Analysts' Upgrades, Downgrades: Apple
09/22/08 - 09:12 AM EDT
TSC Staff
Change in Ratings
Airgas (ARG Quote - Cramer on ARG - Stock Picks) downgraded at Oppenheimer from Outperform to Perform. Valuation call, as the stock is up 15% on the year and trades at 18 times expected 2009 earnings. Buckle (BKE Quote - Cramer on BKE - Stock Picks) downgraded at JP Morgan from Overweight to Neutral. Stock has doubled this year and appears fully valued. Canadian Natural Resources (CNQ Quote - Cramer on CNQ - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform based on lower forecast returns relative to peers. Cut target price to $105 from $122. Brinker International (EAT Quote - Cramer on EAT - Stock Picks) downgraded at BofA to Neutral. $21 price target. Estimates also cut, as September sales will likely be soft, accentuated by recent insider selling. Health Management Associates (HMA Quote - Cramer on HMA - Stock Picks) upgraded at BofA from Neutral to Buy. $6 price target. Valuation call, as the stock has an attractive free cash flow yield. New CEO can also turn the business around. HealthSpring (HS Quote - Cramer on HS - Stock Picks) upgraded at Goldman Sachs to Buy from Neutral based on valuation and favorable position in light of potentially unfavorable Medicare changes over next 3-5 years. Note that company has no private fee for service enrollment. Price target raised to $24 from $22. KBR (KBR Quote - Cramer on KBR - Stock Picks) rated new Overweight at Morgan Stanley. $25 price target. Stock has sold off despite increasing financial results. KLA-Tencor (KLAC Quote - Cramer on KLAC - Stock Picks) downgraded at Credit Suisse to Underperform from Neutral based on valuation and competition. Lowered target price to $25 from $31.50. Kennametal (KMT Quote - Cramer on KMT - Stock Picks) downgraded at Goldman Sachs to Sell from Neutral based on below-consensus earnings outlook provided at last week's analyst meeting. Also see potential shortfall in 2009 earnings based on softening conditions in Europe and competitive pressures. Price target at $31.
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