Analysts' Upgrades, Downgrades: eBay

See who made what calls.

Author:: TSC Staff
Publish date:: Oct 16, 2008 9:37 AM EDT

Change in Ratings

Archer-Daniels-Midland

upgraded at Merrill from Neutral to Buy. $26 price target. Recent 40% correction in commodity prices helps the company's outlook.

eBay

(EBAY) - Get Report

numbers lowered at UBS. 2008 EPS estimates lowered to $1.70 from $1.73. Price target lowered to $17 from $18. Maintains Neutral rating. eBay downgraded at Credit Suisse to Neutral from Overweight.

Ecolab

(ECL) - Get Report

upgraded at Goldman Sachs to Buy from Neutral based on valuation and likely outperformance in recessionary environment. Note strong competitive position, attractive growth platforms and pricing power. Price target at $51.

FPL

(FPL) - Get Report

downgraded at Citigroup from Buy to Hold. Valuation call, based on a $45 price target.

Stock Comments/EPS Changes

Johnson Controls

(JCI) - Get Report

target lowered at Credit Suisse to $29 from $39 based on credit market lock-up and deteriorating economy, which could impact 2009 results. Maintained Outperform rating.

Coca-Cola

(KO) - Get Report

target cut at Credit Suisse to $55 from $57 based on diminishing expectations for 2009. Maintained Neutral rating.

Linear Technology

(LLTC)

numbers lowered at UBS. Fiscal 2009 numbers lowered to $1.58 from $1.85. Price target lowered to $26 from $38. Maintains Buy rating.

Novellus Systems

(NVLS)

numbers cut at Morgan Stanley. Shares now seen reaching $19 a share. Estimates also cut, based on the company's cautious revenue outlook. Overweight rating.

U.S. Steel

(X) - Get Report

numbers lowered at UBS. 2008 EPS estimates lowered to $18.50 from $20.99. Price target lowered to $60 from $110. Maintains Buy rating.

Strategy Calls/Market Calls

Citigroup changes ratings on three natural gas utilities.

MDU

(MDU) - Get Report

was downgraded from Buy to Hold. Estimates also cut because of higher borrowing costs. On the other hand,

NiSource

(NI) - Get Report

and

Energen