CHANGE IN RATINGS
American Electric Power
upgraded at JPMorgan to Overweight from Neutral. Believe sharp valuation discount vs. peers is unwarranted. Note stable business outlook, improved balance sheet and relatively safe dividend. Price target at $32.
downgraded at Goldman Sachs to Neutral from Buy following disappointing quarterly results. Same store sales and margins were both weaker than expected and were contrary to management's positive comments during February analyst day. Price target lowered to $21 from $26.
downgraded at UBS from Buy to Neutral. $24 price target. Estimates also cut, based on a lower volume growth forecast.
upgraded at Jefferies from Hold to Buy. $25 price target. Despite weak revenue trends, cost-cutting is running ahead of market expectations.
upgraded at Barclays from Equal-weight to Overweight. $7 price target. Company should benefit from lower industry CapEx spending and a more constructive supply-side outlook.
downgraded at JPMorgan to Neutral from Overweight due to potential earnings miss as a result of poor demand environment. Believe current consensus expectations are too high and see limited upside for shares without strong earnings. Price target at $15.
downgraded at UBS from Buy to Neutral. $44 price target. Sector has had a strong move in the past 6 weeks, and pricing remains weak.
downgraded at UBS from Buy to Neutral. $13 price target. Expect to see more sluggish sales and fewer opportunities to cut costs.
downgraded at Morgan Stanley to Equal-weight. $13 price target. Valuation call, as the stock is up 57% since March 9.
downgraded at Citigroup from Buy to Hold. Valuation call, based on a $25 price target, as the stock is up 25% from the February lows.
STOCK COMMENTS / EPS CHANGES
numbers lowered at UBS to $52. Estimates also cut, because of lower Humira sales. Buy rating.
estimates upped at Barclays through 2010. Company is seeing better operating leverage and hedging within the cost base, offsetting weaker sales. Overweight rating and $59 price target.
estimates increased through 2010, target raised at Barclays Capital. Company seeing sales improve sequentially. Equal-weight rating and $17 price target.
estimates raised at Morgan Stanley through 2010. Company seeing a surprise uptick in bookings and yield at the end of the quarter. Equal-weight rating.
numbers increased at Barclays to $60. Estimates also raised, as the Olympus deal should add to earnings. Overweight rating.
2009 estimates lowered at Morgan Stanley because of lower prices and Australian volumes. Overweight rating and $35 price target.
numbers reduced at Morgan Stanley through 2011. Company likely seeing lower Revlimid and Thalomid sales. Overweight rating and new $60 price target.
2009 estimates raised at UBS becuase of stabilizing fundamentals. Buy rating and $24 price target.
target raised at Barclays to $18. Estimates also increased because of an expected successful launch of Windows 7, even though near-term results could disappoint. Equal-weight rating.
estimates, target raised at UBS. Shares now seen reaching $23. Estimates also boosted, because of lower operating costs. Buy rating.
This article was written by a staff member of TheStreet.com.