CHANGE IN RATINGS
downgraded at Credit Suisse to Neutral from Outperform. The decrease in ratings was prompted after reaching full valuation and indications of a more challenging legal/regulatory environment that could hurt long term growth. Maintained price target of $15.
upgraded at UBS from Neutral to Buy. $24 price target. Commodity inflation and private-label share gains are moderating. Promotional activity is also likely paying off.
upgraded at ThinkEquity to Accumulate and set a price target at $29. The boost in ratings was prompted by an increase in general demand for notebook backlighting in the US and China.
upgraded to buy from neutral and price target increased to $5.50 from $2.00. 2009 debt maturities have been extended, but $1.3B & $600M of debt is due in '10 & '11. CSE has options to receive further extensions or raise equity via the 1) IPO of its healthcare real estate or 2) a dilutive secondary offering. $119M in HUD financing should also close in 2H09. Debt extension or pay-down via equity raise should remove bankruptcy risk priced into CSE's stock.
rated new Buy at Merrill/Bank of America. Strategic positioning for growth leaves the co. prone to grow in the Defense & Intelligence business after the US has committed to increasing its use of commercial satellite imagery. Established price target at $21.
upgraded at Barclays. Rating raised to Equal Weight from Underweight. Price target raised to $32 from $24. Maintains 2009 EPS estimates of $1.44.
upgraded at Friedman, Billings, Ramsey from Underperform to Outperform. $2 price target. Share offering and debt exchange offer will outweigh the risk of mortgage-related losses.
upgraded at JP Morgan. Rating raised to Overweight from Neutral. Price target raised to $66 from $60. Maintains fiscal 2010 EPS estimates of $2.50.
( MOT) upgraded at Merrill/Bank of America to Buy from Neutral. Aggressive cost cutting, revenue multiple expansion, and a new handset portfolio in 4Q09 including Android-based smart phones led to the increase in numbers. Increased price target to $9 from $7.
downgraded at Barclays. Rating lowered to Equal Weight from Underweight. Maintains $15 price target and 2009 EPS estimates of $1.25.
upgraded to neutral from sell and price target maintained at $12. TEX upgrade due to more reasonable valuation (shares have declined 25% vs. flat for the S&P 500 since the company's refinancing announcement on 5/27). Furthermore, the steps TEX is taking as it operates for cash generation and focuses on turning around the businesses that are currently generating losses will better position it for a recovery.
STOCK COMMENTS / EPS CHANGES
numbers boosted at Barclays to $21. Company is cutting costs. Equal-weight rating and new $21 price target.
Bed, Bath & Beyond
numbers increased at UBS through 2011. Company should post a small comp sales improvement this quarter. Equal-weight rating and new $28 price target.
estimates, target raised at Friedman, Billings, Ramsey to $160. Estimates also boosted, to reflect higher trading revenue and increased market share. Outperform rating.
estimates boosted at UBS through 2010. Company boosted its quarterly outlook, because of higher computing and consumer sales. Neutral rating and $13 price target.
( PALM) target raised at Credit Suisse to $18 from $11. Cites heightened carrier interest, improving margins, and increased confidence with webOS which will allow the co. to introduce new products rapidly. Maintained Outperform rating.
target, estimates raised at UBS to $118. Estimates also increased, as channel checks show increased online travel bookings. Neutral rating.
target raised at Barclays to $21. Checks with resellers suggest stable demand. Equal-weight rating.
target raised at Credit Suisse to $22.50 from $21. Long-term growth and potential acquisitions fueled the increase in numbers. Maintained Outperform rating.
estimates, target boosted at Barclays through 2010. Company should benefit from new products, and already has industry-leading margins. Equal-weight rating and new $51 price target.
This article was written by a staff member of TheStreet.com.