Change in Ratings
upgraded at Merrill to neutral with a $7.24 price target. Risk/reward within the stock is now more balanced vs. other tech names. Earnings estimates and fundamentals remain unchanged.
( ATHR) upgraded at Piper from neutral to buy with a $34 price target. Channel checks suggest that the company is taking more market share. Estimates remain above consensus.
( CML) downgraded at RBC to sector perform from outperform. Price target holds at $13 and reiterates speculative risk assessment.
upgraded at Jefferies. Rating raised to hold from underperform. Maintains 2008 EPS estimates of 70 cents and $11 price target.
initiated at UBS with a neutral rating and $9.50 price target. Introduces 2008 EPS estimates of 43 cents.
Level 3 Communications
downgraded at Citigroup from hold to sell. The retreat within the telecom valuations increases the downside risk for the share price.
upgraded at RBC to sector perform from underperform. Price target holds at $13 and reiterates above average risk assessment.
initiated at UBS with a neutral rating and $50 price target. Introduces 2008 EPS estimates of $3.30.
upgraded at Goldman Sachs to buy from neutral. Believe investors are underestimating revenue potential and improvements in gross margins. See 10% or better revenue growth over next two to three years. Price target raised to $5.30 from $4.80.
upgraded at Morgan Stanley from underweight to equal-weight. Valuation call, as the stock is 18% below its $24 price target. Consensus estimates remain too optimistic, however.
upgraded at ThinkPanmure to buy with a $24 price target. Recent checks suggest a stable core business with solid sales activity. This increased stability within sales is driving productivity and execution. Data loss prevention, endpoint virtualization, security services and on-line back-up are expected to provide upside growth potential.
upgraded at Piper from neutral to buy with a $16 price target. Stock is already pricing in a temporary weakening of business. Expect recovery by the fourth quarter.
downgraded at Stephens to equal-weight from overweight with a price target of $68. It is assumed that energy costs going forward will remain relatively high and as a result fourth quarter 2008 may come in short of Wall Street's expectations.
Stock Comments/EPS Changes
estimates raised at Goldman to $3.13 from $2.96 based on management's cost reduction plan. Note concern over restoring health of core brand while cutting costs. Shares not rated.
This article was written by a staff member of TheStreet.com Ratings.