Analysts' Upgrades and Downgrades
Wednesday's Analysts' Upgrades and Downgrades
TSC Staff
11/29/06 - 12:38 PM EST
CHANGE IN RATINGS
Ann Taylor (ANN Quote) downgraded at UBS:
UBS downgrades shares of ANN to Neutral from Buy. Lowers price target to $38 from $46.
AnnTaylor Stores (ANN Quote) downgraded at UBS:
UBS is downgrading ANN to Neutral from Buy based on high investor expectations heading into next phase of turnaround, as well as merchandising issues and tough comparisons going into holiday season. Price target reduced to $38 from $46.
Jefferies upgrades
Constellation Energy(CEG Quote):
CEG upgraded to Buy from Hold at Jefferies. Price target raised to $76 from $66 and 2008 EPS estimates bumps up to $5.55 from $5.30
3Com (COMS Quote) downgraded at Bear:
COMS was downgraded from Outperform to Peer Perform at Bear Stearns. Purchase of the Huawei JV adds risk to the stock.
Donaldson (DCI Quote) upgraded at Baird:
DCI was upgraded to Neutral from Underperform at Robert Baird. Valuation call. $37 price target. Operating leverage is declining, and the some challenges loom in the Transportation segment for the second half of 2007.
Leap Wireless (LEAP Quote) coverage initiated at Goldman Sachs
Goldman is initiating coverage on LEAP with a Buy rating due to growth profile in telecom space, with focus on niche segments. Expect company to successfully apply low-cost/quick-penetration gain formula in market launches. Target price at $75.
NYSE Group (NYX Quote) downgraded at JP Morgan:
NYX was downgraded from Overweight to Neutral at JP Morgan. Company trading at 30 times expected 2008 earnings, and competition should begin to increase next year.
Ormat (ORA Quote) upgraded at Citigroup:
ORA was upgraded to Hold at Citigroup. Company should benefit from global carbon dioxide regulation. $42.50 price target.
Patterson Companies (PDCO Quote) downgraded at CSFB:
PDCO was downgraded from Outperform to Neutral at CSFB. Stock is up 11% following its earnings report, and stock is already beginning to price in solid 2007 results. $40 price target.
Verizon (VZ Quote) upgraded at AG Edwards:
VZ was upgraded from Hold to Buy at AG Edwards. $41 price target. Wireline performance should be driven by FiOS growth. Company also improving finances with the directory spin and MCI synergies.
STOCK COMMENTS / EPS CHANGES
Apple Computer (AAPL Quote) target boosted at Bea:
AAPL target was upped to $100 at Bear Stearns. Recent meeting with management suggests that the company is growing well both with and without iPod. Outperform rating.
Boeing (BA Quote) target price raised at Prudential:
Prudential is raising its target price on BA to $99 based on higher expectations for outyear earnings. Maintained Overweight rating.
CNA Financial (CNA Quote) numbers bump at Credit Suisse:
Credit Suisse raises 2006 EPS estimates and price target on CNA Financial.
Choice Point (CPS Quote) numbers raised at Credit Suisse:
Credit Suisse raises 2006 EPS estimates on Choice Points to reflect the delayed sale of it Marketing Services Business. Maintain neutral rating and $35 price target.
Morgan Stanley initiates coverage of the Business Intelligence Software sector with an inline rating, starting Cognos and Business Objects at equalweight and Hyperion at overweight.
