Change in Ratings
downgraded at Credit Suisse to Neutral from Outperform. Believes shares are fully valued at 14.8 times 2009 earnings estimates. Maintained $22 target price.
upgraded at Citigroup from Hold to Buy. $71 price target. Energy prices have pulled back sharply since the company's warning on July 14, and KMB has less currency exposure than its peers.
downgraded at Credit Suisse to Neutral from Outperform based on valuation. Stock is essentially trading within $53 target price after announcing plans to spin off paper business.
Procter & Gamble
downgraded at Merrill from Buy to Neutral. $75 price target. Valuation call, as the stock has run 19% from its June lows.
downgraded at Citigroup from Buy to Hold. $17 price target. New growth areas will likely be overshadowed by rising economic headwinds.
downgraded at Merrill to Underperform. Estimates also cut given a weaker outlook for credit losses, loan-loss provisions and fee income. Company will see little benefit from the GSE support. $16 price target.
downgraded at Credit Suisse to Neutral from Outperform. Cites difficult productivity comparisons going forward. Lowered target price to $5 from $6.
downgraded at Merrill from Neutral to Underperform. $40 price target. Expect sluggish enrollment and retention trends to continue through the end of the year.
Stock Comments/EPS Changes
numbers lowered at UBS. Fiscal 2009 EPS estimates lowered to $4.58 from $4.61. Price target lowered to $66 from $68. Maintains Neutral rating.
Strategy Calls/Market Calls
Homebuilding sector downgraded at Credit Suisse. Firm downgrades
to Neutral from Overweight based on further deterioration in traffic and higher valuation.
This article was written by a staff member of TheStreet.com.