Change in Ratings
( BUCY) coverage initiated at JPMorgan with a Neutral rating. See uncertainty over global economy overshadowing secular strength in the mining equipment sector. Note opportunities for margin expansion and lower aftermarket mix.
initiated at UBS with a Neutral rating and $26.50 price target. Introduces fiscal 2009 EPS estimates of $1.52.
downgraded at Morgan Stanley to Equal-weight. $28 price target.
( EK) downgraded at Citigroup from Hold to Sell. $13 price target. New analyst believes that commodity costs will continue to weigh on earnings. Company is also accelerating costs to rush new products to market.
downgraded at JPMorgan to Underweight from Neutral. See few positive catalysts in the near-term. Note positive view on company's deepwater construction, but see limited data from program over next few months.
( JOYG) coverage initiated at JPMorgan with a Neutral rating, based on cautious stance toward macroeconomic conditions. Note opportunities for margin expansion and backlog at 2.2 times trailing 12-month sales.
upgraded at Goldman Sachs to Buy from Neutral based on stabilizing housing market and reasonable Street expectations. Note strong Q2 results that included resilient margins. Price target raised to $28 from $27.
( PBG) upgraded at Morgan Stanley to Overweight. $42 price target. Estimates also raised, as the company is enjoying stronger pricing and should benefit from moderating commodity costs. Share repurchase should also add to earnings.
upgraded at Citigroup from Hold to Buy. $20 price target. New analyst expects growth to resume in 2009, led by color sales.
Stock Comments/EPS Changes
target price raised at UBS to $55 from $52. Maintains 2008 EPS estimates of $2.24 and Buy rating.
price target lowered at UBS to $63 from $70. Maintains 2008 EPS estimates of $4.55 and Neutral rating.
This article was written by a staff member of TheStreet.com.