Analysts' Actions: A Daily Roundup of Street Research
CHANGE IN RATINGS
Apollo Group
upgraded at CSFB: CSFB said it is upgrading APOL to Outperform. Believes strategic initiatives will reinvigorate growth. Raised target price to $64.
Bed Bath & Beyond
upgraded at Prudential: Prudential said it is upgrading BBBY to an Overweight rating on strong Q4 results and attractive relative valuation.
Bed Bath & Beyond
target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on BBBY by 4-cents to $2.22 and the target by $5 to $44 on solid Q4 comps. Maintained Hold rating.
Bed Bath & Beyond
target price raised at CSFB: CSFB said it is raising its target price on BBBY to $45 from $42 after solid 4Q results and positive guidance. Maintained Outperform rating.
Career Education
downgraded at Morgan Stanley: Morgan Stanley said it is downgrading CECO to Equal-weight based on valuation. Raised target price to $42 from $40.
Frontier Oil
downgraded at Friedman, Billings: FTO was downgraded from Outperform to Market Perform, Friedman, Billings Ramsey said. Stock is up 70% on the year, and is trading at a substantial premium to its peers.
Frontier Oil
downgraded at Bear: FTO was downgraded from Outperform to Peer Perform, Bear Stearns said. Valuation call, as near-term estimates have been lowered because of throughput volumes and refining margins.
KeySpan
downgraded at CSFB: CSFB said it is downgrading KSE to Underperform from Neutral. Sees future relative underperformance compared to group. Maintained $42 target price.
NiSource
downgraded at CSFB: CSFB said it is downgrading NI to Underperform from Neutral. Believes lack of earnings growth visibility and relative underperformance is likely to continue. Maintained $21 target price.
PF Chang's
downgraded at Bear: PFCB was downgraded from Outperform to Peer Perform, Bear Stearns said. Valuation more attractive on cash flow basis, though the Pei Wei chain continues to struggle.
Station Casinos
downgraded at Morgan Stanley: Morgan Stanley said it is downgrading STN to Equal-weight from Overweight as shares approach target price. Raised target to $82 from $80.
STOCK COMMENTS / EPS CHANGES
American Eagle Outfitters
target raised at Piper: Piper said it is raising its target price on AEOS to $27 from $25. Maintained Market Perform rating.
Amylin Pharmaceuticals
target price raised at Morgan Stanley: Morgan Stanley said it is raising its target price on AMLN to $52 from $42 after increasing estimates for Byetta. Maintained Overweight rating.
Bed Bath & Beyond
estimates raised at Piper: Piper said it is raising its 2008 estimates on BBBY by 6 cents to $2.50 a share. Maintained Market Perform rating.
Guidant
estimates raised at Morgan Stanley: Morgan Stanley said it is raising its 2006 EPS estimates on GDT by 5 cents to $1.47 after 1Q pre-announcement was better than expected.
Guidant
estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on GDT by 9 cents to $2.32 a share due slowing ICD market growth. Maintained Neutral Weight rating.
Intel
target, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on INTC from $1.16 to $1.08 and the target by $2 to $23 on low visibility in PC market. Maintained Buy rating.
Joy Global
outlook raised at UBS: UBS said it is raising its 2007 EPS estimates on JOYG to $3.00 from $2.60 citing a continued boom in commodity prices and mining activity. Raised target price to $65 from $55.
Life Time Fitness
target price raised at UBS: UBS said it is raising its target price on LTM to $58 from $50 citing confidence in ability to execute expansion plans and meet financial targets. Maintained Buy rating.
Merrill Lynch
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its 2006 EPS estimates on MER to $4.74 from $6.06 to reflect a one-time acceleration of non-cash expenses. Maintained $85 target price.
St. Jude Medical
target, estimates cut at Jefferies: Jefferies said it was cutting FY 2006 and 2007 EPS estimates on STJ from $1.78 and $2.04 to $1.71 and $1.96 respectively and lowering the target by $11 to $42 on pre-announcement of Q1 results. Maintained Hold rating.
Websense
target, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on WBSN from $0.97 and $1.12 to $0.96 and $1.10 and cutting the target by $3 to $27 on weak Q1 billings growth. Maintained Hold rating.
Websense
outlook lowered at CSFB: CSFB said it is lowering its 2007 EPS estimates on WBSN to 88 cents from 99 cents after negative pre-announcement which included weaker than expected billings. Lowered target price to $32 from $37.50.
