CHANGE IN RATINGS
Aecom Technology (ACM Quote) downgraded at Morgan Stanley to Equal-weight. Stock has more than doubled from its October lows, and the company is already pricing in some expected near-term catalysts.
AK Steel (AKS Quote) upgraded at Goldman Sachs to Buy from Neutral based on high sensitivity to rising steel prices. Note that electrical steel segment should get a boost from global stimulus packages, especially in China. Price target raised to $15 from $9.
Autozone (AZO Quote) downgraded at BofA/Merrill from Buy to Neutral. Valuation call, as the stock is up 28% since late October. Expect near-term comp sales to remain flat.
Lazard (LAZ Quote) downgraded at BofA/Merrill to Neutral. Estimates also cut, to reflect the collapse of potential deals in December. $32 price target.
Laboratory Corp. of America (LH Quote) downgraded at Jefferies from Buy to Hold. $64 price target. Company lacks earnings visibility, and the stock will likely trade sideways for the time being.
Las Vegas Sands (LVS Quote) downgraded at Deutsche Bank from Buy to Hold. Valuation call, based on a $9 price target. Stock is already pricing in a lot of good news.
Northern Trust (NTRS Quote) upgraded at Goldman to Buy from Neutral. Believe strong foreign exchange trading quarter is likely to drive near-term results. Also note that company is gaining market share from competitor disruptions, and has the cleanest balance sheet among trust banks. Target raised to $64 from $59.
VCA Antech (WOOF Quote) downgraded at Morgan Keegan from Outperform to Market Perform. Overall pet ownership may decline as the economy deteriorates.
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TSC Staff
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