Change in Ratings
downgraded at Goldman to neutral from buy based on more defensive view on consumer spending. Note strong management team but recent product launches have put company at near-term disadvantage due to inventory and expenses.
downgraded at Goldman Sachs to neutral from buy based on more cautious view of discretionary spending. Note that current futures prices for gasoline, crude oil and natural gas imply that aggregate energy spending will increase 25% in 2008.
upgraded at Goldman Sachs to buy from neutral based on attractive valuation. Note stabilized finances and favorable profit per-unit compared to other hardline retailers. Price target at $20.
upgraded at Goldman Sachs to buy from neutral in conjunction with downgrades of JCP and JWN. With consumers squeezed by high oil prices, note company's value proposition, inventory model and consistent square footage growth. Price target at $36.
Stock Comments/EPS Changes
target raised at UBS to $35 from $24 while 2009 EPS estimates hold at $1.44. Reiterates neutral rating.
target raised at UBS to $200 from $172 while 2009 EPS estimates hold at $12.80. Reiterates buy rating.
This article was written by a staff member of TheStreet.com Ratings.