NEW YORK (TheStreet.com) -- CHANGE IN RATINGS
downgraded at Goldman to Neutral from Buy. Estimates lowered for FY09 to $1.43 from $1.51. The co.'s valuation seems to be fairly valued, they received credit for higher WTI oil prices, and there are few near term catalysts. Increased target price to $27 from $22.
Cognizant Technology Solutions
upgraded at Goldman to Buy from Neutral. The co. is poised for growth after enduring the economic downturn with a potential catalyst being improvements in application development spending. This signals that packaged application declines are likely bottoming, with some signs showing that we could see YOY growth in the 4Q of 2009. Estimates raised for FY09 to $1.67 from $1.53. Increased target price to $39 from $24.
target raised at Goldman to $40 from $37. The co. had a positive quarter supporting more of a reward than risk scenario. Positives include 2010 EPS guidance of $3 which takes concerns about Medicare Part D profit pressure of the table, the first solid operating performance from Caremark in several quarters stemming from accelerating script volumes, the repurchase of $700 million of stock, strong retail sales momentum, and the ongoing expansion of the Maintenance Choice program to 270 accounts. Estimates raised for FY09 to $2.63 from $2.62. Maintained Conviction Buy rating.
upgraded at William Blair from Market Perform to Outperform. Estimates also raised, to expect higher growth in the PBM business.
downgraded at KBW from Outperform to Market Perform. Valuation call, based on a $42 price target.
upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $22 from $19. Fiscal 2010 EPS estimates raised to $1.62 from $1.54.
downgraded at UBS. Rating lowered to Neutral from Buy. Price target lowered to $56 from $70. 2009 EPS estimates raised to $2.76 from $2.75.
downgraded at Oppenheimer to Neutral. Valuation call, as the stock is up 32% since July 17.
( PCU) downgraded at Merrill/BofA to Neutral from Underperform. Company should benefit from higher copper prices. $30 price target.
downgraded at Goldman to Neutral from Buy. The co.'s share price has run up recent as valuation remains fairly valued and the risk/reward profile has balanced off. Maintained $28 price target.
Simon Property Group
( WFMI) downgraded at Oppenheimer from Outperform to Perform. Stock has breached the $59 price target, and up 32% since July 10.
( WFMI) target raised at Goldman to $25 from $19. The co. has seen a bottom in its comps sales and is driving surprising margin expansion via intense cost control. Estimates raised for FY09 to $0.89 from $0.77. Maintained Neutral rating.
( WFMI) upgraded at Morgan Stanley. Rating raised to Equal-weight from Underweight. Eliminates $15 price target. 2009 EPS estimates raised to $0.92 from $0.80.
initiated at UBS. Initiated with a Neutral rating and $53 price target. Introduces 2009 EPS estimates of $2.71.
STOCK COMMENTS / EPS CHANGES
target raised at Goldman to $41 from $38 based on higher consultant trajectory and a faster revenue recovery scenario. Estimates raised for FY09 to $2.65 from $2.63. Maintained Buy rating.
target raised at Credit Suisse to $58 from $53. Cites higher production growth, lower operating costs, and higher prices. Maintained Outperform rating.
target raised at Goldman to $54 from $52. Cites improved Marcellus shale performance and higher cash flow. Estimates raised for FY09 to ($1.55) from ($1.95). Maintained Neutral rating.
target raised at Goldman to $10 from $8.50 as fundamentals are showing further signs of improvement. Maintained Neutral rating.
numbers raised at Merrill/BofA to $95. Estimates also increased, to reflect higher realized gross margin. Buy rating.
target raised at Goldman to $27 from $24 to reflect improved Marcellus/Haynesville/Granite Wash performance and higher cash flow. Throughout the past quarter the co. lowered its net debt which will allow its capital expenditures to shift back towards investing in asset quality. Estimates raised for FY09 to $2.48 from $2.22. Maintained Buy rating.
target boosted at FBR to $30. Improving capital markets will help the company de-lever and execute asset sales. Outperform rating.
target raised at Goldman to $32 from $29 due to its market leadership position in SaaS deployment. A recent survey stated a majority of respondents (53%) indicated that they would be more likely to use SaaS solutions during a recession, due to perceived TCO benefits, while only 6% said they were less likely to use a SaaS solution. Maintained Sell rating.
