Notable Analyst Upgrades and Downgrades (NASDAQ: CCOI) (TSX: SCL)

ShawCor Ltd (TSX: SCL), a global energy services company was upgraded at Cormark Securities Inc., to buy from market perform, raising the price target to C$52.00 from C$44.00, an upside of 13.7% from current levels.

FirstEnergy Capital Corp upgraded PHX Energy Services Corp (TSX: PHX), an oil and natural gas services company, to outperform from market perform, raising the price target to C$16.00 from C$13.50, an upside of 14.4% from current levels.

Cantor Fitzgerald initiated coverage on Brazil Resources Inc (TSXV: BRI), an exploration-stage company engaged in the acquisition, exploration and development of mineral properties, with buy assigning a 12-month price target of C$2.70, an upside of 114.3% from current levels.

Haywood Securities Inc. downgraded Eldorado Gold Corp (TSX: ELD), a gold exploration, development, mining and production company, to hold from buy, maintaining the price target at C$7.50, an upside of 2.0% from current levels.

Pan American Silver Corp (TSX: PAA), engaged in the operation and development of, and exploration for, silver producing properties and assets was downgraded at Deutsche Bank to hold from buy. However, the target price was increased to C$16.57 from C$15.56, an upside of 6.1% from current levels. Analyst Jorge M Beristain noted that the downgrade was a valuation call.

D.A. Davidson & Co upgraded Cogent Communications Group Inc (NASDAQ: CCOI), a facilities-based provider of Internet access and Internet Protocol (IP), communications services, to buy from neutral, raising the price target to $45.00 from $42.00, an upside of 17.4% from current levels.

Radisys Corp (NASDAQ: RSYS), a provider of embedded wireless infrastructure solutions for telecom, aerospace, defense and public safety applications, was upgraded at Needham & Co, to buy from hold with a price target of $6.00, an upside of 44.6% from current levels. Analyst Richard Valera writes “Following RSYS’ 4Q13 report we had noted that the company appeared set up to see materially better 2H14 results due to improving momentum in its MRF business and anticipated rebound in its ATCA business, but had held off on an upgrade as we looked for clearer evidence of this turnaround in the wake of the company’s disappointing 1Q13 guide”. He says “Following our trip to MWC this week, which included a meeting with RSYS management, as well as other positive data-points, which collectively increased our confidence in a 2H14 ramp, we are upgrading RSYS shares to Buy from Hold and establishing a PT of $6, equivalent to EV/C2014 Sales of 0.9x.”

Sidoti & Company LLC initiated coverage on Newpark Resources Inc (NYSE: NR), a diversified oil and gas supplier providing products and services primarily to the oil and gases exploration industry, with neutral assigning a 12-month price target of $12.00, an upside of 7.9% from current levels.

RBC Capital Markets downgraded Cobalt International Energy Inc (NYSE: CIE), an independent, oil-focused exploration and production company with a salt prospect inventory in the deepwater of the US Gulf of Mexico and offshore Angola and Gabon in West Africa, to sector perform from outperform, reducing the price target to $22.00 from $24.00, an upside of 14.1% from current levels.

Swift Energy Co (NYSE: SFY), engaged in developing, exploring, acquiring, and operating oil and natural gas properties, with a focus on oil and natural gas reserves in Texas as well as onshore and in the inland waters of Louisiana, was downgraded at Global Hunter Securities to neutral from buy, reducing the price target to $17.00 from $21.00, an upside of 70.0% from current levels.