Change in Ratings
Research in Motion (RIMM) added to Goldman's conviction buy list based on valuation, a stronger dollar and attractive pipeline. Sees 44% upside to its 12-month target of $68, based on 19x P/E.
J.M. Smucker (SJM) upgraded at Merrill from Underperform to Buy. $48 price target. Estimates also raised to reflect stronger expected volume and lower commodity costs.
Sunoco (SUN) downgraded at Deutsche Bank from Hold to Sell. Valuation call, based on lower expected demand and oil prices.United Therapeutics (UTHR) upgraded at Piper Jaffray to Neutral from Sell. Says near-term risk is limited following sell-off. Lowered target price to $60 from $71.
Stock Comments/EPS ChangesMedtronic (MDT) target cut at Credit Suisse to $37 from $49 based on low visibility following Q2 results. Maintained Neutral rating. St. Jude Medical (STJ) target lowered at Credit Suisse to $31 from $38. Says 2009 is likely to be very challenging and foreign exchange is a big headwind. Maintained Neutral rating.
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