CHANGE IN RATINGS
downgraded at Deutsche: Rating on ASD was cut from Buy to Hold, Deutsche Bank said. Limited upside to the $46 price target. New GDP estimates also lead to a second-half slowdown.
coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage of BHE with an Equal-Weight rating. Believe stock is fairly valued and currently have In-Line rating on Electronics Supply Chain industry.
downgraded at Goldman: BVN was downgraded to Underperform from In-Line, Goldman said. Decreased profitability for developing Cerro Quillish deposit and the company's gold hedge book seen limiting current upside
upgraded at Goldman: Goldman Sachs said it is upgrading CE to Outperform from In-Line based on compelling valuation and superior industry structure.
rated new Buy at UBS: UBS said it is initiating coverage on CPX with a Buy rating. Cites high demand for unconventional natural gas basins continue to be in high demand. Sets $32 target price.
rated new Outperform at CSFB: CSFB said it is initiating coverage on CPX with an Outperform rating. Believes focus on unconventional, tight gas plays will support above average growth. Sets $32 target price.
coverage initiated at Jefferies: Jefferies said it is initiating coverage of CPX with a Buy rating. The company's niche expertise in the oil and gas industry will drive robust growth. Price target of $30.
upgraded at Jefferies: Jefferies said it is upgrading EAS to a Buy rating from Hold based on limited downside risk and the possibility that NYSEG will return over 11.5% ROE. Price target of $24.50.
upgraded at CSFB: CSFB said it is upgrading EXPE to Neutral from Underperform based on valuation and improvement in business trends. Maintained $16 target price.
upgraded at Citigroup: FFIV was upgraded from Hold to Buy, Citigroup said. $64 price target. Company's addressable market is growing by 25% to 30% a year. Also spoke with management, and the current quarter appears to be trending well.
upgraded at Goldman: Goldman Sachs said it is upgrading GFI to In-Line from Underperform based on new gold long-term price of $425/oz. Increased NAV gold reserve estimate to 63.1 mn oz from 60.4 mn oz.
upgraded at Deutsche: HXL was upgraded from Hold to Buy, Deutsche Bank said. $23 price target. Company has exposure to the long cycle, including defensive and global markets.
downgraded at Deutsche: IR was downgraded from Buy to Hold, Deutsche Bank said. $48 price target. Mid-cycle industrial slowdown is likely in the second half of the year, and relative upside is limited.
Kinder Morgan Inc.
downgraded at CSFB: CSFB said it is downgrading KMI to Neutral from Outperform on price action and MBO proposal. Maintained $100 target price.
downgraded at CIBC World markets: CIBC said it is lowering its rating on LLL to Sector Performer from Sector Outperformer due to concern over option grant timing, recent pricier acquisitions, and lack of visibility in succession planning. Price target remains $85.
upgraded at AG Edwards: AG Edwards said it is upgrading shares of LSTR to Buy from Hold based on the belief that multiple expansion will occur as the company transitions from an asset light owner-operator network model to a non-asset freight forwarder model. Earnings estimates for 2006 raised to $2.15. Price target at $56.
upgraded at UBS: UBS said it is upgrading OS to Buy from Neutral. Cites attractive entry point for more defensive steel play. Raised target price to $55 from $52.
rated new Buy at UBS: UBS said it is initiating coverage on RBAK with a Buy rating. Cites beneficiary of continued spending on IP edge routing. Sets $30 target price.
Research in Motion
upgraded at JP Morgan: RIMM was upgraded from Neutral to Overweight, JP Morgan said. Stock is down 27% over the past two months, and the company has several potential catalysts on the horizon. Company can deliver 29% annual EBITDA growth and 20% revenue improvement through the end of the decade.
STOCK COMMENTS / EPS CHANGES
estimates lowered at Goldman: Goldman Sachs said it is trimming its 2006 estimates on ALTR by a penny to $0.74 due to incremental SG&A expense from review of option practices. Shares retain In-Line rating.
estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on ALTR to $0.88 from $0.85 based on the company's reaffirming 7%-10% sequential revenue growth in its mid-quarter update. Remain concerned with market share loss and low visibility. Reiterate Hold rating with price target of $21.
estimates cut at Morgan Stanley: Morgan Stanley said it is cutting its 2006 estimates on CD by ten cents to $1.21 based on lowered company guidance for the real estate business. Price target cut to $21 from $22.
estimates lowered at Morgan Stanley: Morgan Stanley said it is lowering its 2006 estimates on FRE to $5.88 from $5.95 due to mixed 2005 results. Lowered price target to $74 from $78 but maintained Overweight rating.
estimates raised at Goldman: Goldman Sachs said it is raising its 2006 estimates on GM to $2.00 from $1.25 due to better than expected employee buyout take rates. Maintain In-Line rating.
Las Vegas Sands
target raised at Jefferies: Jefferies said it is upping its price target on LVS to $88.25 from $80.25 as a result of the company winning the Singapore Marina Bay license. Reiterated Buy rating.
estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on NRG by 42 cents to $2.77 a share to reflect changes in commodity curve and other modeling adjustments. Maintained Overweight rating.
estimates lowered at Morgan Stanley: Morgan Stanley said it is lowering its 2008 estimates on SMTC by two cents to $1.00 due to lack of intermediate term catalyst. Reiterate Equal-Weight rating.
estimates raised at Morgan Stanley: Morgan Stanley said it is raising its 2006 estimates on TIN to $3.29 from $3.00 based on real estate valuation. Reiterate Overweight rating with price target of $53.
estimates upped at Goldman: Goldman Sachs said it is raising its 2007 estimates on TRB to $2.29 from $2.18 due to aggressive share buybacks and lowered operating costs. Remain concerned by soft near-term revenue trends. Underperform rating remains unchanged.
STRATEGY CALLS / MARKET CALLS
raises view of Gold Industry: Goldman Sachs said it is raising its coverage view of the Gold industry to Attractive from Neutral based on strong market fundamentals. A structurally weaker USD, inflationary pressures, and potential increase in reserves at emerging market Central Banks will provide support to Gold value above $600/oz. Favorite sector picks are ABX and NEM.
upgraded at Bear: Bear Stearns upgraded the hospital sector to Market Overweight, based on accelerating earnings growth. Expect the market to bottom out in June, based on the usual cycle of 18-24 months. TRI and HMA are the analyst's top picks.