Change in Ratings
upgraded at Goldman Sachs to Neutral from Sell based on lower 2008 expectations and reasonable valuation. Q2 results showed that the company is able to avoid gross margin compression by accepting somewhat slower revenue growth. Maintained $25 price target.
upgraded at Citigroup from Sell to Buy. $29 price target. Estimates also raised, as the company is posting higher-than-expected free cash flow.
downgraded at Citigroup from Buy to Hold.
will likely sweeten its takeover offer, but not by enough to buy the stock with new capital, Citi said.
downgraded at JP Morgan from Overweight to Neutral. Estimates also down, as slowing international growth will compound U.S. weakness.
upgraded at Piper Jaffray from Sell to Neutral. $9 price target. Company is seeing strong handset sales and is also keeping a tight lid on costs.
downgraded at Deutsche Bank from Hold to Sell. $18 price target. Despite the strong second-quarter results, expect a more vicious aerospace cycle.
Stock Comments/EPS Changes
estimates slashed at Goldman. Goldman said it is cutting its 2008 estimates on to $2.05 from $2.43, following weak Q2 results that included higher costs. Maintained Buy rating, but lowered price target to $60 from $63.
numbers raised at RBC. Price target jumps to $130 from $107 and FY09 eps estimates upped to $12.47 from $12.38. Reiterates Sector Perform rating and Average Risk qualifier.
estimates cut at Morgan Stanley. Company suffering from lower advertising trends. Underweight rating and $17 price target.
numbers lowered at UBS. 2008 EPS estimates lowered to $9.65 from $10.45. Price target lowered to $86 from $90. Maintains Buy rating.
numbers lowered at UBS. 2008 EPS estimates lowered to $2.68 from $2.91. Price target lowered to $130 from $132. Maintains Buy rating.
numbers raised at UBS. 2008 EPS estimates raised to $0.70 from $0.49. Price target raised to $27 from $26. Maintains Neutral rating.
numbers lowered at RBC. Price target dips to $47 from $50 and FY09 eps estimates lowered to $1.78 from $1.95. Reiterates Sector Perform rating and Average Risk qualifier.
numbers slashed at RBC. Price target dips to $34 from $39 and FY09 eps estimates lowered to $1.27 from $2.06. Reiterates Sector Perform rating and Average Risk qualifier.
estimates raised at Morgan Stanley through 2010. Company is cutting costs, and the stock looks attractive following the recent pullback. Overweight rating and $320 price target.
numbers lowered at RBC. Price target dips to $20 from $22 and FY09 eps estimates lowered to $1.02 from $1. Reiterates Sector Perform rating and Average Risk qualifier.
numbers lowered at UBS. 2008 EPS estimates lowered to $8.92 from $9.54. Price target lowered to $100 from $105. Maintains Buy rating.
This article was written by a staff member of TheStreet.com.