Morgan Stanley Dean Witter
to outperform from strong buy. The firm also cut
price target to $75 from $90.
Also this morning,
to neutral from buy.
Lehman strategist Jeffrey Applegate came out this morning with a note saying that Lehman is modestly reducing its earnings per share forecast for the
, but leaving its equity returns alone as "valuation has moderately improved." Lehman lowered its EPS growth for the third quarter to 10% from its previous 13% expectation. Lehman cut its forecast for the fourth quarter by 60 cents to $15.05, for growth of 8%. For full-year 2001, Lehman is reducing its EPS forecast to $64 from $67, or 10% growth. These are its estimates for the S&P 500 as a whole, put together as an average.
Applegate said he wasn't changing his firm's expected equity returns as valuation has moderately improved.
Bank of America
: fourth-quarter earnings estimate DOWN to $1.13 from $1.33 at
Credit Suisse First Boston
and lowered 2001 earnings estimates to $5.50 from $5.75.
: DOWN to buy from strong buy at
Deutsche Banc Alex. Brown
: DOWN to neutral from outperform at Lehman.
Heidrick & Struggles
: NEW buy at CSFB.