CHANGE IN RATINGS
Altera (ALTR Quote) upgraded at AG Edwards:
ALTR was upgraded from Hold to Buy, AG Edwards said. $24 price target. Accounting problems have been solved, and the stock is trading at 23 times 2008 estimates.
Cooper Inds. (CBE Quote) upgraded at CIBC:
CBE was upgraded from Sector Perform to Outperform, CIBC said. $105 price target. Estimates also raised, as the company is realizing productivity gains.
E*Trade (ET Quote) rated new Neutral at Credit Suisse:
Credit Suisse said it is initiating coverage on ET with a Neutral rating. Cites stock remains ahead of peers in migrating to more integrated financial services. Sets $26 target price.
Hubbell (HUBB Quote) downgraded at CIBC:
HUB.B was downgraded from Outperform to Sector Perform, CIBC said. $55 price target. Stock is at the high end of its recent trading range, and some downside potential exists to near-term earnings.
MBIA (MBI Quote) downgraded at Citigroup:
MBI was downgraded from Buy to Hold, Citigroup said. $73 price target. Stock should benefit from likely Eurotunnel resolution this month.
MetLife (MET Quote) downgraded at Friedman, Billings:
MET was downgraded from Market Perform to Underperform, Friedman, Billings Ramsey said. Spreads continue to shrink and now fees are dropping as well.
Pfizer (PFE Quote) downgraded at Merrill:
PFE was downgraded from Buy to Neutral, Merrill Lynch said. Company may never be able to replace Lipitor. Valuation and yield could lend support to the shares.
Pfizer (PFE Quote) downgraded at JP Morgan:
PFE was downgraded from Overweight to Neutral, JP Morgan said. Failure of the cholesterol drug will have both a financial and strategic impact on the company.
Principal Financial (PFG Quote) upgraded at Wachovia:
PFG was upgraded from Underperform to Market Perform, Wachovia said. Market is already pricing in earnings drag from the capital-driven business.
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TSC Staff
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