Change in Ratings
Chubb (CB) downgraded at Barclays from Overweight to Equal-weight. Expect higher insurance liabilities, given the continued financial market turmoil. $48 price target.
Ecolab (ECL) upgraded at Barclays from Equal-weight to Overweight. $43 price target. Stock is down 33% since the beginning of October, which has created an attractive entry point.Freeport-McMoRan (FCX - Get Report) downgraded at JP Morgan to Neutral from Overweight due to rapid deterioration in molybdenum and copper prices. Lowered Q4 estimates to a loss of 74 cents from a gain of 55 cents, reflecting anticipated negative impact of Q3 provisional pricing adjustments. Price target lowered to $32 from $57. Corning (GLW - Get Report) rated new Equal-weight at Morgan Stanley. LCD market will remain difficult into 2009, which offsets the attractive valuation. Target (TGT - Get Report) downgraded at JP Morgan to Neutral from Overweight. See increasing concerns over sales softness and credit card exposure, and note decelerating same-store sales trends. Price target lowered to $34 from $46.