NEW YORK ( TheStreet) -- CHANGE IN RATINGS
Arkansas Best (ABFS) was downgraded to Underperform from Neutral by Bank of America/Merrill Lynch, which said that the Teamsters' rejection of wage cuts leaves Arkansas Best with the highest cost structure in the industry. Price target lowered to $24 from $35.
Barrick Gold (ABX) was upgraded to Buy by Deutsche Bank, which said Barrick should benefit from rising gold prices.
Adtran (ADTN) was upgraded by Barclays to Overweight from Equal Weight. Barclays said solid demand driven by U.S. investment initiatives supports growth outlook. Barclays raised 2010 and 2011 EPS estimates to $1.37 and $1.53, respectively. It also lifted the price target to $31 from $28.AK Steel (AKS) upgraded to Buy at Citigroup. $19 price target. Stock is down 46% and pricing in lower earnings estimates, Citigroup said. AK Steel upgraded to Neutral from Underperform by Bank of America/Merrill Lynch, which said margin concerns are already priced into the stock. Bank of America/Merrill Lynch is maintaining a $16 price target. Bank of New York Mellon (BK) was initiated with a Buy rating at Jefferies, which said the bank is most leveraged to higher interest rates and a recovery in the global markets. $35 price target. CGG-Veritas (CGV) was downgraded to Neutral from Buy on high expectations in an uncertain market, Bank of America/Merrill Lynch said. Price target lowered to $29.15 from 32.50. Comerica (CMA) was upgraded from Hold to Buy by Soleil Securities. $44 price target. Comerica has balance sheet leverage and should benefit from increased loan demand, Soleil said.
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