CHANGE IN RATINGS
downgraded at Barclays from Overweight to Equal-weight. $20 price target. Becoming more constructive on the group, as capital spending budgets will likely be cut in 2009.
downgraded at Goldman Sachs to Sell from Neutral based on continued declines in earnings through 2010. View recent gains on economic stimulus news as optimistic, and believe cuts in mining and lower energy-related capital expenditures will be a significant negative. Note that economic stimulus package is more likely to mitigate downside than generate upside. Also note higher funding costs and credit losses for financial segment. Price target cut to $32 from $38.
downgraded at Goldman to Sell from Neutral. Prefer diversified industrials as cycle nears bottom, and expect that earnings will deteriorate into 2010. Weak commodity prices and higher credit losses and funding costs will remain headwinds. Price target lowered to $14 from $16.
downgraded at Credit Suisse to Underperform from Outperform citing management's move to cancel the acquisition of four vessels. Lowered target price to $9 from $30.
downgraded at JPMorgan from Neutral to Underweight. Zero interest rate environment will hurt the company's fees and sales. $16 price target.
( KCI) downgraded at Wachovia to Market Perform. Estimates also cut to reflect new competition in the foam dressing market.
rated new Equal-weight at Morgan Stanley. Company's sales growth guidance is likely too optimistic, and the financial leverage is still high.
downgraded at Goldman Sachs to Sell from Neutral based on expectations for lower oil prices and a sharp reduction in drilling, rig count and dayrates. Believe weak forecast is not fully reflected in shares. Price target reduced to $8 from $11.
( VARI) downgraded at Barclays from Equal-weight to Underweight. $32 price target. Company has large exposure to capital expenditure.
downgraded at Morgan Stanley to Equal-weight from Overweight. Company warned of lower orders, and the company has lower visibility. Waters downgraded at Deutsche Bank from Buy to Hold. $36.50 price target. Estimates also cut, to match the company's new guidance. Visibility remains poor heading into 2009.
STOCK COMMENTS / EPS CHANGES
2009 estimates cut at Barclays to $1.80 a share. Numbers cut because of Studio Entertainment. Stock trades at a 50% premium to its peers. Underweight rating and $18 price target.
target cut at Credit Suisse to $63 from $70 on revised natural gas forecast. Maintained Outperform rating.
numbers cut at Barclays. Shares now seen reaching $39. Estimates also lowered, to reflect funding needs for the
pipeline. Equal-weight rating.
numbers cut at Barclays through 2009. Estimates also lowered to match the company's new guidance. Overweight rating.
This article was written by a staff member of TheStreet.com.