CHANGE IN RATINGS
upgraded at CSFB:CSFB said it is upgrading AGU to Outperform from Neutral. Expects shipments and consumption to rebound in 2006 and 2007. Maintained $28.50 target price.
upgraded at Prudential:Prudential said it is upgrading BRL to an Overweight rating as threat of generic competition is not very serious.
upgraded at UBS: UBS said it is upgrading CC to Buy from Neutral. Believes they represent most compelling turnaround opportunity in hardlines retail. Raised target price to $36 from $28.
upgraded at CSFB: CSFB said it is upgrading CIB to Outperform from Neutral based on valuation. Maintained $36 target price.
upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating to Equalweight from Underweight. The stock is down 25% since April highs.
estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on GD to $4.23 from $4.10 to incorporate Anteon. Maintained Buy rating.
target price raised at CSFB: CSFB said it is raising its target price on LNG to $55 from $51. Reaffirms risk/reward at current share price. Maintained Outperform rating.
upgraded at UBS: UBS said it is upgrading NVDA to Buy from Neutral. Cites superior execution in a down market. Maintained $30 target price.
coverage initiated at Prudential: Prudential said it is initiating coverage on SHPGY with a Neutral Weight rating. Diversification of product portfolio is a strength, but earnings trough in 2007 may be deeper than expected.
upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on SII to Overweight from Equalweight. Maintained $56 a share.
upgraded at UBS: UBS said it is upgrading SNDK to Buy from Neutral on positive fundamentals and new apps. Maintained $70 target price.
upgraded at CSFB: CSFB said it is upgrading TRB to Outperform from Neutral based on motion to breakup the company. Raised target price to $40 from $32.
upgraded at UBS: UBS said it is upgrading WPSC to Neutral from Reduce. Believes downside is limited. Maintained $17 target price.
STOCK COMMENTS / EPS CHANGES
price target raised at Jefferies: Jefferies said it is raising its price target on ALD to $29 from $27 after the company highlighted its strategy at an investor day. Noted modest dividend growth and legal uncertainty limiting upside. Reiterated Hold rating.
estimates cut at Jefferies: Jefferies said it is lowering its 2006 estimates on AMD to $1.05 from $1.60 due to the escalating price war in the PC microprocessor market. See customer order pushback due to upcoming price cuts. Price target lowered to $26 from $37 and reiterated Hold rating.
estimates cut at Piper: Piper said it is cutting its 2007 estimates on CBH by 15 cents to $2.05 a share due to a lower net interest margin outlook. Maintained Market Perform rating.
estimates cut at Piper: Piper said it is cutting its 2007 estimates on GPS by 5 cents to $1.17 a share as sales challenges are persisting near-term. Maintained Market Perform rating.
price target cut at Jefferies: Jefferies said it is lowering its price target on shares of INTC to $22 from $23 due to the company's aggressive pricing action. Lowered 2006 estimates to $0.82 from $1.03 and pointed to likely order pushout as customers seek to benefit from later price cuts. Reiterated Buy rating.
price target cut at Jefferies: Jefferies said it is lowering its price target on KWK to $31 from $38 due to concerns over gas price weakness. Reiterated Hold rating.
coverage initiated at Jefferies: Jefferies said it is initiating coverage of MOT with a Buy rating. See 20% growth in handset market, gain in market share, and margin expansion. Price target of $25.
target price lowered at UBS: UBS said it is lowering its target price on SOV to $21 from $23. Believes 2006 and 2007 estimates may be 5% too high. Maintained Neutral rating.
STRATEGY CALLS / MARKET CALLS
bearish on homebuilders:Morgan Stanley said it is lowering its rating on KBH, PHM and LEN to Equalweight. Targets cut on KBH to $32 a share from $80 a share. LEN target cut to $31 a share from $66 a share.