Analysts' Upgrades, Downgrades: Microsoft
10/09/08 - 09:07 AM EDT
TSC Staff
Change in Ratings
AK Steel (AKS Quote - Cramer on AKS - Stock Picks) downgraded at Goldman Sachs to Sell from Neutral based on significant ownership by hedge funds, fixed cost structure and high sensitivity to steel prices. Note high exposure to auto markets and to contract business and believe hedge-fund selloff may add pressure. Price target cut to $15 from $53. CACI International (CAI Quote - Cramer on CAI - Stock Picks) downgraded at JP Morgan from Overweight to Neutral. Valuation call. Stock has been the best performer in the group, and is subject to changing political winds. Commercial Metals (CMC Quote - Cramer on CMC - Stock Picks) upgraded at Goldman Sachs to Buy from Neutral based on valuation. Note company's diversified business model, vertical integration and geographic diversification. Price target cut to $13 from $36. Dynegy (DYN Quote - Cramer on DYN - Stock Picks) downgraded at UBS to Neutral from Buy. Fiscal 2009 EPS estimates lowered to 19 cents from 28 cents. Price target lowered to $2.50 from $8. Harris (HRS Quote - Cramer on HRS - Stock Picks) upgraded at JP Morgan from Underweight to Neutral. Stock has underperformed and is already pricing in a slowdown in the RF business. Eli Lilly (LLY Quote - Cramer on LLY - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform. Says ImClone deal increases risk profile and sees challenges ahead. Lowered target price to $42 from $56. Pactiv (PTV Quote - Cramer on PTV - Stock Picks) upgraded at JP Morgan from Neutral to Overweight. Estimates also raised, to reflect the drop in resin prices. Company can grow earnings and gain market share despite the current environment. Ruby Tuesday (RT Quote - Cramer on RT - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform. Believes macro risks have increased markedly and balance sheet offers little room for error vs. guidance. Lowered target price to $9 from $11.
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