CHANGE IN RATINGS
Adobe (ADBE Quote) target cut at Morgan Stanley to $26. Demand for Creative Suite 2 has been hampered by the economy. Overweight rating.Adobe (ADBE Quote) downgraded at Wachovia to Market Perform from Outperform with valuation range of $16-$18 or 9-10x P/E. Downgrade ahead of earnings release on March 17 as unfavorable economic conditions and weak ad market continue to impact ADBE's sales.
Federated (FII Quote) downgraded at Goldman Sachs to Sell from Neutral due to weakening money market flows and potential regulatory changes. Low yields are pushing flows toward high-yield credit funds and bank deposits. Price target cut to $17 from $21.
NII Holdings (NIHD Quote) downgraded at Piper Jaffray to Neutral from Buy. Foreign exchange rates continue to drag on results. Q4 results were in line with expectations, but 2009 outlook was well below consensus. Expect continues multiple contraction until FX headwinds subside. Price target slashed to $17 from $40. ...
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