Change in Ratings
coverage initiated at Thomas Weisel with an overweight rating. Sees Gold prices increasing due to dollar weakness. Believes valuation attractive relative to peers. Price target at $52.00
downgraded at JPMorgan to neutral from overweight. After a 52% appreciation in ACI since February 2008 the stock is now fairly valued. In addition, large diversified mining companies are cash rich and looking for assets. This could potentially lead to consideration for M&A interest.
upgraded at Goldman to buy from neutral based on deepwater exploration and development potential in the U.S., Ghana and Brazil. Target raised to $105 from $90.
( AW) added to Goldman's Conviction Buy List, based in part on improved view of waste management sector. See ongoing municipal solid waste pricing growth and volume decline deceleration. Target price raised to $18 from $13.
upgraded at Keefe, Bruyette & Woods to outperform from market perform. Sees improvements in flow trends in third quarter. Believes risk/reward improving. Target price raised to $120.00
upgraded at JPMorgan to overweight. 2009 estimates for coal pricing increased from 240/metric ton to $200/metric ton for coking coal and $100/metric ton to $150/metric ton for thermal. In addition, price forecasts are raised for Appalachian, Illinois and West Bit coal.
downgraded at UBS to sell from hold. Price target raised to $29 from $27. 2008 EPS estimates raised to $1.52 from $1.40.
downgraded at Goldman Sachs to neutral from buy based on valuation. Note that shares have rallied 100% since upgrade on March 6. Price target at $76.
Fortress Investment Group
downgraded at Credit Suisse to neutral from outperform. Sees long-term upside but recommends
. Believes limited downside left. Lowers price target to $15.
Fortress Investment Group downgraded at Credit Suisse to neutral from outperfrom based on increase in cost of capital assumption and decrease in growth rate. Lowered target price to $15 from $20.
coverage initiated at Thomas Weisel with a market weight rating. Sees upside to gold prices. Believes it trades at a premium valuation causing potential risk if results are not delivered. Target Price of $46.00
( LZ) downgraded at Jefferies to hold from buy. Price target lowered to $60 from $65. Upside will be constrained over the coming quarters due the high cost of raw materials as well as market risk for Lubrizol's specialty chemical businesses. 2008 EPS estimates lowered to $4.20 from $4.25.
Martha Stewart Living
downgraded at JPMorgan to neutral from overweight. Likes prospects long-term. Concern with advertising trends and departure of CEO. Sees size multiple expansion unlikely unless new initiatives take place.
( NT) upgraded at JPMorgan to overweight from neutral. Margins have improved and the top line has remained stable buttressed by product cycles in 40G optical, carrier Ethernet and Unified Communications and a more sustainable CDMA.
rated new neutral at Credit Suisse. Cites focus on risk management and performance as long-term catalysts but believes company is fairly valued. Sets $24 target price.
( TMX) upgraded at JPMorgan to neutral from underweight with a $27 price target. Upgrade driven by valuation and cash returns, however fundamental outlook remains unchanged.
Stock Comments/EPS Changes
price target raised at Jefferies to $43 from $32 based on updated company guidance and a decline in lead prices, which could boost earnings power. Maintained buy rating.
This article was written by a staff member of TheStreet.com Ratings.