CHANGE IN RATINGS
rated new Neutral at UBS: UBS said it is initiating coverage on ACLI citing growth from strong fundamentals. Initiates a $32 price target.
downgraded at Baird: Baird said it is lowering its rating for ARM to Neutral from Outperform based on a slowdown in top-line growth. Fiscal 2007 EPS were lowered to $1.20 from $1.35.
downgraded at SunTrust: SunTrust Robinson Humphrey said it is downgrading IMDC to Neutral from Buy. This is solely to reflect the AGN offer despite the possibility of the final acquisition price moving slightly above $84 a share.
upgraded at UBS: UBS said it is upgrading KWK to Buy from Neutral citing strong valuations specifically in the asset base. Maintain $48 price target.
upgraded at Bear: Bear said it is upgrading MUR to Outperform from Peer Perform citing a promising exploration program. Year-end 2006 price target is $58.
downgraded at UBS: UBS said it is downgrading PFG to Reduce from Neutral citing overvaluation relative to its return prospects. Price target lowered to $44 from $46.
State Auto Financial
upgraded at Legg Mason: Legg Mason said it is upgrading STFC to Buy from Hold based on the recent dip in shares and the increase in EPS projections. Target price set at $38.
downgraded at FBR: FBR said it is downgrading TRMM to Market Perform from Outperform citing rising costs and hurdles regarding future fundraising. Sets new target price of $11.
coverage initiated at Goldman: Goldman said it is initiating coverage on VC with an Inline rating. Low multiples justified by uphill restructuring battle ahead. Limited financial transparency.
STOCK COMMENTS / EPS CHANGES
price target raised at Bear: Bear said it is raising its target price on AAPL to $70 from $58 based on improved iPod availability and seasonality. Maintain Outperform rating.