CHANGE IN RATINGS
upgraded at Jefferies from Hold to Buy. $27 price target. Channel survey and other checks show that business is stabilizing further.
initiated at Barclays with an Underweight rating and $35 price target. Analysts said AEM is a well-managed company with a strong pipeline and operations in Canada, Mexico and Finland. 2009 and 2010 EPS estimates set at $0.70 and $2.00, respectively.
upgraded at Goldman to Sell from Conviction Sell. The firm also lowered its estimates for FY09 to $2.85 from $3.50. The co. has experienced contraction in its commercial risk margins. Maintained Sell rating and target of $23.
price target, estimates slashed at Barclays to $31 from $35 as the company lowered its guidance. 2009 and 2010 EPS estimated lowered to $2.85 from $3.60 and to $3.10 from $3.90. Reiterate Overweight rating.
estimates cut at Morgan Stanley through 2011. Company is raising prices on its commercial business. Equal-weight rating.
rated new Outperform at JMP Securities. $27 price target. Growth should come from value-added services and rich media.
upgraded at JP Morgan. Rating raised to Overweight from Neutral. Price target raised to $85 from $70. Maintains 2009 EPS estimates of $4.10.
downgraded at Goldman to Neutral from Buy. Stimulus delays and near-term earnings risks prompted the decline of ratings. The firm believes that there will be a slower pace of infrastructure spending and that it will become a potential catalyst in 2010. Lowered price target to $8 from $9. Estimates also lowered to ($0.30) from ($0.15).
upgraded at Wells Fargo from Market Perform to Outperform. Expect earnings to improve, driven by deleveraging.
initiated at Barclays with an Underweight rating and $14 price target. KGC is the world's sixth largest gold producer. Analysts mentioned the significant rise in gold prices is fully discounted into shares. 2009 and 2010 EPS estimates set at $0.55 and $0.60, respectively.
downgraded at Citigroup from Buy to Hold. $12 price target. Valuation call, as the stock is up 35% since mid-May.
Plum Creek Timber
target raised at Goldman to $38 from $36. The increase in the co.'s target reflects an earlier return to normalized profitability in wood products due to cost cutting initiatives. Maintained Neutral rating.
Plum Creek Timber
downgraded at Credit Suisse to Underperform from Neutral. The co.'s earnings quality has fallen after lying off 15% of its salaried staff and not buying back stock in Q2. Timber and acreage owned is also set to decline sequentially. Lowered price target to $30 from $31.
Philip Morris International
downgraded at UBS. Rating lowered to Neutral from Buy. Price target raised to $47.00 from $45.50. 2009 EPS estimates raised to $3.22 from $3.09.
downgraded at Credit Suisse to Neutral from Outperform based on valuation as the firm looks for potential catalysts to drive future growth. Maintained $29 price target.
initiated at Deutsche Bank. Initiated with a Buy rating and $38 price target. Introduces 2009 EPS estimates of $1.64.
upgraded at Barclays to Equal Weight from Underperform to reflect their view that VARI will be acquired by Agilent at the price of $52 per share. 2009 and 2010 EPS estimates set at $2.33 and $2.53. Price target lifted to $52 from $32.
upgraded at Goldman to Buy from Neutral. The co. should benefit from its high leverage to rising flat rolled prices, its high exposure to a recovering auto and appliance market, rising energy prices that should benefit its OCTG business, and a more favorable cost in its European operations. Target price increased to $22 from $21.
STOCK COMMENTS / EPS CHANGES
target raised at Goldman to $68 from $66. Sales of major products exceeded expectations due to stabilizing trends, price increases, better patient assistance and/or inventory restocking. The co. also reached a favorable agreement with GSK which should accelerate the expansion and penetration of the osteoporosis market and reduce the co.'s risk. ONJ data supports risk benefit for Dmab in cancer ($1.3bn). The firm believes the rate of ONJ, 20 cases (2.0%) for Dmab vs. 14 cases (1.4%) for Novartis's Zometa, supports the competitiveness of Dmab, in light of superior efficacy and lack of kidney toxicity. Estimates raised to $4.71 from $4.45 for FY09. Maintained Buy rating.
