Notable Analyst Upgrades and Downgrades (NASDAQ: ECOL) (TSX: EFL)

CIBC World Markets upgraded Electrovaya Inc (TSX: EFL), a developer and manufacturer of advanced battery and battery systems for the transportation, electric grid stationary storage and mobile computing end-markets, to sector outperform from sector perform with a price target of C$ 1.00 per share, indicating an upside potential of 222.6% from current levels. On Dec 13, EFL announced its fourth quarter and fiscal year 2012 results. The revenues during the quarter were up by 32% to C$ 3.4 million. Fiscal 2012 revenue stood at C$ 9.9 million.

Also, CIBC initiated coverage on Endeavour Mining Corp (TSX: EDV), a junior gold producer, with a sector outperform rating assigning a 12-month price target of C$ 3.20 indicating an upside of 55.3% from the current levels.

Meanwhile, CIBC downgraded North American Palladium Ltd (TSX: PDL), a precious metals producer that has been operating its flagship Lac des Iles mine (LDI) located in Ontario, Canada, to sector perform from sector outperform lowering the price target to C$ 1.70 from the earlier target of C$ 2.4 per share.

Coverage on Osisko Mining Corp (TSX: OSK), a mine developer, was initiated by National Bank Financial with an outperform rating assigning a 12-months price target of C$ 12.00 indicating an upside of 61.3% from current levels.

Sidoti & Company LLC upgraded U.S. Ecology Inc (NASDAQ:ECOL), a provider of radioactive, hazardous, polychlorinated biphenyls (PCB) and non-hazardous industrial waste management and recycling services to commercial and government entities, to buy from neutral with a price target of $27.00 per share indicating an upside potential of 19.4% above current levels. Recently, ECOL declared a quarterly dividend of 18 cents per share payable on Dec 27, 2012 to stockholders of record at the close of business on Dec 20, 2012.

Credit Suisse upgraded Bazaarvoice Inc (NASDAQ: BV), a provider of social commerce solutions that help its clients capture, display and analyze online word of mouth, to an outperform rating from neutral rating indicating an upside potential of 89.1% from the current levels. Analyst Stephen Ju says, “PowerReviews and Longboard Media acquisitions grew Bazaarvoice’s retail footprint and its addressable market to include some parts of the display as well as the co-op advertising markets to expand from about $41 billion previously to $73 billion over the next five years.”

Analysts at Nomura upgraded SPX Corp (NYSE:SPW), a multi-industry manufacturer of specialized and engineered solutions, to buy from neutral with a target price of $80.00 indicating an upside of 31.3% from current levels. The rating firm believes that the news of a potential acquisition of Gardner Denver (GDI) has disappointed investors who have been attracted to SPW’s path of divestitures, deleveraging, and buyback. However, Nomura did not expect a large deal either and the outcome remains unclear, but further they view the risk/reward as favorable. Based on the understanding of credit covenants, the company may be able to acquire GDI within its 3.5x leverage covenant.

Goldman Sachs initiated coverage on Molycorp Inc (NYSE:MCP), a provider of rare earths and molybdenum products with neutral/neutral rating and Carpenter Technology Corp (NYSE: CRS), engaged in the manufacturing, fabrication and distribution of specialty metals, with a buy/neutral rating assigning a 12-months price target of $11.00 and $63.00 to each stock respectively indicating upside of 9.5% and 25.9% from current levels.

With CRS developing as a new aircraft builder, Goldman Sachs believes that CRS has higher-margin alloy content. Further, capacity additions through its recent acquisition of Latrobe and an Athens, Alabama, greenfield project, and growing exposure to oil and gas markets are likely to improve the company’s growth prospects. Analysts expect that as the aerospace cycle ramps, significant, steady earnings expansion over the next several years would be seen which in their view is not fully priced in the stock.