CHANGE IN RATINGS
Black & Decker (BDK) rated new Neutral at Credit Suisse. Cites strong brand recognition but all major end markets are in decline. Sets $45 target price.
Centene (CNC) upgraded at Goldman Sachs to Buy from Neutral. Price target raised to $22 from $16.Eaton (ETN) numbers cut at Barclays. Shares now seen reaching $43. Estimates also lowered to reflect new guidance for decelerating demand in trucks, autos and hydraulics. Eaton (ETN) downgraded at Goldman Sachs to Neutral from Buy due to likely earnings weakness in 2010 and lower credibility following recent poor financial performance. Cost-cutting measures could add 60 cents to EPS in 2009. Price target cut to $44 from $62. Humana (HUM) downgraded at Goldman Sachs to Neutral from Buy based on expected cuts to Medicare Advantage. Price target at $33. Interpublic (IPG) upgraded at Morgan Stanley to Equal-weight. Valuation call, as the company should not have to tap debt markets in 2009 or 2010. Marriott (MAR) downgraded at Deutsche Bank from Buy to Hold. $20 price target. 2010 will likely be a flat year, not a period of recovery. Company has a strong balance sheet, but lacks visibility to predict near-term catalysts. Ralcorp (RAH) upgraded at Credit Suisse to Outperform from Neutral based on valuation and the likelihood that consumers will trade down to cheaper options at grocery stores. Maintained $72 target price.
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