Friday's Analysts' Upgrades, Downgrades
Change in Ratings
Allegheny Technologies
(ATI) - Get Report
downgraded at Cowen to neutral. Consensus analyst estimates look too high, ahead of the upcoming quarterly report.
CSX
(CSX) - Get Report
downgraded at Merrill from buy to neutral. Valuation call, ahead of the June 25 proxy vote.
Dell
(DELL) - Get Report
downgraded at Goldman from buy to neutral. Also lowering its target on DELL to $23 from $25 based on slow progress of the company's turnaround. See limited near-term catalysts and believe macro environment will make the transformation more difficult.
Hercules Offshore
(HERO)
initiated at Goldman Sachs with a neutral rating. See long-term upside potential based on solid jackup market in Gulf of Mexico, but see near-term earnings coming in below Street expectations. Price target at $32.
Jackson Hewitt
(JTX)
upgraded at Goldman Sachs to buy from neutral based on attractive valuation. Forecasts remain weak, but note that market is already pricing in a bad tax season. Price target raised to $18 from $14.
NASDAQ OMX
initiated at UBS with a neutral rating and $44 price target. Initiated 2008 EPS estimates of $1.92.
NYSE Euronext
(NYX)
initiated at UBS with a neutral rating and $72 price target. Initiated 2008 EPS estimates of $3.30.
Riverbed Tech
(RVBD)
downgraded at Deutsche from buy to hold with a $12 price target. Company warned of lower sales, driven by macro weakness. Estimates also cut.
This article was written by a staff member of TheStreet.com Ratings.