Analysts' Actions: A Daily Roundup of Street Research
CHANGE IN RATINGS
Altera
estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on ALTR from $0.86 to $0.74 on quarterly results. Maintained Hold rating and $21 target.
Altera
downgraded at UBS: UBS said it is downgrading ALTR to Neutral from Buy after 4Q results missed estimates. Lowered price target to $22 from $23.
Altera
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ALTR for 2006 to 78-cents a share from 95-cents a share. Weaker than expected revenues cited in the note.
TD Ameritrade
downgraded at Freidman, Billings, Ramsey & Co.: Freidman, Billings, Ramsey & Co. said it was downgrading AMTD to Market Perform on integration risks and valuation. Target lowered by $1 to $21.
Airgas
upgraded at Baird: Baird said it was upgrading ARG to Outperform on strong 3Q06 performance. Target set at $40.
BankAtlantic Bancorp
downgraded at FBR: FBR said it is downgrading BBX to Market Perform from Outperform. Believes the likely reduction to the 2006 consensus estimate of 92 cents will cause further price pressure on the stock. Reduced price target to $14.50.
DST Systems
downgraded at Baird: Baird said it was downgrading DST from Outperform to Neutral on valuation. FY 2006 EPS estimate cut by $0.16 to $2.85. Set $61 target.
General Dynamics
upgraded at Prudential: Prudential said it is upgrading GD to a Neutral Weight rating due to valuation.
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Garmin
downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on GRMN to Underweight from Equalweight. EPS growth poised to decelerate.
GlobalSantaFe
downgraded at JP Morgan: JP Morgan said it is downgrading GSF to Neutral from Overweight. Believes high return asset growth will influence relative performance in the offshore driller space this year.
Humana
downgraded at UBS: UBS said it is downgrading HUM to Reduce from Neutral. Sees 2007 Medical Advantage rate reductions resulting in multiple compression. Lowered price target to $50 from $61.
Juniper
estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on JNPR by 7 cents to 46 cents a share due to weak guidance. Maintained Neutral Weight rating.
Juniper
downgraded at Goldman: Goldman said it is lowering its rating on JNPR to Underperform. No longer a growth stock and see's more downside.
Juniper
outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on JNPR for 2006 to 67-cents a share from 90 cents a share. Outlook confirms challenging start to 2006 for the industry.
Kronos
upgraded at Jefferies: Jefferies said it was upgrading KRON from Hold to Buy and target raised by $1.50 to $45 on valuation improving fundamentals.
Lear
downgraded at Prudential: Prudential said it is downgrading LEA to an Underweight rating as headwinds now clearing and 2007 EPS not strong enough to support share price.
Lightbridge
downgraded at Baird: Baird said it is downgrading LTBG to Neutral. Fourth quarter results were in-line with estimates but long-term outlook is cause for concern. Maintained $10 target price.
PMC-Sierra
downgraded at Deutsche Bank: Deutsche Bank said it was downgrading PMCS from Buy to Hold on valuation, citing upside factors already priced into stock. Target raised by $0.50 to $9.50.
PMC-Sierra
upgraded at Prudential: Prudential said it is upgrading PMCS to a Neutral Weight rating. Accretive deal and operational execution offset inventory build.
Stanley Works
downgraded at Deutsche Bank: Deutsche Bank said it was downgrading SWK from Buy to Hold and cutting the target by $4 to $48 citing weak 4Q results. FY 2006 EPS estimate cut by $0.06 to $3.44.
Under Armour
initiated at CIBC: CIBC said it was initiating coverage on UARM with a Sector Performer rating citing positive long term outlook and rich valuation.
UbiquiTel
downgraded at Wachovia: Wachovia said it is downgrading UPCS to Market Perform from Outperform. Believes shares are fairly valued at current levels.
WSFS Financial
downgraded at FBR: FBR said it is downgrading WSFS to Market Perform from Outperform to reflect the recent price move and the likely reduction to 2006 consensus estimates. Reduced price target to $65.
Whitney Holding
upgraded at SunTrust Robinson Humphrey: Suntrust said it is upgrading WTNY to Buy from Neutral after solid 4Q results. Raised 2006 EPS estimates to $2.24 and price target to $36.
STOCK COMMENTS / EPS CHANGES
Abbott
outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its target price on ABT to $47 a share from $41 a share. Maintained Equalweight rating.
Automatic Data
target, estimates raised at Jefferies: Jefferies said it was raising FY 2007 EPS estimates on ADP from $2.16 to $2.25 and target by $2 to $48 citing raised revenue guidance. Maintained Hold rating.
Automatic Data
numbers cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ADP for the full year to $2.27 a share from $2.28 a share. Earnings strong but leading indicators weaker than expected. Maintained Overweight rating.
Affiliated Managers
outlook raised at Goldman: Goldman said it is increasing its estimates on AMG for 2006 to $5.77 a share from $5.62 a share. Fourth quarter fees a harbinger of strong flows. Maintained Inline rating.
