NEW YORK (
CHANGE IN RATINGS
Allegheny Energy (AYE) downgraded at Barclays to Equal Weight from Overweight. Valuation call and waiting for merger to close, Barclays said. Price target increased by a dollar to $24.
Babcock & Wilcox (BWC) initiated at Barclays with an Equal Weight rating and $27 price target. Potential significant earnings growth as utility spending recovers, Barclays said.
Comstock Resources (CRK) downgraded at Oppenheimer from Outperform to Perform. Company cut its production guidance, and costs are rising in the Haynesville shale.
Cognizant Technology (CTSH) downgraded at Morgan Stanley from Overweight to Equal-weight. $63 price target. Valuation call, as the stock has gained 35% year-to-date.Hub Group (HUBG) downgraded at UBS from Buy to Neutral. $36 price target. Valuation call, as the stock is up 24% in 2010. $36 price target. Martin Marietta (MLM) upgraded at UBS from Neutral to Buy. $96 price target. Company is improving its balance sheet and has earnings leverage. Qwest Communications (Q) downgraded at Collins Stewart from Buy to Hold. Valuation call, based on a $6 price target. Range Resources (RRC) initiated with a Hold at Citigroup. $42 price target. Company has significant growth potential in the Marcellus shale, but the stock already trades at a premium to its peers. Rayonier (RYN) downgraded at JP Morgan from Neutral to Underweight. Valuation call, based on a $48 price target. Sirius XM Radio (SIRI) upgraded at Wunderlich from Hold to Buy. $1.50 price target. Company is executing well in a low-growth environment. Savient Pharmaceuticals (SVNT) upgraded at Banc of America/Merrill Lynch to Neutral from Underperform as Krystexxa approval is increasingly likely in September. Price target raised by a dollar to $16. Thomson Reuters (TRI) downgraded at Deutsche from Buy to Hold. $42 price target. Markets business is still struggling.
STOCK COMMENTS / EPS CHANGESAgrium (AGU) estimates, target increased at Citigroup. Estimates were raised through 2011, Citigroup said. Potash volumes are recovering. Buy rating and new $80 price target. AOL (AOL) estimates raised through 2011 at UBS. U.S. display advertising is improving. Neutral rating and $25 price target. Atmel (ATML) estimates, target boosted at UBS. Shares now seen reaching $7.50, according to UBS. Estimates also upped, given the company's higher realized gross margin and lower expense outlook. Buy rating. American Express (AXP) estimates increased through 2012 at Morgan Stanley. New products are driving sales growth, and the company will likely repurchase more stock. Overweight rating and $52 price target. Cameron International (CAM) numbers boosted at Citigroup. Shares now seen reaching $45, according to Citigroup. Estimates also upped, as the company is keeping a tight lid on costs. Hold rating.
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