Change in Ratings
downgraded at Oppenheimer from Perform to Underperform. The company's two main end-markets are likely to remain under pressure into 2009. 2009 estimate also cut by 23%.
( BJS) upgraded at Wachovia to Outperform. Survey shows a tighter market in North America, and the stock could outperform its peers over the next 6-9 months.
Stock Comments/EPS Changes
numbers cut at Deutsche Bank. Shares now seen reaching $9. Estimates also lowered, to reflect the company's new guidance for consumer credit losses. Hold rating.
numbers cut at Morgan Stanley. Shares now seen reaching $51. Estimates also lowered, given the company's new guidance regarding the strong dollar and a higher expected tax rate. Overweight rating.
Illinois Tool Works
target cut at Goldman to $39 from $41 based on weak October sales that reflected the soft macroeconomic environment. Note weakness appears to have been driven mainly by Europe. Maintained Buy rating.
( SRP) added to Conviction Buy List based on valuation. Expect resolution of Nevada Power rate case by mid-2009 to be a catalyst in driving shares toward peer multiples. Price target at $15.
estimates cut at Credit Suisse to $45 from $50 to account for lower gross margins and comparable store sales. Maintained Neutral rating.
target cut at Credit Suisse to $38 from $40 to account for equity issuance. Maintained Neutral rating.
Strategy Calls/Market Calls
Coal estimates cut at Morgan Stanley. Numbers were cut for
. Companies will be hurt by lower consumption and competition from natural gas. Maintain Overweight ratings and an In-Line sector rating.
This article was written by a staff member of TheStreet.com.