CHANGE IN RATINGS
Adobe Systems (ADBE Quote) rated new Outperform at Credit Suisse:
Credit Suisse is initiating coverage on ADBE with an Outperform rating. Believes stock is one of the best positioned large-cap software companies. Sets $47 target price.
American Electric (AEP Quote) upgraded at Deutsche:
AEP was upgraded from Hold to Buy at Deutsche Bank. $50 price target. Stock trades at an 11% discount to its peers, and the company's recent investments should pay off for investors.
CA (CA Quote) initiated at Jefferies:
CA initiated at Jefferies with Hold rating. Price target starts at $27 with 2007 EPS estimates at $0.95.
Edwards Lifesciences (EW Quote) downgraded at Piper:
EW was downgraded from Outperform to Market Perform at Piper Jaffray. $52 price target. Fourth quarter earnings were driver by a lower tax rate, and valve sales should remain weak in the first half of the year.
Exelon (EXC Quote) upgraded at Deutsche:
EXC was upgraded from Hold to Buy at Deutsche Bank. $73 price target. Stock has already made a nice run, but still isn't fully pricing in the PECO contract.
Medimmune (MEDI Quote) downgraded at Weisel:
MEDI was downgraded from Overweight to Market-weight at Thomas Weisel. Stock is up 26% since the end of June, and the company does not have many potential catalysts in 2007.
Nova Chemicals (NCX Quote) downgraded at CIBC:
NCX was downgraded from Sector Perform to Underperform at CIBC. $27.50 price target. Company continues to go through a transition, and earnings should decline through 2008.
National Semiconductor (NSM Quote) downgraded at UBS:
NSM downgraded to Neutral rating from Buy at UBS. Price target drops to $25 from $27.50. 2007 EPS estimates lowered to $1.07 from $1.13.
Nvidia (NVDA Quote) upgraded at JP Morgan:
NVDA was upgraded from Neutral to Overweight at JP Morgan. Company should see gross margins expand over the coming quarters, as the company gains market share.
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TSC Staff
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