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upgraded at RBC to outperform from underperform and price target increased to $165 from $95. RBC believes there is improved margin visability, stronger resiliency, sustainable outperformance and the belief that Steve Jobs will likely return to Apple.



target raised at Credit Suisse to $140 from $133 following solid second-quarter results. Maintained Outperform rating.



upgraded at Jefferies to buy from hold at Jefferies and price target increased to $6 from $3.50. Jefferies believes opportunities will materialize as risk abates: channel checks indicate that first phase of IBM deal will be announced next week, phase II to start in June/July, new products enabling entry into adjacent markets and debt balance manageable.

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downgraded at UBS. Rating lowered to Sell from Neutral. Price target lowered to $22.50 from $25.00. Maintains 2009 EPS estimates of $1.54.

Dick's Sporting Goods


downgraded at Citigroup from Buy to Hold. Valuation call, as comp sales will likely fall through the remainder of the year.



downgraded at Oppenheimer from Outperform to Perform. $67 price target. Valuation call, even though the company posted a strong quarter.

Morgan Stanley


estimates, target cut at Barclays. Shares now seen reaching $26. Estimates also lowered, because of further write-downs. Equal-weight rating.

Morgan Stanley


upgraded at Merrill Lynch/Bank of America from Underperform to Neutral. Valuation call, based on a $24 price target. Estimates also cut because of weak equities and more real estate losses.

Packaging Corp of America


downgraded at Goldman to Neutral from Buy based on valuation. Believe shares are discounting mid-cycle valuation and now offer limited upside. Price target raised to $16 from $13.



downgraded at Credit Suisse to Underperform from Neutral based on deterioration of its investment portfolio. Lowered target price to $24 from $35.



downgraded at Jefferies from Hold to Underperform. $20 price target. Company posted weaker sales, led by lower ELAs. Estimates also cut.




numbers increased at RBC Capital because of lower food and marketing costs. Sector Perform rating and new $85 price target.



estimates through 2010, target increased at Barclays Capital. Business showing near-term stabilization and the company has implemented tighter cost controls. Equal-weight rating.



estimates, target raised at Citigroup. Shares of IR now seen reaching $20. Estimates also increased, based on improved visibility and cost savings. Hold rating.



estimates through 2010, target raised at Barclays Capital. Company is seeing better sales, though computing will remain a drag. Equal-weight rating and new $12 price target.



numbers reduced at RBC to $65. Estimates also lowered, because of foreign exchange headwinds. Sector Perform rating.

Novellus Systems


numbers increased at Citigroup to $17.25. Estimates also raised, because of cost-cutting. Hold rating.

Pepsi Bottling

( PBG) numbers raised at Citigroup. Shares of PBG now seen reaching $34. Estimates also increased, to match the company's new guidance. Buy rating.


( PPDI) estimates, target lowered at Barclays to $25. Company lowered guidance, because of lower industry R&D spending. Overweight rating.



estimates, target raised at RBC. Shares now seen reaching $29. Estimates increased because of higher realized margins. Sector Perform rating.



estimates through 2010, target raised at Barclays Capital. Company guided to higher profits. Overweight rating and new $57 price target.



estimates raised at UBS through 2011. Company seeing higher demand for 3G infrastructure in China. Buy rating and $23 price target.

Yum Brands


numbers increased at Barclays Capital to $34. Estimates also raised, to reflect higher realized margins. Equal-weight rating.

This article was written by a staff member of