Air Products & Chemicals
estimates raised at UBS: UBS said it is raising 2006 EPS estimates on APD by 2 cents to $3.47 after positive FY06 guidance. Raised target price to $74 from $70.
Air Products
outlook raised at Goldman: Goldman said it is increasing its estimates on APD for the full year to $3.41 a share from $3.35 a share. Maintained Inline rating.
Airgas
target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS by $0.02 to $1.59 and the target on ARG by $3 to $39 on strong fiscal Q3 report. Maintained Buy rating.
Ameristar Casinos
target raised at Jefferies: Jefferies said it was raising the target on ASCA from $28 to $33.50 on Q4 results. Maintained Buy rating.
BellSouth
estimates raised at UBS: UBS said it is raising 2006 EPS estimates on BLS to $2.15 from $1.92 due to accounting changes, improved wireless outlook and higher wireline revenue. Maintained Neutral rating.
BellSouth
estimates raised at Goldman: Goldman said it is increasing its estimates on BLS for the full year to $2.30 a share from $2.10 a share. Upwards earnings momentum and M&A potential keep BLS as an outperform rated stock.
Bristol-Myers
estimates raised at UBS: UBS said it is raising 2006 EPS estimates on BMY by 5 cents to $1.20 due to lower than expected options cost and tax rate. Maintained Reduce rating.
Bristol-Myers
outlook raised at Morgan Stanley: Morgan Stanley said it is increasing said it is increasing its estimates on BMY for the full year to $1.21 a share from $1.17 a share. Company beat expectations for Q4.
Citigroup
outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on C for the full year to $4.70 a share from $4.76 a share. Maintained Overweight rating.
CACI Int'l
estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates by $0.06 to $2.80 on slowing business. Maintained Hold rating and $58 target.
Colgate-Palmolive
outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on CL to $2.86 a share from $2.84 a share. Maintained Equalweight rating.
Coach
estimates boosted at Goldman: Goldman said it is increasing its estimates on COH for 2005 to $1.23 a share from $1.18 a share. Maintained Outperform rating.
Covance
estimates raised at UBS: UBS said it is raising 2006 EPS estimates on CVD by 2 cents to $2.19 after 4Q results beat consensus. Maintained Buy rating.
Ecolab
estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on ECL from $1.55 and $1.75 to $1.44 and $1.65 respectively to reflect options expenses. Maintained Buy rating and $39 target.
Exelon
target, estimates raised at Jefferies: Jefferies said it was raising FY 2007 EPS estimates on EXC by $1 to $4.95 and target raised from $61.50 to $75 on Q4 results and ICC approval of their power auction proposal. Maintained Buy rating.
Furniture Brands
estimates raised at UBS: UBS said it is raising 2006 EPS estimates on FBN to $1.45 from $1.37 after 4Q results were ahead of guidance. See challenging environment ahead. Maintained Reduce rating.
General Dynamics
estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on GD from $7.75 and $8.70 to $7.90 and $9.10 respectively on Q4 results. Maintained Buy rating and $135.
Gilead Sciences
estimates raised at UBS: UBS said it is raising 2005 EPS estimates on GILD to $1.72 from $1.55 in anticipation of solid 4Q 2005 results. Maintained Neutral rating.
Corning
outlook raised at UBS: UBS said it is raising 2007 EPS estimates on GLW to $1.35 from $1.18. Expects continued strength in LCD glass demand and improved top-line margins in Diesel and Telecom. Raised target price to $31 from $25.
Intersil
target raised at Jefferies: Jefferies said it was raising the target on ISIL by $4 to $33 on Q4 results and market share growth. Maintained Buy rating.
Intersil
estimates raised at Piper: Piper said it is raising its 2006 estimates on ISIL by 9 cents to $1.14 a share after December quarter beat and higher guidance. Maintained Outperform rating.
Juniper Networks
outlook lowered at UBS: UBS said it is lowering 2006 EPS estimates on JNPR to $0.89 from $0.85 a share after weaker than expected outlook. Lowered target price by $2 to $22. maintained Neutral rating.
Komag
estimates raised at Piper: Piper said it is raising its 2006 estimates on KOMG by 63 cents to $4.46 a share due to capacity additions and lower R&D expense. Maintained Outperform rating, target price raised to $55.
Lear Corp.
estimates lowered at UBS: UBS said it is reducing 2006 EPS estimates on LEA by 50 cents to $2.50 a share. Believes continued Big 3 market share losses and material costs remain headwinds. Maintained Buy rating.
Lear
estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on LEA for the full year to $2.10 a share from $1.70 a share. Maintained Equalweight rating.
Lucent
numbers cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on LU for the full year to 14-cents a share from 16-cents a share to reflect Q1 results. Lucent lowered the bar on expectations for each of its businesses for the full year.
