Change in Ratings
downgraded at Oppenheimer from Outperform to Perform. $10 price target.
downgraded at Barclays from Equal-weight to Underweight. $18 price target. Company's comp sales are at an inflection point, and operating margins are set to decline.
downgraded at JP Morgan to Underweight from Neutral based on currency headwinds. Believe recent strength in U.S. dollar will reverse previously positive trends, pressuring multiples and putting 2009 earnings at risk of downward revisions. Note recent $290 million backlog reduction.
downgraded at Deutsche Bank to Sell from Hold. Price target lowered to $0 from $4. 2008 loss estimates lowered. General Motors downgraded at Barclays from Equal-weight to Underweight. $1 price target. Says cash will likely fall below minimum needs in the first quarter without further government assistance.
upgraded to Market-weight from Underweight at Thomas Weisel. Price target maintained at $34.
upgraded from Sell to Hold at Citigroup. $25 price target. Valuation call, even though estimates were cut to match the company's new guidance.
Las Vegas Sands
downgraded at Merrill Lynch. Rating lowered to Underperform from Neutral. Price target lowered to $7 from $15. Maintains 2008 EPS estimates.
downgraded at Barclays to Underweight. Estimates also cut, as the company will have to continue markdowns to help move inventory.
upgraded from Neutral to Outperform at Credit Suisse with a price target of $38.
Stock Comments/EPS Changes
Brookfield Asset Management
target cut at Credit Suisse to $25 from $30 based on lower cash flow assumptions following Q3 results. Maintained Outperform rating.
Dr. Pepper Snapple
numbers cut at Morgan Stanley. Shares now seen reaching $29. Estimates also lowered ahead of earnings. Equal-weight rating.
target cut at Credit Suisse to $26 from $30 based on tougher than expected outlook outlined by management. Maintained Neutral rating.
numbers cut at Morgan Stanley. Equal-weight rating and new $22 price target.
price target cut at Goldman to $5 from $5.50 following lower than expected Q3 results. Note that company has had to constrain capital expenditures to protect cash flow as margins have declined. Maintained Neutral rating.
price target reduced at Goldman to $23 from $26 to reflect weaker fundamentals and strong U.S. dollar currency moves. Believe premium valuation will continue to deteriorate as guest counts remain in decline. Maintained Sell rating.
estimates raised, target cut at Morgan Stanley. Shares of URS now seen reaching $55. Estimates raised however. Overweight rating.
Strategy Calls/Market Calls
downgraded from Buy to Hold, Deutsche Bank said. Companies face several risks, and earnings expectations have likely yet to bottom.
This article was written by a staff member of TheStreet.com.