CHANGE IN RATINGS
added to Goldman's Americas Conviction Buy List based on attractive upside potential following recent underperformance. Note multiple potential catalysts, including early-cycle exposure that could drive strong earnings rebound during the second half of 2009. Price target raised to $64 from $62.
upgraded at Merrill from Neutral to Buy. Valuation call, as the stock is down 45% over the past month.
downgraded at Goldman Sachs to Sell from Neutral based on valuation and consensus earnings estimates that are likely too optimistic. Note that stock has been a popular defensive play and shares are up 3% year to date. Expect management to provide conservative near-term guidance, including sales declines and margin contraction. Price target lowered to $32 from $34.
rated new Outperform at Credit Suisse. Cites differentiated positioning and attractive growth prospects. Sets $25 target price.
downgraded at Citigroup from Buy to Hold. Stock lacks catalysts, following the investor day.
downgraded at Citigroup from Buy to Hold. Valuation call, as the company has a negative free cashflow outlook.
downgraded at Argus to Hold. Estimates also cut, because of weak volume, commodity costs and strong competition.
STOCK COMMENTS / EPS CHANGES
target upped to $43 a share. Estimates also raised, to reflect higher retail margins and a more favorable tax rate. Buy rating.
estimates reduced through 2010 at Merrill Lynch/Bank of America. Company seeing lower demand and likely won't buy back any stock. Buy rating and new $49 price target.
estimates lowered through 2010, target cut at UBS. Company facing macro concerns, despite its top product line. Buy rating and new $14 price target.
CB Richard Ellis
estimates lowered through 2010 at Morgan Stanley. Company continuing to see more revenue from low-margin outsourcing business. Equal-weight rating and new $18 price target.
target raised at Morgan Stanley to $45. Company benefiting from lower food costs. Underweight rating.
2009 estimate increased ahead of expected positive FDA actions at UBS. Buy rating and new $83 price target.
numbers lowered at Morgan Stanley through 2010. Company still faces significant commercial construction and debt headwinds. Underweight rating and new $25 price target.
price target raised at Goldman to $18 from $14 based on solid Q4 results and better than expected 2009 guidance. Believe guidance is optimistic and see more attractive risk/reward elsewhere. Maintained Neutral rating.
target cut at Morgan Stanley to $25. Company is losing market share, in addition to facing currency and pension headwinds. Equal-weight rating.
numbers lowered at Barclays to $23. Estimates also cut ahead of the upcoming earnings report, and spending likely deteriorated last quarter. Overweight rating.
estimates lowered through 2010, target cut at UBS. Company still seeing demand fall and cut its dividend to help preserve cash. Neutral rating and new $8 price target.
estimates cut through 2010, target reduced at Merrill Lynch/Bank of America. Company seeing a larger organic sales decline. Underperform rating and new $48.50 price target.
estimates raised at Morgan Stanley through 2011. Company is cutting costs, though estimates remain below consensus. Underweight rating.
estimates lowered at Barclays through 2010. Company posted weak sales, and can't cut costs fast enough to maintain margins. Equal-weight rating and $13 price target.
Research in Motion
estimates cut at Morgan Stanley through 2011. Company realizing lower gross margins. Equal-weight rating.
estimates, target lowered at UBS. Shares now seen reaching $19.50. Estimates also cut, based on lower sales and the company's low visibility. Neutral rating.
numbers raised at Morgan Stanley through 2010. Company is realizing higher margins, heading into the new year. Overweight rating and new $18 price target.
numbers cut to $36 at Barclays. Estimates also lowered, because of lower expected production rates. Equal-weight rating.
This article was written by a staff member of TheStreet.com.