Coventry (CVH) shares were rising early Tuesday after Goldman Sachs took the stock off its Conviction Sell List.

Goldman analysts upgraded the stock to neutral from sell, saying its valuation is closer to peers.

At the same time, however, the analysts say they are lowering exposure to Medicare Advantage managed care, since health-care reform is looking more likely. Thus Goldman lowered its rating for Universal American (UAM) to the conviction sell list from neutral and moved Unitedhealth Group (UNH) to a buy rating, taking it off the conviction buy list.

The bottom line: While health-care reform is impacting some of its competitors, Coventry s valuation has improved and analysts say it could benefit from an increasing investor focus on the turn in commercial underwriting cycle given its commercial margins.

Movado Down

Movado (MOV) shares were falling sharply Tuesday after the luxury watch maker forecast earnings below expectations.

The company said it expects to report a loss of $23.6 million to $24.6 million for the recent quarter. That s widened from the $22.8 million loss it reported a year earlier.

On an adjusted basis, it expects a loss of $7 million to $8 million or about 28 cents to 32 cents a share. That s less severe than the year earlier period, but worse than the 25 cents a share analysts expected the company to lose. The company cited the macro environment, pressure from liquidation sales and proactive management of the business with respect to credit risk of wholesale partners, wrote Sterne Agee analyst Jennifer Milan.

Movado said it expects a loss of 20 cents to 40 cents a share for 2011, on revenue of $400 to $428 million. Although the sales guidance straddled estimates, analysts had predicted the company would swing to a profit in 2011.

The bottom line: We continue to rate MOV shares Neutral, noting lack of visibility on what more normalized sales/earnings might look like, and look forward to hearing the company s multi-year growth plan, which management expects to discuss mid-year, wrote Milan.