Monday's Analysts' Upgrades, Downgrades
Change in Ratings
Eaton Vance
(EV) - Get Report
upgraded at JPMorgan from underweight to neutral. Major risks are already priced into the stock. Company is addressing auction-rate problems, and tax-managed funds could prosper under a Democrat president.
General Electric
(GE) - Get Report
downgraded at Oppenheimer from outperform to perform with a $34 price target. See continued uncertainty in commercial finance, while slowing industrial and healthcare demand are also dragging down earnings.
Hormel Foods
(HRL) - Get Report
downgraded at Stephens from overweight to equal-weight with a $43 price target. Stock is up 10% over the past year, but commodity prices will continue to negatively impact earnings.
Liberty Entertainment
( LMDIA) upgraded at Merrill to buy with a $33 price target. Stock is trading at a discount to its DTV holding, and operating trends remain favorable.
Marsh & McLennan
(MMC) - Get Report
upgraded at Keefe, Bruyette from market perform to outperform. New management should be able to improve margins. 2009 earnings estimate also raised to $1.95 a share. $32 price target.
SPX
(SPW)
downgraded at Deutsche from buy to hold with a $120 price target. Valuation call, as the stock has rallied 78% since the beginning of 2007.
Visa
(V) - Get Report
coverage initiated with an outperform rating at Keefe, Bruyette with an $80 price target.
Wendy's
(WEN) - Get Report
coverage reinstated at Goldman Sachs with a sell rating, based on market share declines, high costs and low likelihood of a sale. Prefer
McDonald's
(MCD) - Get Report
and
Burger King
(BKC)
for international presence, market share gains and established breakfast businesses. Price target at $21.
Stock Comments/EPS Changes
Citigroup
(C) - Get Report
estimates cut at Merrill through 2009. Despite a gain on the Visa sale, declining credit quality will continue to cut into earnings. Neutral rating.
IBM
(IBM) - Get Report
price target raised at Goldman to $130 from $120 ahead of April 16 quarterly results. See higher revenue, mix improvement and cost management driving operating margin improvement. Maintained buy rating.
Lubrizol
( LZ) estimates raised at Jefferies. Fiscal year 2008 EPS estimates upped to $4.29 from $4.20 while price target holds at $70. Reiterates buy rating.
News Corp.
(NWS) - Get Report
numbers lowered at UBS. Price target dips to $25 from $26 and fiscal year 2008 EPS estimates cut to $1.37 from $1.43. Reiterates buy rating.
Praxair
(PX)
estimates raised at Jefferies. Fiscal year 2008 EPS estimates upped to $4.17 from $4.15 while price target holds at $103. Reiterates buy rating.
This article was written by a staff member of TheStreet.com Ratings.