target raised at Credit Suisse to $16 from $12. The co. reported a strong quarter and the firm is encouraged by management's commentary on better aligning operating expenses with near-term business levels to improve operating margins. Maintained Neutral rating.
estimates, target raised at Merrill/BofA. Shares now seen reaching $60. Estimates also boosted, to reflect higher sales and cost controls. Buy rating.
numbers boosted at Merrill/BofA to $32. Estimates also increased, to reflect higher expected fund flows. Neutral rating.
numbers reduced at Merrill/BofA through 2010. Rebate will have a temporary pressure ion margins. Buy rating and $180 price target.
target raised at Goldman to $16 from $15 due to attractive horizontal well results in the Haynesville Shall and Granite Walsh. Estimates raised for FY09 to $1.92 from $1.88. Maintained Sell rating.
( HEW) numbers raised at Goldman to $27 from $25. The co. reported strong EPS performance in its recent quarterly beat due to stronger than expected margins. Estimates raised for FY09 to $2.55 from $2.40. Maintained Sell rating.
Heartland Payment Systems
target lowered at Goldman to $10 from $11. The co. expects continued revenue headwinds and incremental margin pressure due to additional costs from new technology such as the E3 initiative and incremental costs associated with the processing intrusion. Estimates lowered for FY09 to $0.95 from $0.95. Maintained Neutral rating.
( KFT) FY09 estimates raised at Goldman to $0.96 from $0.93 as gross margins could hit 60%. Key takeaways from the company include diminishing volatility in orders, inventories are low, and that fundamentals in the PC supply chain are improving. Maintained Neutral rating.
( KFT) target raised at Credit Suisse to $31 from $29 due to improving visibility and the 2009 guidance raise. Maintained Neutral rating.
( KFT) estimates lowered at Goldman for FY09 to $1.93 from $1.99. The firm is uncertain on whether or not top line growth is sustainable, margin initiatives could result in even more portfolio pruning which could drag down top line growth, and lifting European margins could prove challenging in a difficult retail environment. Maintained Neutral rating.
target raised at Goldman to $6.50 from $6. The increase in numbers reflects strong Q2 results, recent increase in OSB prices, and modestly better OSB volumes. Estimates raised for FY09 to ($1.00) from ($1.20). Maintained Buy rating.
target raised at Goldman to $14 from $11 as fundamentals are showing signs of improvement. Estimates raised for FY09 to ($0.03) from ($0.11). Maintained Sell rating.
target raised at Merrill/BofA to $65. Company should realize significant synergies from its purchase of 2 bottlers. Buy rating.
Boston Beer Company
numbers raised at Goldman to $38 from $31. The co.'s recent quarterly report came in well above consensus estimates as gross margins improved, the co. got better utilization out of its breweries, and management's confidence in its operations are increasing. Estimates raised for FY09 to $1.65 from $1.45. Maintained Neutral rating.
estimates raised at Goldman to $0.12 from $0.05. Cites bad debt expense accelerating to 8.5% of revenues in 2H2009 which is up 130 bps from 1H levels on the expectation of deterioration in collectability of co-pays and deductibles, modest acceleration in 2010 salaries expense following reductions taken in 2009 which were partly offset by lowered corporate overhead, and an 8% tax rate on positive pre-tax income. Maintained Buy rating.
numbers boosted at Merrill/BofA through 2011. Company is keeping a tight lid on costs. Neutral rating and new $22 price target.
estimates, target raised at FBR through 2010. Company seeing lower benefit ratios. Market Perform rating and new $22 price target.
target raised at Credit Suisse to $24 from $21. Management reiterated its outlook for a continued deceleration in growth of NPA's and NCO's, its capital positions remain strong which will provide more flexibility, and moderation in credit quality trends in 2Q09. Maintained Outperform rating.
target raised at Credit Suisse to $19 from $13 as momentum is building. Management expects double digit start growth year over year and continued enrollment growth improvements. Maintained Neutral rating.
numbers upped at Merrill/BofA to $21. Estimates also raised, to reflect higher product sales. Underperform.
This article was written by a staff member of TheStreet.com.