Analysts' Actions: A Daily Roundup of Street Research
CHANGE IN RATINGS
BlueLinx
downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on BXC to Equalweight from Overweight with a $15 target price.
CBS
coverage initiated at Prudential: Prudential said it is initiating coverage on CBS with an Overweight rating and $30 target price. Valuation is compelling and expectations are achievable.
Cyberonics
downgraded at AG Edwards: CYBX was downgraded to Hold, AG Edwards said. Recent comments in Senate could affect Medicare reimbursement decision for the company's depression treatment.
El Paso
upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on EP to Equalweight with a $15 target price. Should the stock pull back to $12 a share, it would revisit its rating again.
Patterson-UTI Energy
downgraded at CSFB: CSFB said it is downgrading PTEN to Neural from Outperform. Cites growing concern that gas inventory overhang will lead to further deterioration in US natural gas prices. Lowered price target to $37 from $46.
Trex
upgraded at SunTrust: SunTrust Robinson Humphrey said it is increasing its rating on TWP to Buy as it believes the stock and estimates find bottom here.
UAL Corp.
upgraded at Prudential: Prudential said it is upgrading UAUA to an Overweight rating as stock should perform well in an improving airline environment. Target price raised to $43.
Valassis Communications
downgraded at Deutsche Bank: Deutsche Bank said it is lowering its rating on VCI to Hold. Target cut to $32 a share from $37 a share. 2008 is too distant to value the FSI turnaround.
WebEx
upgraded at CIBC: CIBC said it is upgrading WEBX to a Sector Outperformer due to solid operating momentum.
STOCK COMMENTS / EPS CHANGES
Advance Auto Parts
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AAP for 2006 to $2.27 a share from $2.36 a share. Maintained Equalweight rating.
Baker Hughes
estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on BHI from $3.40 and $4 to $3.55 and $4.05 respectively on Q4 results. Maintained Buy rating.
Celanese
outlook raised at UBS: UBS said it is raising 2006 EPS estimates on CE by 5 cents to $2.60 after positive 4Q results. Raised target price to $21 from $20.
Career Education
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on CECO for the full year to $2.41 a share from $2.48 a share. Maintained Overweight rating.
Dell
estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on DELL by a penny to $1.68 a share due to disappointing guidance. Maintained Overweight rating.
Dell
outlook lowered at UBS: UBS said it is lowering 2007 EPS on DELL to $1.62 from $1.75 after 4Q results. Lowered target price to $32 from $33.
Dell
estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates by 7 cents to $1.68 after better-than-expected 4Q results. Maintained $35 target price.
Dell
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on DELL for the full year by a penny to $2.05 a share from $2.06 a share. Maintained Overweight rating.
Forest Oil
estimates cut at Jefferies: Jefferies said it was cutting FY 2006 and 2007 EPS from $2.78 and $2.53 to $2.44 and $1.75 respectively on Q4 results. Maintained $62 target and Buy rating.
Genzyme
target, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on GENZ from $2.86 and $3.44 to $2.76 and $3.21 respectively and cutting the target by $2 to $81 on Q4 results and 2006 guidance. Maintained Buy rating.
Global Industries
estimates cut at Jefferies: Jefferies said it was cutting FY 2006 EPS estimates on GLBL by 15-cents to $0.65 and raising the target by $2 to $17 on weak Q4 results. Maintained Buy rating.
Intel
estimates cut at Jefferies: Jefferies said it was cutting FY 2006 EPS estimates on INTC from $1.29 to $1.16 on dual core processor price cuts. Maintained Buy rating and $25 target.
Intuit
estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on INTU by 2 cents to $2.04 a share after the company cut guidance. Maintained Underweight rating.
J.C. Penney
target raised at Morgan Stanley: Morgan Stanley said it is increasing its target on JCP for the full year to $66 a share from $60 a share. Maintained Overweight rating.
Laboratory Corp.
estimates raised at UBS: UBS said it is raising 2006 EPS estimates on LH by 4 cents to $3.09 after 4Q results. Maintained Neutral rating.
Laboratory Corp. of America
target raised at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on LH from $3.12 and $3.46 to $3.09 and $3.42 respectively and raising the target by $6 to $56 on Q4 upside and positive 2006 guidance. Maintained Hold rating.
NPS Pharma.
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on NPSP for the full year to a loss of $3.23 a share from a loss of $2.85 a share. Maintained Underweight rating.
Nvidia
outlook raised at UBS: UBS said it is raising 2007 EPS on NVDA by 7 cents to $2.04 after solid 4Q and positive guidance. Raised target price to $55 from $49.
Nvidia
estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NVDA for the full year to $1.73 a share from $1.71 a share. Target raised to $57 a share from $50 a share. Maintained Overweight rating.
Oregon Steel
target price raised at UBS: UBS said it is raising its target price on OS to $37 from $33 to reflect better expected plate stability. Maintained Neutral rating.
Progress Energy
target lowered at Jefferies: Jefferies said it was lowering the target on PGN by $1 to $44 on long-term earnings pressures. Maintained Hold rating.
Pulte Homes
estimates lowered at UBS: UBS said it is lowering its 2006 EPS estimates on PHM by 10 cents to $6.60 to reflect difficult operating environment. Maintained Buy rating.
PNC Financial Services
estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on PNC for the full year to $5.85 a share from $5.52 a share. Target raised to $76 a share from $73 a share.
Praxair
target raised at Morgan Stanley: Morgan Stanley said it is increasing its target price on PX to $62 a share from $55 a share. The company has the right mix. Maintained Overweight rating.
Reliance Steel
target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS by $2.20 to $7.30 and raising the target by $9 to $87 on Q4 results and favorable operating environment in 2006. Maintained Hold rating.
Silicon Image
target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimate from $0.41 to $0.64 and target by $1 to $11 on positive Q4 results. Maintained Hold rating.
Target
estimates raised at Piper: Piper said it is raising its 2007 estimates on TGT by a penny to $3.11 a share. Maintained Outperform rating.
Watson Pharmaceuticals
estimates lowered at UBS: UBS said it is lowering 2006 EPS on WPI to $1.35 from $1.62 after adjustments and relatively uninspiring outlook. Maintained Reduce rating.
Watson Pharmaceuticals
estimates lowered at CSFB: CSFB said it is lowering 2006 EPS on WPI by 3 cents to $1.43 after 4Q results were lower than forecasts. Maintained Outperform rating.