CHANGE IN RATINGS
Associated Banc-Corp (ASBC Quote - Cramer on ASBC - Stock Picks) was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, to reflect higher loss assumptions and a less aggressive buyback program.
Broadridge (BR Quote - Cramer on BR - Stock Picks) was downgraded from Overweight to Neutral at JP Morgan. Company posted a strong quarter, but may lose ETFC as a customer and event-driven fees may decline in the coming quarters.
Cathay General (CATY Quote - Cramer on CATY - Stock Picks) was downgraded to Sell at Merrill Lynch. Estimates also cut, as the company will likely see higher non-performing loans and negative loan repricing.
Countrywide Financial (CFC Quote - Cramer on CFC - Stock Picks) was upgraded to Market Perform at Wachovia. Company still has some near-term earnings risk, but the capital infusion should prevent a liquidity catastrophe.
Countrywide Financial was upgraded to Market Perform at Friedman, Billings Ramsey. $22 price target. Equity infusion from BAC helps solve a lot of near-term problems.
Cullen/Frost Bankers (CFR Quote - Cramer on CFR - Stock Picks) was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, as the company's balance sheet is not prepared for the Fed to lower interest rates.
Cooper (COO Quote - Cramer on COO - Stock Picks) initiated with Hold rating at Jefferies. Price target starts at $48 with 2008 eps estimates at $2.85.
City National (CYN Quote - Cramer on CYN - Stock Picks) was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut through 2009, because of potential Fed easing.
Entergy (ETR Quote - Cramer on ETR - Stock Picks) upgraded at Morgan Stanley from equalweight to overweight and moves price target from $99 to $110.
TSC Staff
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