Analysts' Upgrades, Downgrades: Alcoa
Change in Ratings
Alcoa
(AA) - Get Report
downgraded at Merrill from buy to neutral. Shares have risen recently due to take-out speculation and this is seen as a good opportunity to take money off the table.
American Electric Power
(AEP) - Get Report
downgraded at Jefferies to hold rating from buy. Price target dips to $45 from $50.50 and 2008 EPS estimates lowered to $3.15 from $3.21.
Akamai
(AKAM) - Get Report
downgraded at Goldman Sachs to sell from neutral based on valuation. See competition and pricing concerns during 2008. Price target lowered to $33 from $35.
Alpha Natural Resources
(ANR)
upgraded at Merrill from neutral to buy. ANR's upgrade is based upon significantly higher earning estimates due to price increases in Central App coal and metallurgical coal prices.
Corn Products International
( CPO) downgraded at BB&T from buy to hold. Shares have performed well, however, EPS growth within the market will not be as pronounced this year and 20%+ growth in 2009 will be difficult to achieve.
Salesforce.com
(CRM) - Get Report
upgraded at Jefferies to buy rating from hold. Price target jumps to $77 from $49 and 2008 EPS estimates lowered to 33 cents from 35 cents.
Eaton Vance
(EV) - Get Report
upgraded at Merrill from neutral to buy with a $44 price target. Company still seeing strong inflows in a variety of funds.
Level 3
(LVLT)
upgraded at Wachovia to market perform. Company is executing on its plan and keeping a tight lid on costs. Refinancing risk also less imminent.
Manpower
(MAN) - Get Report
downgraded at Merrill from neutral to sell. Slowdown is spreading beyond the U.S., and the company's foreign exchange benefits may not continue to materialize in the coming quarters.
Robert Half
(RHI) - Get Report
downgraded at Merrill from neutral to sell. Cyclical pressures should intensify, and estimates were cut below consensus through 2009.
Rost Stores
(ROST) - Get Report
upgraded at Piper from neutral to buy with a $40 price target. Company likely to gain department store customers and is buying back stock.
Ternium
(TX) - Get Report
upgraded at Goldman Sachs to buy from neutral based on valuation and eventual nationalization of Sidor, which will remove overhang and allow shares to trade at higher multiple. Price target raised to $56 from $38.
This article was written by a staff member of TheStreet.com Ratings.