Maxim Integrated Products
estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on MXIM from $1.62 and $1.79 to $1.53 and $1.67 respectively on 4Q results. Maintained Hold rating and lowered target by $2 to $40.
Maxim Integrated
outlook raised at UBS: UBS said it is raising 2007 EPS estimates on MXIM by 6 cents to $1.69. Sees upside potential if execution improves. Raised target price to $49 from $47. Maintained Buy rating.
Maxim Integrated
estimate raised at Piper: Piper said it is raising its 2006 estimates on MXIM by 5 cents to $1.95 a share. Maintained Outperform rating.
Maxim Integrated
outlook lowered at Goldman: Goldman said it is lowering its estimates on MXIM for 2005 to $1.36 a share from $1.38 a share. Expects stock to outperform as strong bookings growth and communications exposure drive 2006.
Nova Chemicals
estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on NCX by 20 cents to $6.00 to delay start-up of the Corunna cracker in January. Maintained $43 target price and Buy rating.
Norfolk Southern
outlook raised at UBS: UBS said it is raising 2006 EPS estimates on NSC to $3.55 from $3.16 a share after strong quarter. Expects positive revisions to continue. Raised target price to $60 from $53. Maintained Buy rating.
Novellus
estimates raised at CSFB: CSFB said it is raising 2006 EPS estimates on NVLS to $1.06 from $0.63 after 4Q results beat expectations and increased outlook. Maintained Outperform rating.
Novellus
estimates raised at UBS: UBS said it is raising 2006 EPS estimates on NVLS to $1.20 from $1.04 after improved 4Q 2005 results. Raised price target to $30 from $24. Maintained Neutral rating.
PMC-Sierra
outlook raised at Goldman: Goldman said it is increasing its estimates on PMCS for the full year to 21-cents a share from 18-cents a share. Maintained Inline rating.
Praxair
estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on PX from $2.80 and $3.14 to $2.74 and $3.10 on a back-end loaded 2006 outlook. Maintained Hold rating and $51 target.
Praxair
outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on PX for 2006 to $2.70 a share from $2.75 a share. 2007 looks better than 2006. Maintained Overweight rating.
Qualcomm
estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on QCOM from $1.49 to $1.37 citing Q4 results lower than expected. Maintained Buy rating and $50 target.
Qualcomm
estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on QCOM to $1.27 from $1.48 a share to adjust for option expenses. Fiscal 1Q was in-line with estimates. Maintained Neutral rating.
Qualcomm
outlook raised at Morgan Stanley:Morgan Stanley said it is raising its estimates on QCOM for the full year to $1.31 a share from $1.20 a share. Maintained Equalweight rating.
Rockwell Automation
numbers raised at Morgan Stanley: Morgan Stanley said it is increasing its target price on ROK to $68 a share from $55 a share. Company delivered strong organic growth and solid operating leverage.
Sanmina
outlook increased at Morgan Stanley: Morgan Stanley said it is increasing its estimates on SANM for the full year to 29-cents a share from 10-cents a share. Maintained Overweight rating.
Smurfit-Stone
estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on SSCC to 5 cents from 15 cents after 4Q report. Views pullback in shares as a buying opportunity. Maintained Buy rating.
St. Jude
outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on STJ for the full year to $1.96 a share from $1.94 a share. Maintained Equalweight rating.
Stanley Works
estimates reduced at UBS: UBS said it is lowering 2006 EPS estimates on SWK to $3.52 from $3.62 after 4Q results were below guidance. Maintained Buy rating.
Thornburg Mortgage
estimates lowered at Jefferies:Jefferies said it was lowering FY 2006 EPS estimates on TMA from $2.77 to $2.68 on margin pressure. Maintained Hold rating and $26 target.
Trident Microsystems
target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on TRID from $0.53 and $0.69 to $0.62 and $0.89 respectively on 4Q results and guidance. Maintained Buy rating and raised target by $3 to $28.
Varian Medical
target raised at Jefferies: Jefferies said it was raising the FY 2006 EPS estimate on VAR by a penny to $1.78 and the price target by $3 to $60 on fiscal Q1 results and potential multiple expansion. Maintained Buy rating.
Varian
estimates lowered at UBS: UBS said it is reducing 2006 EPS estimates on VARI by 5 cents to $1.83 a share to adjust for option expenses. Guidance essentially unchanged after fiscal 1Q report. Maintained Neutral rating.
Walgreens
number revised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on WAG for 2007 to $1.72 a share from $1.69 a share. 2006 estimates lowered by a penny to $1.40 a share from $1.41 a share. Maintained Overweight rating.
Wynn
target increased at Morgan Stanley: Morgan Stanley said it is increasing its target on WYNN to $75 a share from $60 a share. Maintained Equalweight rating.
XTO Energy
estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on XTO from $4.12 to $4.21 on production growth. Maintained Buy rating and $50 target.
XTO Energy
estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on XTO from $4.12 to $4.21 on production growth. Maintained Buy rating and $50 target.
