Change in Ratings
downgraded at Merrill from Neutral to Underperform. $27 price target. Estimates also cut, as about 60% of the company's revenue is economically sensitive.
downgraded at JP Morgan from Neutral to Underweight. New analyst believes that margins will face pressure, given generic competition for its top two drugs over the next five years. Pipeline outlook remains mixed.
downgraded at Goldman Sachs to Sell from Buy based on oversupply in solar market. See significant headwinds for all solar producers created by large supply of modules and less generous demand subsidies. Price target cut to $103 from $365.
downgraded at Goldman Sachs to Sell from Buy based on increasing supply and tight financing. See lower-than-expected earnings driven by falling module prices. Target cut to $43 from $100.
upgraded at Wachovia to Market Perform. Cash equities business is performing well, and the investment from
should help provide a backstop.
downgraded at Morgan Stanley from Overweight to Equal-weight. Inventory was up 10% during the past month.
Stock Comments/EPS Changes
numbers reduced at Morgan Stanley. Shares now seen reaching $30. Estimates also cut to reflect weaker industry fundamentals. Overweight rating, as the stock remains below replacement and book value.
Bank of America
numbers cut at Deutsche Bank. Shares now seen reaching $26. Estimates also lowered, given the company's third-quarter operating shortfall. Credit quality remains an issue, with problem assets up 37% over the past three months. Hold rating.
target cut at Credit Suisse to $52 from $60. Cites investment spending and says impact of recent/upcoming acquisitions will continue to dampen earnings power visibility. Maintained Neutral rating.
price target slashed at Goldman to $43 from $56 following third-quarter earnings miss. Tough economic conditions impacted company's closure rates, and credit crisis appears to have frozen SME spending, limiting near-term visibility. Maintained Neutral rating.
Strategy Calls/Market Calls
Community Health Systems
Universal Health Services
were downgraded from Buy to Hold, Deutsche Bank said. Estimates also cut to reflect the weaker domestic economy.
Estimates and targets cut across the board for Industrial Manufacturers, Morgan Stanley said. Remain cautious on the group, despite a 40% pullback. Rating on
was also cut to Underweight.
This article was written by a staff member of TheStreet.com.