Change in Ratings
American International Group
upgraded at Citigroup to buy from hold with a $42 price target. AIG is poised for well over 35% upside within the following year using current estimates and even in an extreme scenario of heavy losses there will still be single-digit upside potential.
downgraded at Citigroup to hold from buy with a $40 price target. Fiscal year 2008 estimate is lowered to $2.35 from $2.73 and fiscal year 2009 is being raised to $3.60 from $3.44. The U.S. steel market remains extremely tight. It is apparent from the lack of imports and expanding metal margins.
Commercial Metals numbers raised at UBS. Fiscal 2009 EPS estimates raised to $3.55 from $3.45. Price target raised to $44 from $42. Maintains buy rating.
( CVH) downgraded at Wachovia to market perform. Thursday marked the bottom for CVH's shares and further events could continue to pressure valuation. There is compelling long-term value in CVH, but there will be a better opportunity if future events change.
( EAS) upgraded at Jefferies to hold from underperform. Price target raised to $25.50 from $16.50. Maintains 2008 EPS estimates of $1.50.
downgraded at UBS to neutral from buy. Price target lowered to $73 from $81. Maintains 2008 EPS estimates of $3.03.
downgraded at Jefferies to underperform from hold. Price target lowered to $15 from $28. 2008 EPS estimates lowered to 85 cents from 95 cents.
upgraded at Wachovia to market perform. Fundamentals within the market remain challenging and material price risk from current levels depends upon a revaluation of the company's shares. '09 EPS estimate lowered to 55 cents and fiscal '10 to 73 cents.
downgraded at UBS to neutral from buy. Price target lowered to $53 from $61. Maintains 2008 EPS estimates of $2.31.
( SEPR) upgraded at UBS to buy from neutral. 2008 EPS estimates lowered to $1.51 from $1.53. Maintains $25 price target.
Stock Comments/EPS Changes
number raised at RBC. Price target jumps to $140 from $115 and fiscal year 2008 EPS estimates upped to $8.31 from $7.06. Reiterates outperform rating.
( BNI) numbers lowered at RBC. Price target dips to $95 from $96 and fiscal year 2008 EPS estimates lowered to $5.77 from $5.97. Reiterates sector perform rating.
Fifth Third Bancorp
numbers slashed at RBC. Price target cut to $11 from $22 and fiscal year 2008 EPS estimates lowered to 82 cents from $2.00. Reiterates sector perform rating.
numbers raised at UBS. 2008 EPS estimates raised to $3.28 from $2.98. Price target raised to $50 from $35. Maintains buy rating.
target lowered at Merrill. HSY now has a price objective of $32 from $38. Minimal EPS growth is expected due to increases in brand support and commodity inflation. In addition, 3%-5% top line growth will be difficult due to weakness within the milk chocolate market and heavy competition within the premium market. Underperform rating.
CarMax target cut at Credit Suisse to $15 from $17 following first-quarter results. Predicts further macro headwinds but sees less margin pressures. Maintained neutral rating.
price target cut at Goldman to $50 from $57 following second-quarter earnings that missed consensus estimates. Capital markets segment was particularly weak due to prop trading losses and weak customer activity. Note attractive valuation of 1.4 times book value. Maintained buy rating.
Morgan Stanley 2008 EPS estimates lowered at UBS to $4.55 from $5.00. Maintains neutral rating and $47 price target.
numbers jump at RBC. Price target rockets to $340 from $300 and Fiscal year 2009 EPS estimates soar to $21.33 from $15.06. Reiterates outperform rating.
numbers slashed at RBC. Price target cut to $38 from $50 and fiscal year 2008 EPS estimates lowered to $4.00 from $4.45. Reiterates outperform rating.
This article was written by a staff member of TheStreet.com Ratings.