CHANGE IN RATINGS
upgraded at UBS to Neutral from Sell based on valuation. Shares declined 69% since mid-March, and are now below the value of the company's estimated property, plant and equipment assets (around $9). Note ongoing headwinds including weak railcar demand. Price target at $7.
( BBBB) rated new Neutral at Credit Suisse. Cites solid foundation with cross-selling opportunities but sees near-term growth challenges. Sets $27 target price.
( CBE) downgraded at UBS to Neutral from Buy after company announced that Q4 earnings will fall short of previous guidance. Believes near-term visibility will remain an issue until company provides 2009 outlook. Expect shares to trade at lower multiple, around 12 times 2009 earnings.
upgraded at Jefferies to Buy from Hold based on solid cash flows, improving balance sheet and mitigated leverage concerns. Maintained $13.50 target price.
coverage initiated at J.P. Morgan with a Neutral rating, based on exposure to slowing international and U.S. commercial and industrial markets. Note margin volatility and premium valuation. Price target at $12.
coverage initiated at Jefferies with a Buy rating, based on competitive strength in current economic downturn. Note operational restructuring, strong management team and attractive valuation. Price target at $27.
STOCK COMMENTS / EPS CHANGES
price target raised at Goldman to $36 from $35 following strong Q3 results that included better-than-expected earnings and same-store sales. Maintained Neutral rating.
( JCG) target cut at Credit Suisse to $14 from $29 after company announced weak guidance and comps. Maintained Outperform rating.
This article was written by a staff member of TheStreet.com.