Analysts' Upgrades and Downgrades
Analysts' Upgrades, Downgrades: Clearwire
05/08/08 - 09:28 AM EDT
JefferiesJEF downgraded at Wachovia to underperform. Company still has a high fixed cost structure, focused on compensation. Leucadia NationalLUK transaction also has heavy dilution. NeuStarNSR downgraded at Credit Suisse to neutral from outperform, based on weakness in non-transaction business. Management provided transaction guidance showing expectations for a decline next quarter. Follow up revenues continue to be weak. Price target cut to $27 from $35. WachoviaWB upgraded at Credit Suisse to neutral from underperform, based on balance sheet improvements and increasing of loan loss reserve. Believe recent actions have reduced downside risk in shares, but see continued visibility issues in credit markets. Price target raised to $30 from $23.
Stock Comments/EPS Changes
ActivisionATVI target raised at UBS. New price target lifts to $33 from $30 while fiscal year 2008 EPS estimates hold at $1.07. Devon EnergyDVN numbers raised at Jefferies. Price target lifts to $115 from $112 and fiscal year 2008 EPS estimates upped to $9.05 from $8.70. TransoceanRIG target jumps at Jefferies to $181 from $165 at Jefferies and new fiscal year 2009 EPS estimates start at $16.91. TesoroTSO numbers cut at Morgan Stanley. Shares of TSO now seen reaching $36. Estimates also cut, as the company continues to face higher operating costs and declining operating margins. Overweight rating.See who made what calls.
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