Cisco (CSCO) numbers cut at Morgan Stanley through 2010. Channel checks suggest that demand is weakening. Overweight rating and new $24 price target.
First Solar (FSLR) price target raised at Goldman to $105 from $103 following strong Q3 results. Earnings were better than expected and management guidance included lower 2009 tax rates due to Malaysian tax holiday. Maintained Sell rating due to potential cuts to subsidies and oversupply issues in solar industry.
Jones Lang Lasalle (JLL) numbers cut at Morgan Stanley. Shares now seen reaching $55. Estimates also lowered, given the weak backdrop for commercial real estate. Equal-weight rating.
Strategy Calls/Market CallsMerrill cuts estimates on Goldman (GS) and Morgan Stanley (MS). Estimates were cut for 2009. Companies are seeing weaker banking results, and the recent government financing will dilute earnings. Citigroup (C) and JPMorgan Chase (JPM) 2009 estimates raised at Merrill. TARP investment should be slightly accretive to earnings.
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