CHANGE IN RATINGS
downgraded at JPMorgan. Rating lowered to Neutral from Overweight. Price target lowered to $44 from $46. 2009 EPS estimates lowered to $4.77 from $4.89.
upgraded to overweight from equal weight and price target increased to $13 from $11. Positives for the AES story are: 1) Valuation at 14% free cash yield and 7.5x 2011 EPS with upside to $13; 2) Attractive, relatively secure growth to $1.29 in 2011, up 33% from 2009; and 3) A commitment to reduce the balance sheet.
upgraded at Sterne, Agee from Neutral to Buy. $34 price target. Emerging market stabilization and recovery may begin sooner than expected.
upgraded at JPMorgan. Rating raised to Overweight from Neutral. Price target raised to $36 from $30. Maintains 2009 EPS estimates of $0.60.
downgraded at Morgan Stanley from Overweight to Equal-weight. $50 price target. Estimates also cut, to reflect the latest 787 delay.
downgraded at Oppenheimer to Underperform. $40 price target. Latest 787 delay will likely take months. Prefer after-market names at current levels.
Black & Decker
( BDK) upgraded at Credit Suisse to Neutral from Underperform. Lean inventories, adjusting cost structures, and current valuation led to the increase in ratings. Maintained target price of $27.
downgraded at Argus to Hold. Valuation call, as the stock is up 77% since March, and reached the $65 price target.
upgraded at Barclays to overweight from equal weight and price target increased to $16 from $12. Barclays believes that sales and gross margins are stabilizing, with the prospects for acceleration through 2010. Checks with suppliers and customers support this view.
upgraded at Friedman, Billings Ramsey from Market Perform to Outperform. $58 price target. Company should trade in-line with improving copper prices.
upgraded at Pacific Crest to Outperform. $35 price target. Company has low exposure to the likely glut in 300 mm equipment.
( OSIP) initiated at Deutsche Bank with a Hold rating and $33 price target. Introduces 2009 EPS estimates of $1.30.
downgraded at JPMorgan. Rating lowered to Underweight from Overweight. Maintains $12 price target. 2009 EPS estimates lowered to $0.19 from $0.24.
STOCK COMMENTS / EPS CHANGES
target increased at Credit Suisse to $34 from $31. Cites recent business trends where margins continue to improve and the recent asset sale of Drew Marine. Maintained Outperform rating.
Barnes & Noble
2009 estimates reduced at Merrill/BofA because of higher eBook sales and margin constraints. Underperform rating and $16.50 price target.
numbers cut at Merrill/BofA through 2010. Steel markets remains fragile and infrastructure stimulus will likely not hit until 2010. Underperform rating and new $11 price target.
target boosted at Merrill/BofA to $28. Company has solid ratings and affiliate fees, with the potential to grow internationally. Buy rating.
estimates cut at RBC Capital through 2010. More rigs are coming to market, and pricing is falling along with demand. Sector Perform rating and $37 price target.
target cut at Merrill/BofA to $21. Challenges remain in the housing market. Underperform rating.
target decreased at Credit Suisse to $8 from $8.50 as visibility remains unclear and a negative Q4 outlook. Maintained Neutral rating.
estimates raised at UBS through 2011. Company is executing well, aided by lower diesel and commodity costs. Buy rating and $32 price target. Buy rating and $32 price target.
numbers raised at Friedman, Billings Ramsey to $19. Estimates also increased, following channel checks. That said, the risk/reward is still not favorable. Underperform rating.
target cut at Merrill/BofA to $17. Rising mortgage rates could hurt demand. Underperform rating.
2009 estimates raised at Credit Suisse because of higher selling prices. Outperform rating and $7 price target.
estimates boosted at Morgan Stanley through 2011. Company is cutting costs while also gaining market share. Overweight rating and $26 price target.
target raised at Goldman to $25 from $24 after reporting a positive Q1 and stating that the May quarter was likely the bottom for YOY license declines. Maintained Buy rating.
target raised at Goldman to $9 from $8. Margin relief, signs of building their cash reserves, and valuation led to the increase in numbers. Maintained Sell rating.
numbers raised at Goldman to $54 from $52. The increase in numbers was prompted by expectations of solid growth through 2012 and the possibility of a deal in its outlook. Maintained Conviction Buy rating.
target lowered at Goldman to $12 from $14. Cites renewed concerns on the business jet cycle displayed by cancellations coming in at the same rate and zero new activity orders. Maintained neutral rating.
This article was written by a staff member of TheStreet.com.