Thursday's Analysts' Upgrades and Downgrades
Melco PBL (MPEL) numbers raised at Jefferies. Price target bumps up to $21 from $20 and FY 2008 eps estimates lift to $0.26 from $0.25. Reiterates Buy rating.
Network Appliance (NTAP) numbers raised at UBS. Price target lifts to $33 from $32 and FY 2008 eps estimates upped to $0.83 from $0.74. Reiterates Buy rating.
Network Appliance 2008 estimates increased at Goldman to $0.90 from $0.82 following strong top- and bottom-line quarterly results. See momentum continuing into January quarter but note uncertainty surrounding U.S. commercial demand. Maintained Neutral rating.
Pilgrim's Pride (PPC) cut from Focus List at JP Morgan. Stock is already pricing in the deteriorating chicken market, but near-term upside remains limited. Overweight rating.Qualcomm (QCOM) 2008 estimates trimmed at Goldman to $1.85 from $1.91. See stronger than expected impact from litigation/Nokia and lightly lower QCT margins. Maintained Buy rating and $58 target. VeriSign (VRSN) price target raised at Goldman to $33 from $30 following analyst day that highlighted company's intent on slimming down, divesting non-core assets. See potential positives but note transition risks and difficulty in valuing the changing business on a long-term basis. Maintained Neutral rating.
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