Change in Ratings
downgraded at Credit Suisse to Neutral from Outperform. Sees negative tech-related trends and believes valuation is no longer compelling. Lowered target to $31 from $43.
downgraded at JP Morgan from Neutral to Underweight. Fundamental factors are pointing to an inflection point in operations.
downgraded at JP Morgan from Overweight to Neutral. Company is pulling its alternative plan for Kensington.
downgraded at Merrill to Underperform. $25 price target. Recent meetings with several players in the industry and recent events in the financial sector lead to a more cautious view.
downgraded at Morgan Stanley to Equal-weight. Expect lodging industry trends to continue to deteriorate through the first half of 2009. Cutting estimates to 16% below the consensus.
downgraded at Goldman Sachs to Neutral from Buy based on macroeconomic headwinds. Note increased concerns over commercial travel volumes, domestic pricing and equipment rental demand both in the U.S. and internationally. Believe auto rental industry is over-fleeted. Target cut to $9 from $10.50.
downgraded at Merrill to Underperform. $24 price target. Stock trades at a premium valuation and the company will eventually face the slowdown that is affecting other networking vendors.
upgraded at Goldman Sachs to Buy from Neutral based on strong business momentum and lower exposure to European equities. Price target raised to $40 from $35.
upgraded at Goldman to Buy from Neutral. Although shares fell on announced investment in Europe, believe revenue expectations are low. See reasonable valuation, increasing geographic footprint and lack of exposure to balance sheet products. Target raised to $18 from $17.
downgraded at Goldman Sachs to Neutral from Buy based on near-term headwinds in U.S. market share, European pricing and global volume trends. Declining market share remains primary concern. Target cut to $46 from $52.
upgraded at RBC to Outperform. $53 price target. Extension of solar tax credits should renew demand growth in the sector.
Strategy Calls/Market Calls
Air Products & Chemicals
were downgraded to Hold at Citigroup. APD surprisingly cut its guidance and PX no longer looks as attractive on a valuation basis.
Public Service Enterprise Group
were downgraded from Outperform to Market Perform at Wachovia. Valuation calls. On the other hand, the rating on
was boosted from Market Perform to Outperform.
This article was written by a staff member of TheStreet.com.