Analysts' Upgrades, Downgrades: Nortel
09/18/08 - 09:05 AM EDT
TSC Staff
Advance Auto Parts (AAP Quote - Cramer on AAP - Stock Picks) upgraded at Goldman Sachs to Buy from Neutral. See improving enterprise with market share opportunity, as well as low near-term expectations and a favorable macroeconomic backdrop for auto parts sector. Price target at $45.
AnnTaylor Stores (ANN Quote - Cramer on ANN - Stock Picks) upgraded at Piper Jaffray to Neutral from Sell. Fiscal 2009 EPS estimates introduced at $1.73. Introduces $23 price target. Constellation Energy (CEG Quote - Cramer on CEG - Stock Picks) downgraded at Citigroup from Buy to Hold. $40 price target. Credit facility remains in effect, but strategic alternatives are just as likely to dilute current investors as result in a sale of the company. Continental Resources (CLR Quote - Cramer on CLR - Stock Picks) upgraded at Merrill from Neutral to Buy. Company should outperform as it has a strong balance sheet and low cost structure. Denbury Resources (DNR Quote - Cramer on DNR - Stock Picks) downgraded at Merrill from Buy to Neutral. $30 price target. Company focuses on tertiary projects that require substantial up-front investments, and could be hurt more by lower oil prices and a constrained credit market. Holly (HOC Quote - Cramer on HOC - Stock Picks) upgraded at Goldman Sachs to Buy from Neutral based on potential upward revisions to near-term earnings for refiners. Also noted capital projects at Navajo and Woods Cross refineries. Price target at $45. Kohl's (KSS Quote - Cramer on KSS - Stock Picks) downgraded at Citigroup from Buy to Hold. $52 price target. Valuation call, as the stock has outperformed its peers by 28 percentage points year-to-date. Fundamental outlook remains intact. TCF Financial (TCB Quote - Cramer on TCB - Stock Picks) downgraded at Merrill Lynch to Underperform from Neutral. Cites elevated valuation and greater-than-anticipated credit strain in home equity, leasing and real estate. Lowered target price to $12 from $14.
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