Analysts' Upgrades, Downgrades
Change in Ratings
Adtran
(ADTN) - Get ADTRAN Inc. Report
upgraded at Weisel to overweight. Company is emerging from a multiyear transition in its business, where new products are offsetting legacy items. $27 price target.
BOK Financial
(BOKF) - Get BOK Financial Corporation Report
upgraded at Suntrust from neutral to buy with a $58 price target. Estimates also raised, as management is highly disciplined, and will continue to grow in a difficult environment.
ITT
downgraded at Credit Suisse from outperform to neutral. New management changes offset the recent positive pre-announcement. $62 price target.
LSI Logic
(LIS)
downgraded at Merrill from buy to neutral. Company missed quarterly sales estimates, and inventory is rising. Also may soon lose market share to
Seagate
(STX) - Get Seagate Technology Holdings PLC Report
and
Marvell Technology
TheStreet Recommends
(MRVL) - Get Marvell Technology Inc. Report
.
Macy's
downgraded at JPMorgan from neutral to underweight. Believe the stock has another leg down, as
J.C. Penney
(JCP) - Get J. C. Penney Company, Inc. Report
and
Kohl's
(KSS) - Get Kohl's Corporation Report
have already cut first-quarter guidance.
Altria
(MO) - Get Altria Group Inc. Report
downgraded at JPMorgan from overweight to neutral with a $25 price target. Stock also removed from the Focus List, as it should perform in line with its domestic peers.
SLM
(SLM) - Get SLM Corporation Report
downgraded at Morgan Stanley to underweight with a $13 price target. Estimates also cut, as earnings will be hit by both lower government subsidies and the current credit crunch.
State Street
(STT) - Get State Street Corporation Report
downgraded at Merrill from buy to neutral. Estimates also cut, to reflect lower net interest margins, a smaller buyback program and higher realized security losses.
Stock Comments/EPS Changes
Adtran target raised, estimates cut at UBS. Price target increased to $22.50 from $20.00. 2008 EPS estimates lowered to $1.23 from $1.24. Reiterates neutral rating.
Forest Labs
(FRX)
fiscal 2009 EPS estimates lowered at UBS to $3.20 from $3.48. Price target lowered to $50 from $54. Reiterates buy rating.
Forest Labs numbers cut at Morgan Stanley. FRX now seen reaching $39 a share. Estimates also lowered, to match the company's higher expected operating costs. Equal-weight rating.
Intel
(INTC) - Get Intel Corporation Report
price target raised at Goldman to $30 from $27 based on solid first-quarter results and second-quarter guidance. Note strong margin guidance and execution in the core MPU business. Maintained buy rating.
Juniper Networks
(JNPR) - Get Juniper Networks Inc. Report
numbers lowered at UBS. Price target $30.00 from $37.50. 2008 EPS estimates lowered to 98 cents from $1.01. Reiterates buy rating.
Marshall & Ilsley
( MI) numbers lowered at UBS. Price target lowered to $23.50 from $27.00. 2008 EPS estimates lowered $1.90 from $2.05. Reiterates neutral rating.
Northrup Grumman
(NOC) - Get Northrop Grumman Corporation Report
price target lowered at Goldman to $78 from $82 based on announcement that company will record a $320-360 million pretax charge due to poor workmanship and quality issues on LHD-8. Maintained sell rating.
Seagate target cut at Goldman to $23 from $25 based on expectations for lower pricing and gross margin declines starting in June quarter. See industry-wide inventory buildup in HDDs and deteriorating demand. Maintained neutral rating.
This article was written by a staff member of TheStreet.com Ratings.
