CHANGE IN RATINGS
target cut at Morgan Stanley to $26. Demand for Creative Suite 2 has been hampered by the economy. Overweight rating.
downgraded at Wachovia to Market Perform from Outperform with valuation range of $16-$18 or 9-10x P/E. Downgrade ahead of earnings release on March 17 as unfavorable economic conditions and weak ad market continue to impact ADBE's sales.
downgraded at Goldman Sachs to Sell from Neutral due to weakening money market flows and potential regulatory changes. Low yields are pushing flows toward high-yield credit funds and bank deposits. Price target cut to $17 from $21.
downgraded at Piper Jaffray to Neutral from Buy. Foreign exchange rates continue to drag on results. Q4 results were in line with expectations, but 2009 outlook was well below consensus. Expect continues multiple contraction until FX headwinds subside. Price target slashed to $17 from $40.
upgraded at Weisel from Market-weight to Overweight. $34 price target. Company posted a strong quarter, and the Obama healthcare proposal should not have a materially negative effect on business.
downgraded at Deutsche to Hold from Buy and price target increased to $34 from $32. Downgrade based on valuation, as Deutsche Bank believes outlook has improved but limited upside from recent run.
downgraded at Goldman Sachs to Sell from Neutral due to expectations for negative earnings growth through 2010. Expect continuing declines in key metrics and negative revisions to Street estimates. Price target cut to $20 from $25.
downgraded at Deutsche Bank to Hold from Buy and price target reduced to $14 from $20. PKG announced a 50% cut to its dividend to 15 cents from 30 cents. Deutsche Bank believes that with demand weak, raw material costs sharply lower and containterboard export market in unheaval, domestic containerboard prices are headed south.
downgraded at Barclays from Overweight to Equal-weight. $7 price target. Company could lose a highly profitable business, based on new budget proposals.
upgraded at Piper Jaffray to Buy from Neutral based on attractive entry point following recent pullback. Note compelling valuation and growth potential in ventricular assist device market in 2010. Price target at $31.
upgraded at RBC from Sector Perform to Outperform. $34 price target. Company can cut cost from the Alltel purchase and the company generates a lot of free cash flow.
STOCK COMMENTS / EPS CHANGES
numbers lowered at UBS to $7.25. Estimates also cut, to reflect lower selling prices. Neutral rating.
estimates, target reduced at Barclays to reach $9. Estimates also cut, to reflect expected softer demand for communications equipment. Overweight rating.
estimates lowered at UBS through 2010. Company being hurt by the weak economy and increased competition from telecom competitors. Neutral rating and $18 price target.
estimates, target reduced at UBS to $8.50. Estimates also cut, to match the company's weaker sales outlook. Neutral rating.
estimates raised at UBS through 2010. Company held an upbeat analyst meeting this week, and is targeting $300 million of productivity savings over the next few years. Buy rating and $26 price target.
estimates, target raised at UBS through 2010. Company's advertising guidance may prove optimistic, but is still the highest in the industry. Neutral rating and new $15 price target.
estimates, target reduced at UBS through 2010. Company was hurt by a large ice storm and is also facing higher pension costs. Neutral rating and new $27 price target.
numbers lowered at UBS to $60. Estimates also cut, to reflect lower organic growth expectations. Buy rating.
( FTO) numbers cut at Barclays to $10. Estimates also lowered, because of the negative outlook for refining margins. Equal-weight rating.
estimates lowered at Barclays because of lower demand across the globe. Underweight rating and $0.50 price target.
numbers reduced at UBS to $12. Estimates also cut, to reflect higher Old Navy spending and fewer share buybacks. Neutral rating.
( HANS) numbers upped at UBS to $40 a share. Estimates also increased, as the company is gaining market share in the US and continuing to expand overseas. Buy rating.
estimates raised at Morgan Stanley through 2011. Company help an upbeat analyst meeting, and is cutting costs and integrating WM faster than expected. Overweight rating and $46 price target.
estimates, target cut at Barclays. Shares now seen reaching $32. Estimates also reduced, to reflect higher internal investment spending. Overweight rating.
estimates lowered at Morgan Stanley through 2011. Company continues to face currency losses, because of the stronger dollar. Overweight rating and $50 price target.
estimates cut at Morgan Stanley through 2011. Company is seeing lower hog prices and pork margins. Equal-weight rating.
estimates raised at UBS through 2010. Company is realizing higher prices and still generating strong production. Buy rating and $45 price target.
This article was written by a staff member of TheStreet.com.