Analysts Upgrades & Downgrades is published weekdays at 10am EDT.
CHANGE IN RATINGS
Bank of America
estimates raised at Morgan Stanley through 2011. Investment banking and retail brokerage revenue likely to top expectations in the coming quarters. Overweight rating and $32 price target.
Bank of America
upgraded at Keefe, Bruyette & Woods to Outperform. $16.50 price target. Valuation call, as the company has improved its balance sheet with recent capital raising.
upgraded at Goldman to Neutral from Sell following their capital raise. Decreased target price to $24 from $25.
( CPO) downgraded at BMO from Outperform to Market Perform. $30 price target. Valuation call. Recent problems should abate and margins could return to the double-digits in 2010.
Fifth Third Bancorp
upgraded at Goldman to Buy from Neutral following valuation. Raised target price to $8 from $6.50.
Great Plains Energy
upgraded at Goldman to Buy from Hold. The increase in ratings follows the completion of its equity overhang and attractive valuation. Maintained price target of $19.
upgraded at Goldman to Neutral from Sell following their capital raise. Maintained target price of $4.50.
upgraded at Morgan Stanley to Overweight. $14 price target. Restructuring should begin to help margins in the second half of the year.
initiated at Piper Jaffray. Initiated with a Buy rating and $222 price target. Introduces 2009 EPS estimates of $10.86.
( PFCB) upgraded at Argus to Buy. $41 price target. Same-store sales are recovering and cost-cutting should help margins.
Portland General Electric
downgraded at Goldman to Neutral from Conviction Buy based on valuation. Maintained price target of $21.
upgraded at Morgan Stanley to overweight with $37 price target. Upgrade based on margin stabilization in the domestic businesses and the underappreciated value of the Calvin Klein licensing business.
upgraded at Goldman to Buy from Neutral based on valuation. Decreased target price to $5 from $5.50.
upgraded at Pali from Neutral to Buy. $20 price target. Bank credit quality is improving, and the company is leveraged to an improvement in the equity markets.
downgraded at Oppenheimer to Underperform from Perform. Indicating that the co. is relying on a very aggressive Medicare bidding strategy that will likely result in significant margin compression. Decreased price target to $24 from $32.
downgraded at Citigroup to Hold from Buy. Due to its current valuation, the risk/reward scenario is less compelling after reaching its target price. Maintained target price of $44.
Western Alliance Bancorp
downgraded at Goldman to Sell from Neutral. Decreased price target to $6 from $8.
downgraded at Morgan Stanley to equal weight from overweight with $39 price target. Morgan Stanley continues to believe in long term potential of Calvin Klein portfolio, however recent outperformance leaves other retail stocks with a more favorable risk/reward profile.
STOCK COMMENTS / EPS CHANGES
( ACF) target raised at Credit Suisse to $13 from $10. Due to the co.'s funding constraints, it is believed that they trade at a discount compared to their book value. Maintained Neutral rating.
target raised at Jefferies to $78. Company has manageable cyclical risk with a product line that is positioned well in a slowing demand environment. Buy rating.
target decreased at Credit Suisse to $9.25 from $9.50 based on a decline in production following the sale of three of assets. Maintained Neutral rating.
Brown & Brown
estimates cut at Barclays through 2010. Organic growth is slowing during the recession. Underweight rating and $16 price target.
target boosted at Morgan Stanley to reaching $41. Stock should be bought ahead of the June 23 earnings report. Company is outperforming its peers in a difficult environment. Overweight rating.
target lowered at Goldman to $14 from $15. Maintained Neutral rating.
El Paso Electric
target decreased at Goldman to $18 from $19. Lower capital spending and higher than expected rates led to the decrease in numbers. Maintained Buy rating.
estimates increased at Barclays through 2011. Company held an upbeat analyst meeting, highlighting its improved market position ahead of the home improvement turnaround. Overweight rating and $26 price target.
estimates, target raised at Barclays. Shares seen reaching $12. Estimates increased, as the company is likely taking market share in handsets. Equal-weight rating.
T. Rowe Price
numbers increased at Goldman to $34. Estimates also raised, to reflect strong equity market performance. Inflows should also begin to improve soon. Neutral rating.
numbers increased at Credit Suisse to $19 from $18. Cites the changes in the price curve for iron ore. Maintained Neutral rating.
( WED) target raised at Goldman to $43 from $42 following its earnings statement. Maintained Neutral rating.
target raised at Goldman to $21 from $20. Lower near term capital spending, rate based growth, and decreased equity issuance led to the decrease in ratings. Maintained Neutral rating.
target raised at Credit Suisse to $13 from $9. Following its agreement with Berkshire Hathaway the co. is more stabilized and the risk of insolvency is less. Maintained Neutral rating.
This article was written by a staff member of TheStreet.com.