NEW YORK (TheStreet.com) -- CHANGE IN RATINGS
downgraded at Credit Suisse to Neutral from Outperform. The firm expects the company to lag behind its peers as their expectations call for an increase in net outflows which could prevent the company's valuation from maturing. Increased target price to $22 from $20.
downgraded at Friedman, Billings Ramsey from Market Perform to Underperform. Estimates also cut after the company posted weak July comp sales. $20 price target.
downgraded at Soleil from Buy to Hold. $16 price target. Estimates also cut, to reflect lower subscriber numbers.
upgraded at FBR from Market Perform to Outperform. $5 price target. Stock is trading at just 70% of potential 2010 book value.
upgraded at Credit Suisse to Outperform from Neutral. The rise in ratings stems from the firms assumptions of a potential uptick in metallurgical coal and a valuation that still has much upside. Increased target price to $49 from $37.
( GENZ) downgraded at Goldman to Conviction Sell from Sell. The firm believes estimates are too high as the Cerezyme shortage in the near term may be more severe than expected and manufacturing setbacks at the Allston plant may impair long term growth. Lowered its target price to $44 from $52. Estimates for FY09 raised to $2.12 from $2.11.
( KFT) upgraded at Credit Suisse to Outperform from Neutral. The co. is well positioned for a consumer spending environment that could be weak for an extended amount of time. The co. has one of the largest reservoirs of cost savings and a great amount of leverage with retailers. Increased target price to $33 from $31.
( KG) upgraded at Merrill/BofA from Neutral to Buy. $14 price target. Stock is already pricing in near-term headwinds.
downgraded at Thomas Weisel. Rating lowered to Market Weight from Overweight. Price target lowered to $25 from $43. 2009 EBITDA estimates lowered to $489 million from $531 million.
Marsh & McLennan
upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $31 from $22. 2009 EPS estimates lowered to $1.38 from $1.42.
PSS World Medical
( PSSI) downgraded from Neutral to Underperform at Merrill Lynch/Bank of America. $18 price target. Valuation call, as the stock is up 28% since the end of May.
upgraded at Barclays from Underweight to Equal-weight. $29 price target. Estimates also raised, as sales trends are coming in above expectations.
STOCK COMMENTS / EPS CHANGES
estimates, target cut at Barclays to $23. Estimates also lowered, to reflect the recent equity issuance and lower dark spreads. Equal-weight rating.
target lowered at Goldman to $22 from $24. Cites soft Q2 results from regional operators. However, the company remains well positioned with a solid balance sheet, positive operating leverage, and a near term catalyst (Colorado gaming expansion). Estimates for FY09 lowered to $1.36 from $1.47. Maintained Buy rating.
target raised at Goldman to $33 from $28 as credit is improving faster than expected and as well as the co.'s estimates. Estimates for FY09 raised to $1 from $0.70. Maintained Neutral rating.
target raised at Morgan Stanley to $42. Stock is not yet pricing in strong Chinese import coal demand. Overweight rating.
target raised at Goldman to $9 from $8. Management stated that trends are stabilizing and strong cost cutting initiatives helped raise its numbers. Estimates for FY09 lowered to $0.49 from $0.55. Maintained Neutral rating.
target raised at Morgan Stanley to $10. TV ad trends and margins have been running ahead of plan, even including radio. Overweight rating.
target raised at Credit Suisse to $13 from $11. The co.'s core business is beginning to gain traction as its 2Q results were better than expected and the estimates for its operating leverage look realistic. Maintained Outperform rating.
numbers raised at UBS through 2011. Company benefitting from cost-cutting, though free cash flow remains weak. Neutral rating and new $49 price target.
Dick's Sporting Goods
numbers raised at Barclays through 2010. Company appears to be effectively driving traffic through promotions. Overweight rating and new $21 price target.
numbers raised at Goldman to $10.50 from $10. The firm believes that shares are becoming more attractive as a recovery in end demand should drive sequential revenue growth in both the September and December quarters. Estimates for FY09 lowered to $0.21 from $0.23. Maintained Neutral rating.
( HANS) target raised at Goldman to $40 from $37 following a strong Q2. Three fundamental key points include; US sales beat expectations in the quarter and in July, expansion in international markets, and margin expansion should remain a key to offset slower sales in the very near term. Estimates for FY09 raised to $2.27 from $2.12. Maintained Neutral rating.
numbers raised at Barclays to $28. Estimates also boosted ahead of consensus expectations. Overweight rating.
