Change in Ratings
downgraded at Deutsche Bank from Buy to Hold. $27 price target. Estimates are also cut, as the primary markets are getting weaker.
downgraded at Morgan Stanley from Overweight to Equal-weight. Company lacks visibility to stem customer losses and re-accelerate growth.
Dick's Sporting Goods
rated new Underweight at Morgan Stanley. Says company has few options left with which to try and stem margin erosion.
downgraded at Goldman Sachs to Neutral from Buy following poor Q3 results and weak Q4 guidance. Note surprising 7% sequential decline in online advertising. Target price cut to $19 from $42. Focus Media downgraded at Oppenheimer to Perform. $14 price target. Estimates also cut.
upgraded at Credit Suisse to Outperform from Neutral. Says company is well-positioned to capitalize on potential resurgence in U.S. infrastructure. Lowered target price to $45 from $93.
Life insurance sector downgraded at Goldman Sachs. Goldman said it is downgrading its coverage view of life insurers to Cautious from Neutral. Believe next 12 to 18 months will bring continued asset deterioration, particularly in commercial real estate. Downgraded
Stock Comments/EPS Changes
American International Group
target cut at Credit Suisse to $1.50 from $3 to reflect its estimates for fully diluted tangible book value at year-end 2008. Maintained Neutral rating.
numbers cut at Morgan Stanley. Estimates cut through 2010. Company will be hurt by high inventory and its currency impact. Equal-weight rating and new $70 price target.
price target cut at Goldman to $475 from $520 based on lower Q4 expectations. Expect paid-search revenue to react rapidly to macroeconomic deterioration and expect declining order values. Maintained Buy rating.
This article was written by a staff member of TheStreet.com.