Xerox (XRX) (XCO) (YNDX) (ADC) (ALTH) (CNW) Downgraded

Xerox (NYSE: XRX), EXCO Resources (NYSE: XCO), Yandex (NASDAQ: YNDX), Agree Realty (NYSE: ADC), Allos Therapeutics (NASDAQ: ALTH) and Con-way (NYSE: CNW) were downgraded by analysts.

EXCO Resources (XCO) was downgraded by Zacks Investment Research from a “Neutral” rating to an “Underperform” rating.

Xerox (XRX) was downgraded by Barclays Capital (NYSE:BCS) from an “Overweight” rating to an “Equal Weight” rating.

Yandex (YNDX) was downgraded by Zacks Investment Research from a “Neutral” rating to an “Underperform” rating.

Agree Realty (ADC) was downgraded by Raymond James (NYSE:RJF) to an “Outperform” rating.

Allos Therapeutics (ALTH) was downgraded by Zacks Investment Research from an “Outperform” rating to a “Neutral” rating. They have a price target of $1.50 on the company.

Con-way (CNW) was downgraded by Deutsche Bank (NYSE:DB) from a “Buy” rating to a “Hold” rating.

Syntel (SYNT) (TWI) (XRX) (AGCO) (AGU) (ANN) Ratings Reiterated

Syntel, Inc. (NASDAQ: SYNT), Titan International Inc. (NYSE: TWI), Xerox Corp. (NYSE: XRX), AGCO Corp. (NASDAQ: AGCO), Agrium Inc. (NYSE: AGU) and AnnTaylor Stores Corp. (NYSE: ANN) had ratings on them reiterated by analysts.

Oppenheimer reiterated its "Market Perform” rating on Syntel, Inc. (SYNT).

Jefferies (NYSE:JEF) reiterated its "Buy” rating on Titan International Inc. (TWI). They have a price target of $30.00 on the company.

Brean Murray reiterated its "Buy” rating on Xerox Corp. (XRX). They have a price target of $10.00 on the company.

Jefferies reiterated its "Buy” rating on AGCO Corp. (AGCO). They have a price target of $55.00 on the company.

UBS AG (NYSE:UBS) reiterated its "Buy” rating on Agrium Inc. (AGU).

Nomura reiterated its "Buy” rating on AnnTaylor Stores Corp. (ANN).

Amerisafe (AMSF) (AMAT) (XRX) (ZOLL) (ANN) (AWAY) Ratings Reiterated

Amerisafe Inc. (NASDAQ: AMSF), Applied Materials, Inc. (NASDAQ: AMAT), Xerox Corp. (NYSE: XRX), ZOLL Medical (NASDAQ: ZOLL), AnnTaylor Stores Corp. (NYSE: ANN) and HomeAway, Inc. (NASDAQ: AWAY) had ratings on them reiterated by analysts.

Piper Jaffray (NYSE:PJC) reiterated its “Overweight” rating on Amerisafe Inc. (AMSF) .

Needham & Company reiterated its “Buy” rating on Applied Materials, Inc. (AMAT).

Brean Murray reiterated its “Buy” rating on Xerox Corp. (XRX). They have a price target of $10.00 on the company.

Jefferies (NYSE:JEF) reiterated its “Buy” rating on ZOLL Medical (ZOLL). They have a price target of $70.00 on the company.

Sterne Agee reiterated its “Buy” rating on AnnTaylor Stores Corp. (ANN). They have a price target of $32.00 on the company.

Deutsche Bank (NYSE:DB) reiterated its “Buy” rating on HomeAway, Inc. (AWAY). They have a price target of $40.00 on the company.

Xerox (XRX) (WRB) (BLK) (BKI) (XLS) (YOKU) Ratings, Price Targets

Xerox Corp. (XRX), W.R. Berkley Co. (WRB), BlackRock, Inc. (BLK), Buckeye Technologies Inc. (BKI), Exelis Inc. (XLS) and Youku.com Inc. (YOKU) ratings and price targets.

Deutsche Bank (NYSE:DB) downgraded W.R. Berkley Co. (WRB) from a “Hold” rating to a “Sell” rating. They have a price target of $30.00 on the company.

JPMorgan Chase & Co. (NYSE:JPM) initiated coverage on Exelis Inc. (XLS). They placed a “Neutral” rating on the company.

Brean Murray reiterated its “Buy” rating on Xerox Corp. (XRX). They have a price target of $10.00 on the company.

Piper Jaffray (NYSE:PJC) lowered its price target on Youku.com Inc. (YOKU) to $22.00.

RBC Capital raised its price target on Buckeye Technologies Inc. (BKI) from $32.00 to $37.00. They have an “Outperform” rating on the company.

Citigroup (NYSE:C) raised its price target on BlackRock, Inc. (BLK) to $190.00.

Barclays Reviews IBM (NYSE:IBM), Apple (Nasdaq:AAPL), Ingram Micro (NYSE:IM)Western Digital (Nasdaq:WDC), Seagate (NYSE:STX), EMC (NYSE:EMC), Xerox (NYSE:XRX) and Lexmark (NYSE:LXK)

Barclays gave a review of companies in IT Hardware, covering IBM (NYSE:IBM), Apple (Nasdaq:AAPL), Western Digital (Nasdaq:WDC), Seagate (NYSE:STX), EMC (NYSE:EMC), Xerox (NYSE:XRX), Lexmark (NYSE:LXK) and Ingram Micro (NYSE:IM), as earnings season approaches.

Apple (AAPL) on January 18 - Strong Momentum in All Products: We recently raised our EPS estimates for Apple for F1Q11 thru FY12 due to prospects for higher Mac, iPhone & iPad sales. We also believe our gross margin forecast of 37% for C4Q could have potential for upside. Guidance is likely to remain conservative. Reiterate Overweight.

IBM (IBM) on January 18 - Strong Hardware, Subdued Signings: We see upside to EPS & 2011 guidance, but signings trends may mute some optimism. IBM will also shift to reporting results and guidance on an operating basis. Make sure you are ready.

Western Digital (WDC) on January 18 - Margins Improving: Our recent checks within the HDD industry indicate that industry trends have been improving throughout C4Q and indications for demand and pricing (C4Q and outlook into 2CQ 11) appear to be quite stable as HDD makers remain disciplined. WD margins could benefit. Reiterate Overweight.

Ingram Micro (IM) on February 10 - Solid Top Line: We believe IM will issue a positive 4Q report with potential for revenue upside & some EPS leverage. We would expect the stock to see support in the $19-$20 range at report (around estimated BV/TBV).

Seagate (STX) on January 19 - Buybacks & Some Stability: EPS could see upside as a result of margin upside & the recently announced $2B share repurchase program, which could amount to $300-$400 per quarter.

EMC (EMC) on January 25- Expecting Upside due to High-end Strength: Our checks indicate that EMC's 4Q10 may be tracking above the upper end of its guidance and could see a few cents upside given continued strong demand for its high-end & cloud offerings.

Xerox (XRX) on January 26 - Another Steady Performance: We believe Xerox is set to post modest upside to our $0.28 with solid cash flow, helped by share gains & cost controls. Given XRX raised 2011 guidance in C3Q, we do not look for any major change to outlook. Focus will likely be around plans for major share repurchase in 2H11.

Lexmark (LXK) on February 1 - Watching Europe: We believe LXK's 4Q10 EPS has potential upside to consensus of $1.11 (LXK guided $1.03-$1.13) w/support from a lower tax rate (extension of R&D credit). However, we wouldn't be surprised to see EPS guidance below the street for 1Q11 given typical conservatism & some weakness in Europe.