Change in Ratings
upgraded at JPMorgan to neutral from underweight. The current price of the stock represents a fair value for the company; however, raw material costs will continue to challenge ASH. Also, demand for ASH products is likely to slow giving the decelerating economies of the U.S. and Europe.
downgraded to sell from neutral at Goldman Sachs based on continued economic weakness and high fuel prices. Expect multiple compression resulting from slowdown in order book and disappointing margin expansion. Price target cut to $60 from $87.
upgraded at Merrill Lynch to buy from neutral with a $13.50-18.50 price target. There is increased confidence in the company's leverage due to last night's better-than-expected third-quarter results.
upgraded at Piper to buy from neutral with a $43 price target. NDAQ is driven by strong franchise positioning and has technology leadership driving sustainable EPS growth while delivering strong cash flow.
upgraded at Morgan Stanley from underweight to equal-weight with a $23 price target. Valuation call, with the stock down 50% since October.
New York Community Bancorp
downgraded at Citigroup to hold/medium from buy/medium with a $19 price target. The positive fundamentals of the stock are now reflected in the price with a strong capital position and low credit risk.
downgraded at Goldman to neutral from buy based on expected multiple compression. Although order volume remains solid, see ongoing weakness in aerospace sector as potential headwind. Price target slashed to $100 from $151.
upgraded at Morgan Keegan to market perform from underperform. Although not the most attractive valuation there is more risk being short than there is being long. There could be a potentially strong upside for the stock given the company produces good first-quarter 2009 results.
downgraded at KeyBanc to hold from buy. Within the coming year RPM will likely have year-over-year earnings growth; however, this will probably be at a decreasing rate. Also, upcoming guidance is expected to be cautionary due to an anticipated reduction in nonresidential spending and increasing costs of raw materials.
downgraded at Baird from outperform to neutral with a $19 price target. Estimates also cut, as the
merger could cut further into business.
upgraded at JPMorgan to overweight from neutral with a $9 price target. Missing the May Q estimates is not as detrimental to the stock as many think. TIBX is trading at its NPV of its recurring cash flow and investors will be rewarded at the current price over the coming quarters.
downgraded at Goldman Sachs to neutral from buy, based on weaker outlook for aerospace sector. Specifically, see potential multiple compression as order flows for commercial aircraft fall. Target lowered to $47 from $66.
Stock Comments/EPS Changes
fiscal 2009 EPS estimates raised at UBS to $3.63 from $3.59. Maintains $61 price target and buy rating.
target and estimates cut at Deutsche. ADM's fourth-quarter 2008 EPS lowered to 46 cents from 75 cents and fiscal 2009 estimates lowered to $2.45 from $3.14. Target price revised to $36 from $43. Reductions are due to high corn prices and a challenging operating environment.
numbers lowered at RBC. Price target dips to $62 from $64 and fiscal year 2008 EPS estimates cut to -$6.02 from -$3.40. Reiterates underperform rating.
numbers lowered at RBC. Price target cut to $36 from $41 and fiscal year 2009 EPS estimates drop to $1.98 from $2.04. Reiterates outperform rating.
numbers raised at Jefferies. 2008 EPS estimates raised to $8.69 from $8.52. Price target raised to $85 from $74. Maintains hold rating.
numbers lowered at RBC. Price target cut to $26 from $32 and fiscal year 2009 EPS estimates drop to $2.72 from $2.92. Reiterates sector perform rating but increases risk rating to above average from average.
numbers raised at Jefferies. 2008 EPS estimates raised to $1.52 from $1.35. Price target raised to $43 from $35. Maintains buy rating.
numbers lowered at Jefferies. 2008 EPS estimates lowered to 70 cents from 85 cents. Price target lowered to $11 from $15. Maintains underperform rating.
price target raised at RBC to $125 from $105 while fiscal year 2009 EPS estimates hold at $4.40. Reiterates outperform rating.
numbers raised at RBC. Price target lifts to $19 from $14 and fiscal year 2008 EPS estimates upped to $1.14 from $1.04. Reiterates outperform rating.
numbers raised at Morgan Stanley. PCU target raised to $115. Estimates also upped, as the company should benefit from higher copper prices. Equal-weight rating.
numbers raised at Jefferies. 2008 EPS estimates raised to $3.84 from $3.78. Price target raised to $54 from $50. Maintains buy rating.
price target raised at Jefferies to $51 from $44. 2008 EPS estimates lowered to $4.18 from $4.26. Maintains hold rating.
2008 EPS estimates raised at Jefferies to $7.00 from $5.85. Maintains hold rating and $75 price target.
Reliance Steel numbers raised at UBS. 2008 EPS estimates raised to $7.25 from $6.50. Price target raised to $78 from $73. Maintains neutral rating.
numbers raised at UBS. 2008 EPS estimates raised to $20.75 from $19.75. Price target $218 from $210. Maintains buy rating.
This article was written by a staff member of TheStreet.com Ratings.