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Change in Ratings

Advance Auto Parts

(AAP) - Get Advance Auto Parts, Inc. Report

downgraded at Goldman Sachs to Neutral from Buy based on valuation. See smaller margin for error after management's investment in systems, infrastructure and people. Target raised to $48 from $45.

Apple

(AAPL) - Get Apple Inc. Report

initiated at Credit Suisse with an Outperform rating and $200 price target. Introduces fiscal 2008 EPS estimates of $5.22.

Bank of America

(BAC) - Get Bank of America Corp Report

downgraded at UBS to Hold from Buy. Price target raised to $31 from $29. 2008 EPS estimates lowered to $1.94 from $1.96.

DynCorp

(DCP) - Get DCP Midstream LP Report

upgraded at Goldman Sachs to Neutral from Sell. Price target raised to $17 from $16.

Dell

(DELL) - Get Dell Technologies Inc Class C Report

initiated at Credit Suisse with an Outperform rating and $30 price target. Introduces fiscal 2009 EPS estimates of $1.61.

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EMC

(EMC)

initiated at Credit Suisse with an Outperform rating and $18 price target. Introduces 2008 EPS estimates of $0.81.

Gold Fields

(GFI) - Get Gold Fields Ltd. Report

downgraded at Goldman Sachs to Neutral from Buy. See deteriorating cash cost structure and capital expenditure overruns at Cerro Corona and Tarkwa. Price target slashed to $12 from $21.

Hewlett-Packard

(HPQ) - Get HP Inc. Report

initiated at Credit Suisse with a Neutral rating and $45 price target. Introduces fiscal 2008 EPS estimates of $3.55.

IBM

(IBM) - Get International Business Machines Corporation Report

initiated at Credit Suisse with a Neutral rating and $120 price target. Introduces 2008 EPS estimates of $8.81.

Juniper

(JNPR) - Get Juniper Networks, Inc. Report

initiated at Jefferies with a Hold rating and $28 price target. Introduces 2008 EPS estimates of $1.17.

KeyCorp

(KEY) - Get KeyCorp Report

upgraded at Merrill Lynch to Buy from Underperform based on valuation. Believe current share price fully reflects problems related to asset exposure and capital needs. Note strong capital ratios. Price target at $13.

Macerich

(MAC) - Get Macerich Company Report

upgraded at Merrill Lynch to Buy from Neutral based on valuation. Shares are down 19% year to date, but fundamentals remain sound. Price objective set at $63.

Whole Foods

(WFMI)

downgraded at UBS. Rating lowered to Sell from Neutral. Lowers price target to $19 from $27. Maintains 2008 EPS estimates of $0.94.

Stock Comments/EPS Changes

Dril-Quip

(DRQ) - Get Dril-Quip, Inc. Report

estimates trimmed at Lehman. Missed 2Q by $0.02 due to higher SG&A/engineering expenses. Lehman continues to believe that DRQ will benefit in the offshore markets, and the secular growth in the subsea business will continue for the next decade. Reiterated Overweight and reduced price target to $69 from $75.

DirecTV

(DTV)

numbers lowered at UBS. 2008 EPS estimates lowered to $1.48 from $1.56. Price target lowered to $33 from $36. Maintains Buy rating.

Dynegy

(DYN)

estimates reduced at Lehman. DYN missed 2Q estimates and lowered 2008 EBITDA guidance. Lehman sees no catalyst for upside. Price target reduced to $7 from $10.50. 2008 EPS reduced to $0.12 from $0.18.

Fortress Investment Group

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numbers lowered at Jefferies. 2008 EPS estimates lowered to $0.48 from $0.96. Price target lowered to $11 from $13. Maintains Hold rating.

Freddie Mac

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price target slashed at Lehman. Lehman believes that despite the downward revision in estimates, FRE may not have to raise additional capital. Given significant upside potential, Lehman maintains Overweight rating, but reduces price target to $20 from $45.

Marsh & McLennan

(MMC) - Get Marsh & McLennan Companies, Inc. Report

numbers raised at UBS. 2008 EPS estimates raised to $1.65 from $1.50. Price target raised to $31 from $29. Maintains Neutral rating.

Metro PCS

(PCS)

numbers lowered at UBS. 2008 EPS estimates lowered to $0.43 from $0.55. Price target lowered to $22 from $25. Maintains Buy rating.

Tenaris

(TS) - Get Tenaris SA Report

numbers raised at Jefferies. 2008 EPS estimates raised to $3.80 from $3.65. Price target raised to $80 from $78. Maintains Buy rating.

This article was written by a staff member of TheStreet.com.