Change in Ratings
Affiliated Computer Services
downgraded at Goldman to Neutral from Buy based on limited near-term catalysts. Note bookings momentum, operating profit growth and potential for accelerated organic revenue growth in back half of 2009. Price target at $56.
Automatic Data Processing
downgraded at Goldman to Neutral from Buy based on rising unemployment and limited near-term catalysts. See solid long-term position but slowing revenue growth. Price target at $50.
upgraded at Goldman to Buy from Neutral following recent 25% correction from June highs. See attractive entry point relative to long-term growth trajectory of 12%-15%. Note new IPS platform and strong European presence. Price target at $275.
Stock Comments/EPS Changes
target lowered at Credit Suisse to $36 from $39. Cites higher cost of capital given the state of the macroeconomic environment. Maintained Neutral rating.
This article was written by a staff member of TheStreet.com.