Monday's Analysts' Upgrades and Downgrades
CHANGE IN RATINGSAllstate (ALL) downgraded at Wachovia from Outperform to Market Perform. Fundamentals are deteriorating in the company's personal insurance lines.
American Reprographics (ARP) upgraded to Buy at Suntrust, Robinson Humphrey. Non-residential construction was likely strong in the third quarter, and near-term earnings risk is already priced into the stock.
BEA Systems (BEAS) downgraded at UBS to Neutral rating from Buy. FY 2008 EPS estimates hold at $0.43 while price target lifts to $14.50 from $14.00.
Chipotle Mexican Grill (CMG) downgraded at Baird to Neutral rating from Outperform. However, price target upped to $135 from $120.CenterPoint Energy (CNP) upgraded at Credit Suisse to Outperform from Neutral based on valuation and positive meeting with management. Raised target price to $20 from $18. Dover Downs (DDE) upgraded at Jefferies to Buy rating from Hold. However, FY 2008 EPS estimates dip to $0.81 from $0.82 and price target holds at $14. Expedia (EXPE) downgraded at Citigroup to Hold rating from Buy. FY 2008 EPS estimates hold at $1.41 while price target upped to $36 from $33. Genpact (G) initiated at UBS with Neutral rating. Price target starts at $18 and FY 2008 EPS estimates set at $0.60. Hess (HES) downgraded from Outperform to Market Perform at Friedman, Billings Ramsey. Crude prices should pull back 10% from record levels.
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