Change in Ratings
upgraded at RBCto sector perform rating from underperform. Price target holds at $17 while FY09 eps estimates lift to $1.75 from $1.68. Reiterates Average Risk qualifier.
rating reinstated at Goldmanwith a sell rating. See multiple risks for investors, including growing competition, fading tax rebate benefit, cycling of benefits from consumer credit deal, and challenges in balancing company's multiple growth platforms. Target at $42.
upgraded at Goldman Sachsto buy from neutral based on defensive nature of businesses and renewed focus on free cash flow growth. Note recent pullback on negative commentary from telcos, but believe macro fears are overblown. Price target lowered to $24 from $25.
rated new Neutral at Credit SuisseCites company has been very successful in signing many new contracts, but have been unsuccessful in expanding EBITDA margins. Sets $17 target price.
downgraded at Thomas Weiselto market-weight. 2Q revenues have proved better than expected due to foreign exchange rates and EPS gained due to share repurchasing activity. However, there was no improvement in underlying fundamentals as purchasing behavior of the typical eBay customer could take at least 12-18 months.
downgraded at GoldmanGoldman said it is downgrading EBAY to Neutral from Buy due to slowing gross merchandise value and doubtful business improvements in tough macro climate. Note slowing growth in GMV, indicating customers are trading down in current environment. Target slashed to $30 from $38.
price target lowered at JefferiesEBAY price target lowered at Jefferies. Price target lowered to $35 from $40. Maintains 2008 EPS estimates of $1.72 and Buy rating.
price target lowered at UBSEBAY price target lowered at UBS. Price target lowered to $30.00 from $31.50. 2008 EPS estimates raised to $1.76 from $1.73. Maintains Neutral rating.
upgraded at RBCto sector perform rating from Underperform. Price target holds at $115 and FY09 eps estimates hold at $7.91.Reiterates Above Average Risk qualifier.
upgraded at Wachoviato outperform. Stock is already pricing in a lot of earnings risk, and the company has a lot of attractive international exposure.
downgraded at Wachoviato underperform. St. Joe's primary customers are believed to be highly impacted by the consumer slowdown, fuel costs and an overall macro-slowdown. These items could lead to short-term sales velocity risks which lead to the downgrade.
upgraded at UBSto buy from neutral. Maintains 2008 EPS estimates of $1.70 and $38 price target.
upgraded at UBSto buy from neutral. Maintains fiscal 2009 EPS estimates of $1.61 and $36 price target.
Marshall & Ilsley
( MI) upgraded at KBWfrom underperform to market perform. Valuation call, and earnings estimates are being raised to reflect lower-than-expected recent losses.
upgraded at Goldman Sachsbuy from neutral based on valuation and high exposure to bulk commodities. Note attractive valuation even in hypothetical economic slowdown in China. Price target trimmed to $42 from $44.
downgraded at Piperto neutral. $14 price target. The Starbucks turnaround is looking to take longer than predicted and given the short term impact of 600 store closures and resulting charges further turnaround measures will not have a significant impact in the near term.
rating reinstated at Goldmanwith a neutral rating. Note solid track record but surprising difficulties for office superstores in current environment. Price target at $27.
downgraded at Merrill Lynchto neutral from buy. $19-$29 price target. A slow projection for revenue and earnings growth, greater economic sensitivity and reduced management credibility should lead to a pull back in the stock as we wait for better time pending better visibility within the company.
numbers raised at RBCto $30 from $28 and FY09 EPS estimates lift to $2.40 from $2.30. Reiterates Average Risk qualifier.
downgraded at UBSto neutral from buy. Maintains 2008 EPS estimates of $2.00 and $27 price target.
Stock Comments / EPS Changes
numbers raised at UBSto $3.30 from $3.26. Price target raised to $64 deom $61. Maintains Buy rating.
target lowered at Goldmanbased on slightly lower 2009 earnings expectations due to updated fuel price forecast. Note robust pricing and cost controls. Maintained Neutarl rating.
numbers raised at Jefferiesto $0.75 from $0.70. Price target raised to $12 from $10. Maintains Hold rating.
numbers raised at RBCto $78 from $72 and FY09 EPS estimates lift to $4.90 from $4.50. Reiterates Average Risk qualifier.
numbers raised at UBSto $4.35 from $4.13. Price target raised to $80 from $76. Maintains Neutral rating.
numbers lowered at Jefferiesto $1.45 from $1.55. Price target lowered to $28 from $30. Maintains Buy rating.
St Jude Medical
numbers raised at UBSto $2.38 from $2.21. Price target raised to $48 from $45. Maintains Neutral rating.
estimates raised at Jefferiesto $1.49 from $1.47. Maintains Underperform rating and $21 price target.
estimates raised at UBSto $1.54 from $1.46. Maintains Buy rating and $32 price target.
price target lowered at Jefferiesto $28 from $30. 2008 EPS estimates raised to $0.45 from $0.44. Maintains Buy rating.
numbers lowered at RBCto $38 from $43 and FY09 eps estimates drop to $2.10 from $2.14. Reiterates Average Risk qualifier.
This article was written by a staff member of TheStreet.com Ratings.