Thursday's Analysts' Upgrades and Downgrades
CHANGE IN RATINGS
Abaxis
(ABAX) - Get Report
upgraded at Suntrust Robinson Humphrey from Neutral to Buy. $28 price target. Company has addressed a lot of its near-term issues. Stock is already up 20% from lows, but still has upside potential.
BankUnited Financial
( BKUNA) downgraded at Keefe, Bruyette & Woodsto Market Perform. $17 price target. Estimates also cut, to reflect the company's new guidance for non-performing assets.
Ciena
(CIEN) - Get Report
upgraded at UBS to Neutral rating from Sell. Price target lifts to $49 from $41 and 2008 EPS estimates upped to $1.76 from $1.58.
Ciena numbers raised at Jefferies. Price target lifts to $42 from $34 and FY 2008 EPS estimates jump to $1.65 from $1.45. Reiterates Hold rating.
Cooper Cos.
(COO) - Get Report
downgraded at Bear Stearnsfrom Peer Perform to Underperform. $53 price target. Stock is already pricing in best-case scenario for sales growth, and margin expansion could come in below expectations.
Endo Pharma
(ENDP) - Get Report
downgraded at Jefferies to Hold rating from Buy. Price target slashed to $31 from $37 while 2008 EPS estimates hold at $2.17.
Esterline
(ESL)
downgraded at UBS to Neutal rating from Buy. Price target lifts to $62 from $58 while 2008 EPS estimates holds at $3.15.
Fiserv
(FISV) - Get Report
upgraded at JP Morgan to Overweight. Checkfree deal should enhance growth and give the company significant cross-selling opportunities.
Petrohawk
(HK)
rated new Neutral at Credit Suisse. Sees multiple years of strong production ahead but believes much of this is already reflected in stock price. Sets $18 target price.
Koppers
(KOP) - Get Report
downgraded at UBS to Neutral rating from Buy. Price target and 2008 EPS estimates hold at $39 and $2.55, respectively.
Monolithic Power
(MPWR) - Get Report
downgraded at Goldman Sachs to Neutral from Buy based on valuation. Stock reached $26 target yesterday, and shares are up 173% over the past 12 months. Company excellent growth prospects appear reflected in the multiple.
Maxim Integrated
(MXIM) - Get Report
upgraded at Goldman Sachs to Buy from Neutral based on valuation. See likely "reversion effect" post Maxim's delisting from Nasdaq after stock's 20% underperformance this year. Note large valuation gap with ISIL despite similar earnings growth. Price target at $33.
Mylan
(MYL) - Get Report
upgraded at JP Morgan from Neutral to Overweight. Company hosted an upbeat investor meeting, highlighting the ability to generate 30% to 35% earnings growth.
Nucor
(NUE) - Get Report
initiated at Morgan Stanley with an overweight rating and $58 price target.
Panera Bread
(PNRA)
upgraded at JP Morgan from Neutral to Overweight. Stock looks attractive following the recent pullback, and the company can generate 20% earnings growth.
Silicon Labs
(SLAB) - Get Report
downgraded at Citigroup from Buy to Hold. $44 price target. Stocks seems to be pricing in margin gains and the buyback program.
US Steel
(X) - Get Report
initiated at Morgan Stanley with an underweight rating and $76 price target.
STOCK COMMENTS / EPS CHANGES
Sierra Wireless
(SWIR) - Get Report
numbers lowered at Jefferies. Price target dips to $30 from $32 and FY 2008 EPS estimates fall to $1.36 from $1.45. Reiterates Buy rating.