Change in Ratings
American International Group
downgraded at Credit Suisse to Sell from Neutral based on heightened probability of a potential bankruptcy filing given recent debt downgrades. Lowered target to $3 from $6.
downgraded at JP Morgan from Overweight to Neutral, JP Morgan said. Valuation call, as the stock has nearly doubled this year.
downgraded at UBS. Rating lowered to Neutral from Buy. Price target lowered to $23 from $32. 2008 EPS estimates lowered to $0.70 from $0.74.
was upgraded from Neutral to Overweight, JP Morgan said. $28 price target. Stock offers relative stability at an attractive price.
was upgraded to Neutral from Sell based on relative valuation and increased earnings power from likely outcome in electric rate case. Price target raised to $44 from $40.
was upgraded at UBS. Rating raised to Buy from Neutral. Maintains $28 price target and 2008 EPS estimates of $2.19.
initiated at UBS. Initiated with a Buy rating and $58 price target. Introduces 2008 EPS estimates of $3.83.
downgraded at UBS. Rating lowered to Sell from Neutral. Price target lowered to $17 from $22. 2008 EPS estimates lowered to $1.32 from $1.33.
was downgraded from Neutral to Underweight, JP Morgan said. Company's pipeline is not strong enough to offset $7.5 billion of annual product sales that are expected to lose patent protection over the next five years.
was downgraded at UBS. Rating lowered to Neutral from Buy. Price target lowered to $30 from $37. Fiscal 2009 EPS estimates lowered to $1.25 from $1.53.
initiated at UBS. Initiated with a Buy rating and $41 price target. Introduces 2008 EPS estimates of $2.70.
was downgraded to Market Perform, Wachovia said. Estimates also cut, ahead of the upcoming quarterly report Sept. 25. Rising unemployment and the stronger dollar could hurt demand.
was downgraded at UBS. Rating lowered to Neutral from Buy. Price target lowered to $5.00 from $7.25. Fiscal 2009 EPS estimates lowered to -$0.30 from $0.14.
was downgraded from Outperform to Sector Perform, RBC Capital said. Land rig pricing gains could be capped in 2009, with new capacity expected to come online. $37 price target.
was downgraded to Neutral, Cowen said. Deferral of the tanker bid and recent execution risk could weigh over 2009 results.
was downgraded at Goldman Sachs to Neutral from Buy based on relative valuation following recent outperformance vs. peers. Target raised to $43 from $42.
was downgraded at UBS. Rating lowered to Hold from Buy. Fiscal 2009 EPS estimates lowered to $0.50 from $1.20. Price target lowered to $29 from $36.
was downgraded from Overweight to Neutral, JP Morgan said. Headwinds remain in the European truck market, which accounts for about 75% of sales. Estimates also cut.
was downgraded at Goldman to Sell from Neutral based on earnings risk from Ferrlecit and potentially costly expansion plans. Note that shares have outperformed other generic stocks year-to-date. Price target cut to $26 from $30.
was upgraded at Goldman Sachs to Buy from Neutral based on valuation and expected positive outcome in rate case by year-end. Price target trimmed to $26 from $27.
Stock Comments/EPS Changes
numbers were lowered at UBS. Fiscal 2009 EPS estimates lowered to $1.43 from $1.44. Price target lowered to $20 from $26. Maintains Neutral rating.
target price was raised at Credit Suisse to $37 from $34. Believes generic drug opportunities, cost rationalization programs and better balance sheet management will lead to earnings growth. Maintained Outperform rating.
Strategy Calls/Market Calls
were upgraded at Citigroup. CB was upgraded to Buy, with a $57 price target, Citigroup said. The rating on TRV was also raised to Buy, with a $51.50 price target. The companies could gain from the AIG fallout.
were upgraded at Merrill Lynch from Underperform to Neutral. Still cautious about fundamentals for the near term, which should begin to improve by the end of 2009.
This article was written by a staff member of TheStreet.com.