( JCG) estimates, target raised at Barclays through 2010. Company likely had a good second quarter, driven by its e-commerce channel. Equal-weight rating and new $31 price target.
numbers raised at Goldman to $31 from $29. The retailer is experiencing positive trends in woman's apparel and benefitting from the Southwest region. Estimates for FY09 raised to $0.92 from $0.88. Maintained Neutral rating.
target raised at Goldman to $24 from $22 due to the positive trends it is seeing in its woman's apparel division. Estimates for FY09 raised to$1.49 from $1.38. Maintained Neutral rating.
target raised at Goldman to $55 from $50. The co. saw an exceptional benefit in the Southwest region as they continue to capture market share from Mervyn's. Estimates for FY09 raised to $2.92 from $2.78. Maintained Buy rating.
numbers raised at Goldman to $16 from $15 due to aggressive cost cutting measures. Estimates for FY09 raised to ($0.75) from ($0.80). Maintained Sell rating.
estimates, target raised at Barclays to $24. Estimates were boosted to reflect an eventual sales recovery. Overweight rating.
numbers boosted at UBS to $28. Estimates also raised, to reflect higher realized gross margin. Neutral rating.
numbers boosted at Merrill/BofA to $85. Estimates also increased, to reflect higher organic sales growth. Buy rating.
target raised at Goldman to $16 from $14 primarily driven by higher sales, better gross margin, and lower R&D expenses. Estimates for FY09 raised to $0.64 from $0.52. Maintained Neutral rating.
numbers boosted at FBR to $17. Estimates also raised, to match the company's new guidance. Market Perform rating.
numbers raised at Goldman to $24 from $21. Nasdaq continues to push forward a number of new initiatives including a revised pricing structure on the Nasdaq Options Market and Boston Exchange, as well as the pending roll out of IDCG for interest rate swap clearing and settlement. Estimates for FY09 raised to $1.80 from $1.75. Maintained Neutral rating.
estimates lowered at FBR through 2010. Company hurt by a weaker dollar on core expenses. Outperform rating and $24 price target.
target raised at Goldman to $11 from $10. The co. continues to benefit from the broader recovery in the PC supply chain and has begun to capitalize on its improved position in chipsets as well as its solid product position in desktop GPUs. Most importantly, the strong recovery in the gross margin should drive some near-term upside in the stock. Estimates for FY09 raised to $0.05 from $0. Maintained Neutral rating.
estimates, target boosted at FBR through 2010. Company realizing higher margins but has yet to really level operating expenses. Market Perform rating and new $15 price target.
numbers lowered at UBS through 2010. Company is seeing a higher customer churn rate. Buy rating and $12 price target.
target raised at Goldman to $12 from $9 given the improvements in the housing and auto markets. The firm expects a sequential increase in margins from cost-cutting measures and market share gains with a recovery in the end markets. Estimates for FY09 raised to ($0.63) from ($0.83). Maintained Neutral rating.
numbers raised at Goldman to $49 from $46. Cites better sales, significant gross margin improvement, and lower freight costs. Estimates for FY09 raised to $3.05 from $2.93. Maintained Neutral rating.
numbers reduced at Barclays to $27. Estimates also cut, to reflect lower refining margins. Equal-weight rating and $27 price target.
numbers boosted at Morgan Stanley to $30. Estimates also raised, to reflect strong sales growth and leverage. Overweight rating.
target raised at Credit Suisse to $33 from $32. The company is making notable progress in a tough operating environment in the US. Comps were 3.3% vs. 2.1% YOY, US operating income is now positive versus a year ago, ramped their store growth up to 39 locations with Cold Stone Creameries, much discipline with their capital, and a breakthrough in the New York City market with 12 locations. Maintained Neutral rating.
numbers boosted at Barclays to $36. Estimates also raised, to reflect solid sales trends. Overweight rating.
numbers boosted at Barclays through 2010. Expect higher iron ore volumes. Equal-weight rating and new $23 price target.
estimates lowered at Barclays through 2010. Company facing pricing pressures and a higher share count Equal-weight rating and $23 price target.
This article was written by a staff member of TheStreet.com.