numbers raised at Credit Suisse to $75 from $72. The co. had a phenomenal quarter after beating on both their top and bottom lines and raising guidance. Potential catalysts for the co. include its announcement of an ex-US denosumab partnership with GSK, the FDA Advisory Panel on denosumab in osteoporosis, FDA action date for denosumab in osteoporosis, Phase III denosumab data in myeloma/solid tumors, and Vectibix Phase III data in KRAS wild-types patients in first and second line colorectal cancer. Maintained Outperform rating.
estimates, target boosted at Morgan Stanley. Shares now seen reaching $74. Estimates also raised, to reflect stronger sales and a lower tax rate. Overweight rating.
target increased to $25 at Friedman, Billings Ramsey. Improvement in credit trends is likely seasonal. Underperform rating.
target raised at Credit Suisse to $7 from $6. After the co. recently beat earnings they raised their guidance for FY09 to $0.45-$0.50 from $0.37-$0.45. The co. beat their EPS by three cents ($0.13 vs. $0.10) primarily due to a 5.1% same-facility admissions increase and 4.7% adjusted admissions increase. Maintained Neutral rating.
target raised at Goldman to $38 from $36. The co. reached higher trough margins and a rebound in free cash flow performance increased its confidence in their mid-cycle EPS estimates of $3. Solid cost cutting initiatives also offset weaker markets. Maintained Neutral rating.
price target raised at Barclays to $40 from $38 as cost execution is enabling strong margins. Maintain 2009 EPS estimate of $2.85 and Overweight rating.
estimates reduced at FBR through 2010. Company lowered guidance, but the stock has held up well. Market Perform rating and $32 price target.
target raised at Kaufman to $50. Checks indicate better hardware sales trends, though currency and weakness in services remain concerns. Buy rating.
price target, estimates increased at Barclays. HTZ's price target to $9 from $7 as they expect strong 2Q earnings. 2009 and 2010 EPS estimates raised to $0.12 from -$0.08 and to $0.30 from $0.15. Maintain Equal Weight rating.
target raised at Credit Suisse to $17 from $14. The firm believes that the co. is well positioned from a liquidity standpoint, but expects weaker than expected sales and further impairments will narrow its premium valuation. However, total orders for Q2 fell only 22% compared to an estimate of 38% YOY. Maintained Underperform rating
Owens & Minor
numbers raised at Goldman to $37 from $36. The company reported a solid Q2 and guided its revenues estimates to come in at the top end of the range. Management also guided for a better outlook. Maintained Sell rating.
Owens & Minor
price target, estimates raised at Barclays. OMI's price target to $48 from $45 on stronger than expected top-line results. 2009 and 2010 EPS estimates increased to $2.70 from $2.65 and to $2.98 from $2.93, respectively. Maintain Equal Weight rating.
estimates raised at Goldman to $1.65 from $1.58 to reflect its 2Q beat, as well as some expense declines, partially offset by a more conservative gross margin outlook. Maintained Neutral rating.
numbers boosted at FBR. Shares now seen reaching $18. Estimates also raised, to reflect the addition of T-Mobile to its wireless base. Outperform rating.
target lowered at Goldman to $0.73 from $0.79. Net interest margin contraction and lower activity rates led to the decline of numbers. Maintained Neutral rating.
target raised at Goldman to $13 from $11. The co. stabilized its bookings with its strong improvement in operating margins suggesting long-term profitability. Maintained Buy rating.
estimates, target lowered at Bernstein. Shares now seen reaching $72. Estimates also cut, to reflect game delays. Outperform rating.
price target, estimates inflated at Barclays. Target to $38 from $30 on a more favorable liquidity position. 2009 and 2010 EPS estimates lifted to $6.04 from $6.03 and to $6.45 from $6.35, respectively. Reiterate Underweight rating.
target raised at Goldman to $7.75 from $6.75 based on valuation and stabilizing volume trends. Maintained Neutral rating.
This article was written by a staff member of TheStreet.com.