Thursday's Analysts' Upgrades, Downgrades
Change in Ratings
Chicago Bridge & Iron
(CBI)
downgraded at Citigroup from buy to hold with a $44 price target. Company added little to its backlog, and both sales and margins fell short of expectations.
Endo Pharma
(ENDP) - Get Report
downgraded at Baird from outperform to neutral with a $31 price target. New management team will likely bring a major revamp in the product line and pipeline. Stock is unlikely to outperform during this transition.
First Solar
(FSLR) - Get Report
downgraded at Oppenheimer from outperform to perform. Valuation call. Stock has limited upside potential, until First Solar Electric ramps sales.
Garmin
(GRMN) - Get Report
downgraded at Merrill from buy to neutral. Estimates cut through 2009, because of uncertainty in the PND market.
Hovanian
(HOV) - Get Report
downgraded at UBS to sell rating from neutral. Price target and fiscal year 2008 EPS estimates hold at minus $5.15 and $8.75.
PharmaNet Development
(PDGI)
downgraded at Jefferies to hold rating from buy at Jefferies. Price target slashed to $15 and fiscal year 2008 EPS estimates cut to 8 cents from $1.55.
Yum! Brands
(YUM) - Get Report
downgraded at UBS to neutral rating from buy. Price target and fiscal year 2008 EPS estimates hold at $1.90 and $43, respectively.
Stock Comments/EPS Changes
General Motors
(GM) - Get Report
price target raised at Goldman to $24 from $22 based on first-quarter earnings that beat estimates. Note strong international results and favorable foreign exchange effects. Maintained neutral rating.
International Paper
(IP) - Get Report
target lowered at Goldman to $30 from $32 following weak first-quarter results. Higher-than-expected cost inflation sapped profits by $90 million compared to previous quarter. Maintained neutral rating.
Reynolds American
(RIA)
price target lowered at Goldman to $62 from $67 due to lower cigarette volumes, negative operating leverage and higher spending at Conwood. Maintained neutral rating.
This article was written by a staff member of TheStreet.com Ratings.