Wednesday's Analysts' Upgrades and Downgrades
CHANGE IN RATINGS
Blockbuster
( BBI) downgraded at JP Morgan from Overweight to Neutral. Estimates also cut ahead of earnings, as fundamental store changes would take a long time to take hold.
CR Bard
(BCR)
downgraded at Bear Stearns from Outperform to Peer Perform. Challenges in the surgical division are likely to linger into 2008.
Burlington Northern
( BNI) downgraded at Credit Suisse to Neutral from Outperform based on valuation and muted near-term earnings outlook. Lowered target price to $91 from $93.
Broadcom
(BRCM)
downgraded at Deutsche Bank from Buy to Hold. $38 price target. Company's persistent investments and impacting near-term margins and earnings.
Broadcom downgraded at Wachovia from Outperform to Market Perform. Valuation call. Company is showing poor cost controls.
Citrix Systems
(CTXS) - Get Report
upgraded at Friedman, Billings Ramsey from Market Perform to Outperform. Field checks look positive heading into 2008. Estimates also raised. $50 price target.
Dominion Resources
(D) - Get Report
upgraded at Credit Suisse to Outperform from Neutral based on solid, extended growth prospects and a favorable regulatory deal. Raised target price to $95 from $88.
FirstMerit
(FMER)
upgraded at JP Morgan from Underweight to Neutral. Company is lowering its credit risk profile, and the turnaround remains in progress.
Eli Lilly
(LLY) - Get Report
downgraded at Cowen to Neutral. Stock is already pricing in positive Prasugrel data, which may not be the case.
Plantronics
(PLT) - Get Report
downgraded at Baird to Neutral. $32 price target. Recent guidance was short of expectations, and the stock now looks fully valued.
Pactiv
( PTV) upgraded at Deutsche Bank from Hold to Buy. $35 price target. Stock is attractively valued, following the recent sell-off. Margins should also improve, once the Prairie Packaging acquisition is fully integrated.
Under Armour
(UA) - Get Report
upgraded at UBS to short-term Neutral rating from Sell. Price target dips to $64 from $68 while FY 2008 eps estimates hold at $1.32.
Weatherford International
(WFT) - Get Report
upgraded at Credit Suisse to Outperform from Neutral based on valuation. Expects multiple expansion with continued solid execution. Raised target price to $82 from $69.
STOCK COMMENTS / EPS CHANGES
Amazon.com
(AMZN) - Get Report
2007 estimates raised at Deutsche Bank by 12 cents to $1.96 a share due to positive outlook. Target price raised to $110.
Biogen
(BIIB) - Get Report
price target raised at Goldman to $73 from $60 based on increasing adoption of Tysabri without major safety concerns, potential launch of new indications on Rituxan by 2010, expanded pipeline, and geographic expansion. Maintained Neutral rating.
Celanese
(CE) - Get Report
numbers raised at UBS. Price target jumps to $45 from $38 and FY 2008 upped to $3.80 from $3.30. Reiterates Neutral rating.
Crane
(CR) - Get Report
2008 estimates raised at FBR by a nickel to $3.55 a share following better-than-expected Q3 earnings. Maintained Outperform rating.
Dupont
(DD) - Get Report
added to Focus List at JP Morgan. $56 price target. Company is performing well, despite a weak US market. Estimates also raised, to reflect higher returns.
ImClone
(IMCL)
numbers cut at FBR from $45 to $42 to reflect lower Erbitux estimates. Maintained Market Perform rating.
Level 3 Communication
(LVLT)
2008 estimates cut at Credit Suisse to ($0.38) from ($0.20) after Q3 results and guidance was below expectations. Lowered target price to $5 from $8 but maintained Outperform rating after recent sell-off.
Morgan Stanley
(MS) - Get Report
2007 estimates cut at Goldman to $7.60 from $8.35. Losses in credit and quant strategies overshadowed what was otherwise a solid quarter. Price target at $90.
Research in Motion
( RIMM) numbers raised at UBS. Price target jumps to $150 from $125 and FY 2009 upped to $3.01 from $3.00. Reiterates Buy rating.
Riverbed
(RVBD)
2008 estimates raised at Deutsche Bank by 9 cents to 84 cents a share to reflect higher growth expectations. Maintained Buy rating.