Tenneco (TEN) (UDR) (NOK) (PNRA) (ALB) (ANF) Upgraded

Tenneco Inc. (NYSE: TEN), UDR, Inc. (NYSE: UDR), Nokia Co. (NYSE: NOK), Panera Bread Company (NASDAQ: PNRA), Albemarle Co. (NYSE: ALB) and Abercrombie & Fitch (NYSE: ANF) upgraded by analysts.

Tenneco Inc. (TEN) was upgraded by Goldman Sachs (NYSE:GS) from a “Neutral” rating to a “Buy” rating.

UDR, Inc. (UDR) was upgraded by RBC Capital from a “Sector Perform” rating to an “Outperform” rating.

Nokia Co. (NOK) was upgraded by Jefferies (NYSE:JEF) from an “Underperform” rating to a “Hold” rating.

Panera Bread Company (PNRA) was upgraded by Oppenheimer from a “Perform” rating to an “Outperform” rating. They have a price target of $135.00 on the company, up from $32.00.

Albemarle Co. (ALB) was upgraded by First Analysis from an “Equal Weight” rating to an “Overweight” rating.

Abercrombie & Fitch (ANF) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $90.00 on the company.

Meritor (MTOR) (ED) (TEN) (EMC) (EV) (GENT) Price Targets Changed

Meritor (NASDAQ: MTOR), Consolidated Edison, Inc. (NYSE: ED), Tenneco Inc. (NYSE: TEN), EMC Corp. (NYSE: EMC), Eaton Vance Corp. (NYSE: EV) and Gentium SpA (NASDAQ: GENT) price targets adjusted by analysts.

Meritor (MTOR) had its price target lowered by Barclays Capital from $20.00 to $15.00. They have an “Overweight” rating on the company.

Consolidated Edison, Inc. (ED) had its price target raised by Jefferies (NYSE:JEF) to $54.50. They have a “Hold” rating on the company. They cited valuation as the catalyst behind the call.

Tenneco Inc. (TEN) had its price target lowered by Barclays Capital from $57.00 to $54.00. They have an “Overweight” rating on the company.

EMC Corp. (EMC) had its price target lowered by Barclays Capital from $37.00 to $32.00. They have an “Overweight” rating on the company.

Eaton Vance Corp. (EV) had its price target lowered by Citigroup (NYSE:C) to $23.00. They have a “Hold” rating on the company.

Gentium SpA (GENT) had its price target lowered by Wedbush from $16.00 to $14.00. They have an “Outperform” rating on the company.

Barclays Likes Lear (LEA) (JCI) (TEN) (DAN) in Auto Parts Sector

Barclays (NYSE:BCS) analyst Brian Johnson recommends buying shares of Ford (NYSE:F) and General Motors (NYSE:GM) as the stock price of both companies have fallen over 14 percent recently, but he also likes the auto parts sector, eyeing companies like Dana Holding (NYSE:DAN), Johnson Controls (NYSE:JCI), Lear Corp. (NYSE:LEA) and Tenneco (NYSE:TEN).

Of particular note for the parts industry is the commercial truck segment, where things are taking off because orders have come back strong.

As for auto sales, the reason Johnson is bullish there is from price increases on vehicles from the manufacturers, Turbo Ecoboost technology from Ford, and production estimates are probably understated.

Tenneco closed Thursday at $43.60, gaining $0.30, or 0.69 percent. Lear Corporation ended the day at $48.97, rising $0.74, or 1.53 percent. Johnson Controls closed the session at $40.73, up $0.60, or 1.50 percent. Dana Holding closed at $18.33, increasing $0.51, or 2.86 percent.

Tenneco (NYSE:TEN), Dana Holding (NYSE:DAN), Lear (NYSE:LEA), ArvinMeritor (NYSE:ARM) Among Barclays' Auto Favorites,

Even after a strong 2010 Barclays (NYSE:BCS) says they believe the auto sector could have more room to grow, including their favorites Tenneco (NYSE:TEN), Dana Holding (NYSE:DAN), Lear (NYSE:LEA) and ArvinMeritor (NYSE:ARM), as well as Ford (NYSE:F) and GM (NYSE:GM).

Barclays said, "Even after strong 4Q10 and YTD 2011 performance auto stocks may have room for further strength. Based on our analysis of prior recoveries, in particular in the early 1990s, we believe that auto stocks may have another 6-9 months of outperformance left for three reasons: 1) continued growth in sales with the economic recovery back on track, 2) room for further multiple expansion, even to the point of 'overshooting'; and 3) continued supportive Fed policy - the withdrawal of which typically marks the end of automotive outperformance. We believe that OEMs, which have generally lagged parts, still offer relative value, reiterating our Overweight for both Ford and GM and a new price target of $23 for F (26% potential upside) and an increased price target of $48 for GM (23% potential upside); in addition, we continue to like less-than-fully valued strong adoption curve growth stories - Tenneco (reiterating OW with a PT $57 (32% potential upside), as well as turnaround values Dana Holding (reiterating OW with a $25 PT, 39% potential upside), and Lear (upgrading to OW with a $123 PT, 16% potential upside). We also continue to like ArvinMeritor which offers leverage to the strong cyclical recovery in commercial vehicles."

Tenneco was trading at $44.29, gaining $2.38, or 5.68 percent, as of 2:39 PM EST. Dana Holding was at $18.55, up $.073, or 4.10 percent. Lear was at $108.02, gaining $2.22, or 2.10 percent. ArvinMeritor was trading at $21.99, up $0.57, or 2.66 percent.

KeyBanc Bullish on TRW Automotive (NYSE:TRW), Autoliv (NYSE:ALV), ArvinMeritor (NYSE:ARM), Dana Holding (NYSE:DAN), Lear (NYSE:LEA), Stoneridge Inc. (NYSE:SRI), Tenneco (NYSE:TEN)

KeyBanc is bullish on the automotive and commercial vehicle markets heading into 2011, and they like TRW Automotive (NYSE:TRW), Autoliv (NYSE:ALV), ArvinMeritor (NYSE:ARM), Dana Holding (NYSE:DAN), Lear (NYSE:LEA), Stoneridge Inc. (NYSE:SRI) and Tenneco (NYSE:TEN) in the sector.

KeyBanc said, "Heading into 2011, we have increased confidence in the ongoing recovery in both the automotive and commercial vehicle markets and believe that select stocks with exposure to those verticals are likely to continue to outperform. As such: 1) we are upgrading our rating on shares of TRW Automotive to BUY from HOLD and establishing a $69 price target; 2) we are raising our price targets on Autoliv Inc. to $92 from $76, ArvinMeritor, Inc. to $29 from $25, Dana Holding Corporation to $20 from $17, Lear Corporation to $127 from $104, Stoneridge, Inc. to $19 from $16, and Tenneco Automotive Inc. to $55 from $40; 3) we are raising our 2010 and 2011 automotive and commercial vehicle forecasts and introducing a 2012 forecast; and 4) we are raising 2010 and 2011 earnings estimates accordingly. Our top picks are ARM (#1), TEN (#2), LEA (#3), TRW (#4), and for small cap investors SRI."

TRW Automotive closed Tuesday at $53.03, up $0.40, or 0.76 percent. Autoliv, Inc. closed at $78.73, up $0.41, or 0.52 percent. ArvinMeritor ended at $19.97, up $0.68, or 3.53 percent. Dana Holding was up to $17.05, increasing $0.59, or 3.58 percent. Stoneridge Inc. closed at $15.85, up $0.54, or 3.53 percent. Tenneco ended at $41.22, up 1.11, or 2.77 percent.