Analysts' Upgrades and Downgrades
Analysts' Upgrades, Downgrades: Nike
TSC Staff
12/18/08 - 09:34 AM EST
CHANGE IN RATINGS
Adtran (ADTN) downgraded at Morgan Stanley to Equal-weight and 2009 and 2010 estimates reduced.
Aflac (AFL) downgraded at Citigroup from Buy to Hold. $50 price target. Valuation call, as risks are rising in the company's investment portfolio.
Atheros (ATHR) downgraded at Jefferies from Buy to Hold. $14 price target. Estimates also cut, to reflect weakness in the general semiconductor market.
BB&T (BBT) downgraded at Goldman Sachs to Sell from Neutral due to exposure to Florida and Georgia. Believe real estate problems in those states are accelerating and underestimated. Price target cut to $24 from $28.
Blackrock (BLK) upgraded at Morgan Stanley to Overweight from Equal-weight and is now a top pick.
Bucyrus (BUCY) downgraded at JP Morgan to Underweight from Neutral based on expected negative revisions to earnings through 2010. Price target at $23.
Comerica (CMA) upgraded at Goldman Sachs to Neutral from Sell. Price target unchanged at $23.
Joy Global (JOYG) downgraded at JP Morgan to Neutral. $25 price target.
Kohl's (KSS) downgraded at Merrill from Buy to Neutral. $40 price target.
NYSE Euronext (NYX) downgraded at Jefferies from Buy to Hold. $32 price target.
Steel Dynamics (STLD) upgraded at Barclays to overweight and price target of $18 remains unchanged.
MEMC Electronic (WFR) downgraded at Merrill from Buy to Underperform. $16 price target. Estimates also cut.
U.S. Steel (X) downgraded at Goldman Sachs to Neutral from Buy based on 17.7% gain since Dec. 8 upgrade. Price target unchanged at $41.
STOCK COMMENTS / EPS CHANGES
Caterpillar (CAT) estimates cut at Morgan Stanley through 2010. Underweight rating and $31 price target.
Morgan Stanley (MS) target lowered at Credit Suisse to $30 from $40. Maintained Outperform rating.
Micron (MU) numbers reduced at Morgan Stanley. Shares now seen reaching $6.50. Equal-weight rating.
Nike (NKE) numbers cut at Barclays. Shares now seen reaching $70. Overweight rating.
Paychex (PAYX) numbers lowered at Barclays. Estimates cut through 2010. Equal-weight rating and new $28 price target.
Penn National Gaming (PENN) price target up at Goldman to $25 from $23. Maintained Buy rating.
RadioShack (RSH) numbers cut at Merrill. Shares now seen reaching $10. Estimates also lowered. Underperform rating.
WellCare Health Plans (WCG) target cut at Credit Suisse to $13 from $49 based on legal, financial and operational challenges. Maintained Neutral rating.
U.S. Steel numbers cut at Barclays. Shares now seen reaching $45. Estimates also lowered. Equal-weight rating.
