Analysts' Upgrades and Downgrades
Thursday's Analysts' Upgrades and Downgrades
TSC Staff
10/11/07 - 10:23 AM EDT
CHANGE IN RATINGS
Abbott Laboratories (ABT Quote) downgraded at Wachovia to Market Perform. Estimates also cut, as the company is facing several challenges at its key franchises.
Broadcom(BRCM Quote) initiated at UBS with Buy rating. Price target starts at $47 and FY 2008 EPS estimates set at $0.47.
BRE Properties (BRE Quote) upgraded at Credit Suisse to Outperform from Neutral. Cites high portfolio quality at discounted valuation. Raised target price to $65 from $50.
Celestica (CLS Quote) upgraded at JP Morgan from Underweight to Neutral, JP Morgan said. Valuation call, as the stock is trading near tangible book value. Downside appears limited from current levels.
FirstFed Financial (FED Quote) downgraded at Friedman, Billings, Ramsey
from Outperform to Market Perform. $50 price target. Credit costs will likely continue to rise. Share buybacks have yet to support the stock.
Marvell Technology (MRVL Quote) initiated
with Neutral rating at UBS. Price target starts at $18 and FY 2009 EPS estimates set at $0.27.
Nuance Comm. (NUAN Quote) downgraded at Citigroup from Buy to Hold. Valuation call, as the stock is up 92% year-to-date. Fundamentals remain healthy.
Sandisk (SNDK Quote) downgraded at Oppenheimer to Neutral. Advantages that the company has enjoyed will likely begin to unwind, heading into 2008.
TTM Technologies (TTMI Quote) downgraded at JP Morgan from Overweight to Neutral. Decline in the core business will not improve enough to move the stock higher in the near term. Estimates also cut.
Valueclick (VCLK Quote) downgraded at Citigroup from Buy to Hold. Valuation call, as the stock is within 3% of the $30 price target.
Xyratex (XRTX Quote) downgraded at Citigroup from Buy to Hold. $27 price target. Low-margin systems is the only business driver in the near term. Estimates also lowered.
STOCK COMMENTS / EPS CHANGES
Acergy (ACGY Quote) numbers raised at Jefferies. Price target lifts to $36 from $34 and FY 2008 EPS estimates upped to $1.85 from $1.80. Reiterates Buy rating.
United Health (UNH Quote) numbers raised at Jefferies. Price target lifts to $52 from $48 and FY 2007 EPS estimates upped to $3.51 from $3.48. Reiterates Buy rating.
Coca-Cola (KO Quote) numbers boosted at Citigroup. Now seen reaching $67. Estimates also raised, because of improved fundamentals in the Japanese business. Buy rating.
Life Time Fitness (LTM Quote) target raised at UBS. New price objective jumps to $75 from $63. Reiterates Buy rating.
Ruby Tuesday (RT Quote) target price cut at Credit Suisse to $22 from $30 based on "horrible" September results and outlook for next quarter. Believes there is value longer-term and reiterates Outperform rating.
