Analysts' Upgrades, Downgrades: BofA
CHANGE IN RATINGS
American Tower
(AMT) - Get American Tower Corporation Report
upgraded at RBC to outperform from sector perform and $38 price target maintained. Upgrade due to recent underperformance vs. the tower average and wireless carriers. RBC believes that tower operators will continue to see robust site leasing demand by carriers.
AutoNation
(AN) - Get AutoNation, Inc. Report
downgraded at Goldman Sachs to Sell. With major structural changes playing out in the auto retail industry, see downside in shares based on expensive valuation relative to uncertain earnings outlook. Note lack of operating leverage compared to peers if auto sales recover. Price target at $14.
Allegheny Energy
(AYE)
downgraded at Wachovia. Rating lowered to Market Perform from Outperform. Valuation range lowered from $31-$33 to $28-$29. Maintains 2009 EPS estimates of $2.55.
Bank of America
(BAC) - Get Bank of America Corp Report
upgraded at Goldman Sachs to Buy from Neutral based on improving earnings outlook and upcoming completion of capital raising. Note potential earnings strength this quarter, driven by mortgage and capital markets units. Expect at-the-market capital raising to be completed over the next two weeks, eliminating supply overhang in the stock. Price target raised to $15 from $7.
Brinker Int'l.
(EAT) - Get Brinker International, Inc. Report
upgraded at Barclays from Equal-weight to Overweight. $19 price target. Value pricing and cost controls should help stabilize near-term results.
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Energizer
(ENR) - Get Energizer Holdings, Inc. Report
estimates, target cut at Merrill/BofA. Shares now seen reaching $65. Estimates lowered to reflect the recent equity offering. Buy rating.
Energizer
(ENR) - Get Energizer Holdings, Inc. Report
upgraded at UBS from Sell to Neutral. $53 price target. Stock now seems to be pricing in higher advertising spending and the recent stock offering.
Goldman Sachs
(GS) - Get Goldman Sachs Group, Inc. Report
upgraded at JMP Securities. Rating raised to Market Perform from Market Underperform. 2009 EPS estimates raised to $11.82 from $7.50.
Goldman Sachs
(GS) - Get Goldman Sachs Group, Inc. Report
numbers raised at Citigroup through 2010. Company is seeing a strong trading and underwriting agreement. Buy rating and new $160 price target.
Nordstrom
(JWN) - Get Nordstrom, Inc. Report
downgraded at Goldman from Neutral to Sell. $21 price target. Stock also added to the Conviction List, based on relative valuation.
MGM Mirage
(MGM) - Get MGM Resorts International Report
upgraded at JPMorgan to Overweight from Neutral due to improved liquidity position following $2.5 billion capital raise. Note low 2009-2010 expectations among analysts and investors, especially regarding Las Vegas portfolio. Price target raised to $11 from $9.
Marvell
(MRVL) - Get Marvell Technology, Inc. Report
upgraded at Credit Suisse to Outperform from Neutral. Cites a rebound in hard drives off January lows and stabilization across its communications business. Raised target price to $14 from $9.
Morgan Stanley
(MS) - Get Morgan Stanley Report
upgraded at JMP from Market Perform to Outperform. $34 price target. Stock appears attractive based on normalized earnings.
Morgan Stanley
(MS) - Get Morgan Stanley Report
numbers raised at Citigroup through 2010. Company is seeing more underwriting business and likely seeing higher trading gains. Hold rating and new $28 price target.
NewMarket
(NEU) - Get NewMarket Corporation Report
downgraded at Oppenheimer to perform as 1Q09 results are unlikely to repeat. Expect the price-cost equation to come into balance, with selling-price declines matching those of base oil. Estimate actual end-user demand to be down 5-8%. Given premium valuation, weak demand and price givebacks, NEU shares expected to perform more in line with the market.
SBA Communications
(SBAC) - Get SBA Communications Corp. Class A Report
upgraded at RBC from Sector Perform to Outperform. $28 price target. Stock has underperformed its peers, and site leasing demand remains strong.
STOCK COMMENTS / EPS CHANGES
Abercrombie & Fitch
(ANF) - Get Abercrombie & Fitch Co. Class A Report
estimates cut at UBS through 2010. Estimates also reduced, to reflect the company's lower sales. Neutral rating and $24 price target.
Air Products
(APD) - Get Air Products and Chemicals, Inc. Report
numbers raised at Merrill/BofA to $76. Estimates also boosted, to reflect improved efficiency and cost-cutting. Buy rating.
Dish Network
(DISH) - Get DISH Network Corporation Class A Report
numbers increased at Barclays to $19. Estimates also boosted, as recent price promotions are likely bringing in new business during the digital transition. Overweight rating.
DirecTV
(DTV)
numbers increased at Barclays to $32. Estimates also raised, to reflect recent business momentum and market share gains. Overweight rating.
Macy's
added to Conviction Buy list at Goldman. $14 price target. Company has strong home sales and clean inventory levels. Cost-cutting should also help maintain earnings.
McAfee
(MFE)
target increased at Jefferies to $45 a share. Company had an upbeat investor meeting last week, and will likely overtake SYMC in Enterprise market share within a year. Buy rating.
Palm
(PALM)
estimates cut through 2010, target raised at Barclays, to reflect higher costs along with the Pre launch. On the other hand, the price target was boosted to $9, to reflect higher sales. Underweight rating.
SunPower
(SPWR) - Get SunPower Corporation Report
numbers increased at Barclays to $23.50. Estimates also boosted, following positive channel checks. Valuation remains steep. Equal-weight rating.
This article was written by a staff member of TheStreet.com.
