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.
Dell (DELL) downgraded at Merrill from Buy to Neutral. $13 price target. Expect a sharp downturn in the PC market, with a lack of near-term catalysts.
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) 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) rated new Equal-weight at Morgan Stanley. LCD market will remain difficult into 2009, which offsets the attractive valuation. Target (TGT) 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.
Stock Comments/EPS ChangesAgilent Technologies (A) target cut at Credit Suisse to $23 from $37 following weaker-than-expected Q1 guidance. Maintained Neutral rating. Adobe (ADBE) numbers cut at Merrill. Shares now seen reaching $35. Estimates also lowered through 2010 to reflect a weak economic outlook. Buy rating. Altera (ALTR) price target cut at Goldman Sachs to $14 from $16 based on increased confidence that there will be a significant pullback in communications infrastructure spending over next few quarters. Maintained Sell rating.
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