Change in Ratings
American International Group
downgraded at Merrill from Buy to Neutral. $12.50 price target. Company will face higher losses and try to obtain dilutive financing. AIG downgraded at Citigroup from Buy to Hold. $14 price target. Company will have its worst quarter yet in the wake of
, though it should still survive.
upgraded at Natixis Bleichroder from Sell to Hold. $22 price target. Byetta monotherapy FDA ruling at the end of the month could go either way, and the risk/reward looks even at current levels.
downgraded at Merrill from Buy to Neutral. $159 price target. Estimates also cut, to reflect a higher cost of capital and continued deleveraging.
JP Morgan Chase
downgraded at Merrill to Underperform. $33 price target. Estimates also cut, to reflect expected mark-to-market losses.
downgraded at RBC from Sector Perform to Underperform. $8.50 price target. Prices should fall at the end of the buidling season, and the stock has already rebounded 40% from its recent lows.
upgraded at Weisel from Underweight to Market-weight. $35 price target. Company has the strongest secular organic growth potential in the industry, though numbers could decelerate because of the increasing scale.
Strategy Calls/Market Calls
downgraded at Credit Suisse to Neutral from Outperform based on valuation and further weakness in the housing sector. Maintained target prices: $29 for Home Depot and $26 for Lowe's.
Two Homebuilders downgraded at Citigroup.
downgraded from Buy to Hold. Valuation call, as the stock is up 32% since Aug. 12. The rating on
was cut from Hold to Sell, also based on valuation.
This article was written by a staff member of TheStreet.com.