Change in Ratings
Burger King (BKC) added to buy list at Goldman, replacing McDonald's (MCD - Get Report). Near-term, see more catalysts at BKC, including the lifting of overhang and investors refocusing on strong operations.DRS Technologies (DRS) downgraded at UBS to neutral from buy. 2008 EPS estimates maintained at $3.30. Price target raised to $75 from $66. Goodrich Petroleum (GDP - Get Report) downgraded at Suntrust from neutral to reduce with a $30 price target. Valuation call, following the strong first-quarter results. Georgia Gulf (GGC) downgraded at UBS to neutral from buy. 2008 EPS estimates lowered to -$2.10 from 50 cents. Price target lowered to $4.50 from $10.00. Sovereign Bancorp (SOV) upgraded at KBW to market perform. $1 billion to $2 billion capital raise appears to be in the works. $7 price target. Teco Energy (TE) upgraded at Citigroup from hold to buy with a $21.50 price target. Estimates also raised, given the company's leverage to rising coal prices. Valero (VLO) removed from Goldman's Conviction Buy List due to near-term headwinds. Recent pullback also triggered stop-loss rule. See shares cheap valuation but note exposure to widening light-heavy crude spreads. Price target at $60.