CHANGE IN RATINGS
upgraded at Oppenheimer from Perform to Outperform. $27 price target. Valuation call, as the company should be able to do better than its peers during this difficult environment.
upgraded at Soleil to Buy from Hold. Believes holiday sales performed well on a relative basis compared to peers and sees less margin erosion going forward. Sets $19 target price.
downgraded at Barclays to Underweight from Equal weight and price target maintained at $38. Barclays continues to see downside risk, such as: decline in Tysabri trends, additional PML cases and weak Avonex unit growth, loss of Rixutan EU contribution and extended timelines for pegylated Avonex.
downgraded at Goldman Sachs to Sell from Neutral due to concern over cash flow. See increasing risk that company will not be able to reduce debt at this point in business cycle. Price target cut to $9 from $11.
downgraded at Goldman Sachs to Neutral from Buy based on shift away from defensive integrated oil plays. Believe that worst is over for oil & gas stocks, and no longer feel compelled to maintain defensive stance. Believe XOM and CVX will underperform riskier integrated oil plays. Price target at $75.
upgraded at Morgan Stanley to Equal-weight. Company has a defensive position, with its deepwater-centric portfolio.
upgraded at Collins Stewart to Buy. $14.75 price target. LCD pricing trends have stabilized, and field checks show that inventory is at reasonable levels.
upgraded at Keybanc from Hold to Buy. Estimates also raised, following the company's investor meeting, because of cost-cutting. $24 price target.
downgraded at Smith Barney. Rating lowered to Hold from Buy. Maintains price target of $11 and 2009 EPS estimates of -$0.95.
upgraded at Goldman Sachs to Buy from Neutral based on relative valuation. Believe high-beta domestic oil names offer better risk/reward than defensive super majors. Price target raised to $60 from $45.
downgraded at Morgan Stanley to Equal-weight. Valuation call, as estimates could also be hurt by deepwater construction activity.
downgraded at Jefferies from Buy to Hold. $18 price target. Valuation call, given the company's significant spot market exposure.
STOCK COMMENTS / EPS CHANGES
numbers cut at UBS to $44. Estimates also lowered, to reflect the company's new guidance for currency losses. Buy rating.
T. Rowe Price
numbers cut at Morgan Stanley to reach $30. Estimates also lowered, to reflect higher expenses and lower investment income. Equal-weight rating.
numbers lowered at UBS through 2010. Company warned of an operating loss, but still has a lot of cash on the balance sheet. Buy rating and new $53 price target.
This article was written by a staff member of TheStreet.com.