CHANGE IN RATINGS
upgraded at Wachovia to Outperform from Market Perform. The increase in ratings was prompted by improvements in global pricing, expanding valuations, and improving comps. Valuation cited at $28-$30.
upgraded to Equal Weight from Underweight and price target increased to $26 from $17. Upgrade is based on belief that cruise pricing has bottomed as evidenced by commentary on CCL's earnings call yesterday. $26 price target is based on new 2010E EPS of $2.05 and a 13 P/E multiple.
initiated with a hold at Kaufman. Expected long term growth and improving performance in a tough environment led to the initiation of coverage. Price target set at $16.
Fidelity National Financial
upgraded at RBC to outperform from sector perform and price target reduced to $16 from $21. 2009 estimate reduced to $1.20 from $1.35 in light of higher interest rates reducing top-line growth (mainly in 4Q). $16 price target is based on 1.2x estimated ending 2009 book value -- a level well below its 1.5x long-term average and the level the shares reached back in April.
upgraded to Conviction Buy from Buy at Goldman. Improved expense management, sizeable cash balances, and innovative revenue drivers consisting of Bing and yet to be released Windows 7 and Office 2010 led to the increase in ratings. Increased target price to $29 from $25.
initiated with a buy at Kaufman Bros. A strong Q1 prompted the coverage while gaining market share in the US and Europe. The co. is becoming more recognized with its value pricing in the tough economic conditions and its strong cost cutting initiatives. Price target set at $145.
downgraded at Goldman to Neutral from Conviction Buy based on valuation and macro concerns. Raised target price to $31 from $29.
STOCK COMMENTS / EPS CHANGES
( CMVT) target raised at Barclays to $10 a share. SEC settlement and restatement deadline are another positive step in the road to recovery. Overweight rating.
( COMS) numbers increased at Barclays through 2010. Company is likely growing in China, and should post strong numbers next week. Equal-weight rating and new $4.50 price target.
estimates raised at Barclays through 2010. Delinquency rates appear to be improving. Equal-weight rating and $10 price target.
estimates boosted at Barclays through 2010. Inventory levels are stable, and unit volume and sales should grow in the current quarter. Equal-weight rating.
estimates cut at Barclays through 2010. New Kansas rate case increase came in smaller than expected. Equal-weight rating and $18 price target.
numbers boosted at Citigroup through 2012. Company can grow margins through price increases and restructuring. Buy rating and new $43 price target. Company also added to the Top Picks Live list.
estimates, target raised at Deutsche Bank to $8 a share. Estimates also boosted, as demand appears to be stabilizing. Hold rating.
( LIZ) target increased at Goldman to $6.50 from $5. The increase in numbers reflects a higher share count and lower EBITDA offset by a lower probability of default. Maintained Buy rating.
target raised at Goldman to $80 from $75. Higher earnings and a capital raise to fund general corporate purposes led to the increase in numbers. Maintained Buy rating.
( MOT) price target increased at JP Morgan to $9 from $7. JPM believes MOT has very reasonable potential to restore Mobile Devices operating margins back into positive territory vs. previous upgrade thesis on Mobile Devices back to just breakeven. Applying a still conservative normalized operating margin of just 5% to 2010 Mobile Device revenue estimate of $9.6B and applying an equally conservative 10-11 P/E on that income, derive a $9 value for the sum of MOT's parts.
target raised at Citigroup to $33 from $30. Stabilization in demand, competitors lowering inventory, and production discipline led to the increase in numbers. Maintained Buy rating.
Research in Motion
( RIMM) numbers lowered at Barclays to $100. Estimates also cut, to reflect lower unit volumes. Overweight rating.
numbers boosted at Jefferies to $35. Estimates also raised, to reflect higher sales and generic drug volume. Hold rating.
target raised at ThinkEquity to $32 from $28. The co. announced it renegotiated its merger with HLTH Corp. which increases its net cash position, is tax free for shareholders, and removes HLTH's controlling interest. Maintained Accumulate rating.
This article was written by a staff member of TheStreet.com.