgt on TRLG to $29 from $24. Firm says given that 1Q08 was burdened by the highest level of corporate expenses and the costs of 10 of the 25 store rollouts planned for the entire year, the top- and bottom-line upside was particularly impressive and should provide investors with visibility and a firm belief that even their new, increased projections are conservative. Firm believes it is becoming increasingly more obvious that TRLG is making materially strides toward becoming a true lifestyle brand with the ability to register consistent, superior returns worthy of a premium multiple.

09:45 am Northwestern Corp: . KeyBanc Capital Mkts downgrades NWE to Hold from Buy saying recent actions by the Montana commission suggest that the commission takes an ill view of NorthWestern's proposed sale of its generating plant Colstrip. Rather, the commission looks to have the plant put in rate base at a level they expect could be near cost of $200 mln. Under a technicality, NWE may have violated a settlement related to its emergence from bankruptcy that required approval for asset acquisitions when NWE bought out the plant leases. The firm says while NWE believes that it has a strong legal position, they believe the issue could become protracted and prove an overhang on the shares.

09:44 am Activision: . Target $27.5 to $34. Kaufman upgrades ATVI to Buy from Hold and raises their tgt to $34 from $27.50 following very good 2008. The firm says a higher EPS outlook could be used to argue for a richer-post deal valuation, and they believe there will be a bias to own the shares post-deal. The firm says the terms of the transaction lock in Vivendi at $27.50, but then creates a situation of virtually unlimited demand for the shares at this level. They think organic demand could cause them to trade even higher.

09:42 am Activision: . Cowen upgrades ATVI to Outperform from Neutral saying although they continue to believe that Activision faces tough y/y U.S. comps in 2008, the potential 2009 earnings of the combined company are compelling, driving them to raise ATVI shares to Outperform. The firm believes ATVI shares can outperform the market by at least 20% over the next twelve months.

09:38 am GSI Technology: . Target $5. Needham upgrades GSIT to Buy from Hold and sets target price at $5 following a strong F4Q08 (Mar) report and good guidance. Firm believes GSIT continues to enjoy stable growth in the networking/telecom market, and its margins are benefiting from increased demand for high-density SRAM. Additionally, SigmaQuad continues to grow with more revenue upside likely to come in the next few quarters. The firm says with decent growth, strong margins, and low valuations, they believe now is a good time to buy shares.

09:38 am VMware: . Needham initiated VMW with a Hold based on valuation. The firm says the field discussions says virtualization remains a high priority in IT planning, as a means of delivering efficiency and cost savings to the data center. Despite the sizeable revenues VMW currently generates, they view the virtualization trend as early, with future catalysts such as: increased OEM channel distribution, broader deployments in the enterprise, and virtualization in other technologies beyond servers.

09:38 am Cablevision: . Pali Research upgrades CVC to Neutral from Sell saying Cablevision's Q1 '08 results illustrate the power of its incredibly high video, data and voice penetration levels (54% of its basic subs now take triple-play bundle) to reduce churn, and mitigate marketing cost increases, despite rising competition. The firm says with the Sundance acquisition now discounted in CVC's stock price, a Newsday acquisition sounding less likely (given Rupert Murdoch's confidence on News Corp.'s recent earnings call) and live entertainment venue spending likely to be less immediate as MSG Entertainment has launched a third-party arena tour business, they believe it is prudent to increase their rating.

09:37 am Abbott Labs: . Target $61. UBS initiated ABT with a Buy and a $61 tgt saying their largest pharmaceutical product, Humira ($4 bln+ 2008E), is also its fastest growing and appears to have substantial further opportunity based on their analysis of patient uptake within key indications. The firm also says Xience approvals should bring Vascular operating margins to positive.

09:37 am Encore Energy: . Target $23.5 to $27. Stanford raises their price tgt on ENP to $27 from $23.50 due to a distribution payment of $0.5755 for the March qtr, including the regular $0.4325 and an additional $0.143 based on a new formula. Firm says this change allows unit holders to participate in incremental cash flow generated by sharp increases in crude oil and natural gas prices without raising the base distribution which could then remain in tact if prices were to reverse. Firm views the logical correlation to resume over the near term, allowing MLP's to sell at prices that tolerate lower yields.