Analysts' Upgrades, Downgrades: GE
10/14/08 - 09:23 AM EDT
TSC Staff
Change in Ratings
Agco (AG Quote - Cramer on AG - Stock Picks) downgraded at Goldman Sachs to Neutral from Buy. Expect U.S. farmer income to be down 15% in 2009, with ag equipment down 20% in 2010. Price target cut to $39 from $71. Aon (AOC Quote - Cramer on AOC - Stock Picks) upgraded at Goldman Sachs to Buy from Neutral based on continuing strong fundamentals. Believe Aon and Marsh & McLennan (MMC Quote - Cramer on MMC - Stock Picks) are victims of overall market decline, and see significant upside even in poor environment. Marsh & McLennan upgraded to Buy from Neutral. Air Products (APD Quote - Cramer on APD - Stock Picks) upgraded at Jefferies to Buy from Hold. Price target raised to $79 from $63. Maintains 2008 EPS estimates of $4.98. Franklin Resources (BEN Quote - Cramer on BEN - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform due to low relative fund performance, above average foreign currency exposure and international distribution tilt to weak emerging markets. Maintained $78 target price. Blackstone Group (BX Quote - Cramer on BX - Stock Picks) upgraded at Jefferies to Hold from Underperform. Price target lowered to $10 from $14. 2008 EPS estimates lowered to 22 cents from 44 cents. Crane (CR Quote - Cramer on CR - Stock Picks) upgraded at Goldman Sachs to Neutral from Sell based on valuation. Note that shares are down 48% year to date and carry a multiple of 8 times 2009 estimates. Carlisle (CSL Quote - Cramer on CSL - Stock Picks) downgraded at Goldman Sachs to Sell from Neutral. Note late-cycle business mix and primary exposure to commercial construction. Price target at $22. Citrix Systems (CTXS Quote - Cramer on CTXS - Stock Picks) upgraded at Jefferies to Hold from Underperform. Price target lowered to $22 from $25. Maintains 2008 EPS estimates of $1.55.
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