CHANGE IN RATINGS
upgraded at Needham to Hold from Underperform based on valuation and pipeline progress. Believe downside risk has become more limited with shares trading around $20, and note significance of IND for liver cancer treatment.
upgraded at UBS to a Buy from Neutral with a $53 price target. UBS believes Chubb's losses should not impact its ROE by more than 1% over the next 5 years and trading at book value, CB shares present good risk/reward.
upgraded at Bank of America/Merrill from Underperform to Neutral. $22 price target. Settlement of the ESP will allow the company to extend rates for 2 years.
downgraded at ThinkEquity to Sell. $60 price target. Estimates also cut, as the company is not immune from demand destruction.
numbers lowered at UBS through 2010. Company cut its sales guidance, but margins should remain stable. Buy rating and new $155 price target.
rated new Outperform at Credit Suisse. Believes concerns about leverage are overstated and expects benefits from synergies in the short-term from its acquisition of Merck KgaA's generic business. Sets $16 target price.
upgraded at J.P. Morgan to Overweight from Neutral based on potential for wireline results to outperform current Street expectations. Believe wireline guidance is conservative, and note that margins should improve as iPhone revenues contribute more meaningfully later in 2009. Price target raised to $28 from $24.
rated new Outperform at Credit Suisse based on economies of scale, vertically integrated platform and diversified business model. Sets $54 target price.
upgraded at UBS to Neutral from Sell with a $43 price target. UBS believes that concerns are now baked into stock price and despite steep valuation, industry fundamentals are still good. UBS believes downside is limited here, but continues to prefer MLM.
STOCK COMMENTS / EPS CHANGES
target cut at Jefferies to $12. Bad credit may erode all profit over the next 12 to 18 months. Hold rating.
estimates lowered through 2010, target cut at UBS. Company is spending more this year, despite flat revenue. Sell rating and new $17 price target.
numbers lowered to $35at UBS. Estimates also cut to reflect the poor pricing environment. Buy rating.
numbers cut at Barclays through 2010. Company performed okay last quarter, and the valuation remains attractive despite a lower margin outlook. Overweight rating and new $22 price target.
fiscal 2010 numbers lowered at Barclays because of the difficult retail environment. Overweight rating and new $24 price target.
2010 estimate numbers reduced at UBS because of weaker consumer behavior. Company also facing pension and currency effects. Neutral rating and new $36 price target.
numbers increased at Barclays to $16. Estimates also raised, as the company should outperform its peers, despite the difficult macro environment. Equal-weight rating.
estimates upped through 2010, target raised at Barclays. Company talked about more cost cutting at its analyst meeting. Equal-weight rating and new $15 price target.
estimates, target lowered at UBS. Shares now seen reaching $21. Estimates also cut, based on sales and earnings forecasts from the analyst meeting this week. Buy rating.
numbers lowered at RBC to $12. Estimates also cut, as business is slowing because of lower natural gas prices. Sector Perform rating.
numbers lowered at Barclays to reach $10. Estimates also cut, to reflect the lower comp sales and gross margins. Equal-weight rating.
target cut at Morgan Stanley to $58. Decelerating comps should lead to flat earnings. Overweight rating.
This article was written by a staff member of TheStreet.com.