TSC Staff
CHANGE IN RATINGS
Career Education (CECO Quote - Cramer on CECO - Stock Picks) upgraded at Bear Stearns to Outperform. $35 price target. Stock is down 25% from recent highs, and the second quarter likely marked the bottom in enrollment levels. Commercial Metals (CMC Quote - Cramer on CMC - Stock Picks) upgraded at CIBC from Sector Perform to Outperform. $35 price target. Stock is down 25% since mid-July, and the stock offers an attractive defensive play. Emergency Medical (EMS Quote - Cramer on EMS - Stock Picks) upgraded at Jefferies from Hold to Buy. Stock is down 33% since July 20, and looks inexpensive at 9.5 times 2008 EBITDA. $42 price target. Eaton Vance (EV Quote - Cramer on EV - Stock Picks) downgraded at Merrill Lynch from Neutral to Sell. Expects new flow to slow down, and its products are weighted toward bank loans. Intel (INTC Quote - Cramer on INTC - Stock Picks) upgraded at Credit Suisse to Outperform from Underperform based on potential for margin expansion, less difficult competitive environment in the MPU sector, and strengthening corporate PC upgrade cycle. Target price raised to $35 from $22.50. KKR Financial (KFN Quote - Cramer on KFN - Stock Picks) upgraded at Friedman, Billings Ramsey from Market Perform to Outperform. Company will resolve RMBS portfolio over the next two weeks, and really clarified its outlook on last night's conference call. $20 price target. MFA Mortgage (MFA Quote - Cramer on MFA - Stock Picks) upgraded at JP Morgan to Overweight. Valuation call, as the stock is now trading at just 79% of book value. Company also has limited credit risk in its portfolio. Network Appliance (NTAP Quote - Cramer on NTAP - Stock Picks) upgraded at Merrill from Neutral to Buy. $31 price target. Solid backlog reduces the near-term earnings risk. Company also has freedom because of its cash position.
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