Change in Ratings
Bed Bath & Beyond
upgraded at Goldman Sachs to Buy from Neutral based on valuation and eventual margin rebound as Linens N' Things completes liquidation. Price target reduced to $26 from $31.
downgraded at Credit Suisse to Neutral from Outperform. Cites concerns over deteriorating cost structure and earnings outlook following the decline in crude. Lowered target to $30 from $48.
upgraded at Citigroup from Sell to Hold. $13.50 price target. Price cuts appear to have run their course, though the company lacks material catalysts.
added to Conviction Buy List at Goldman based on valuation. Believe company offers a break-up value of $50 a share, noting that assets are underappreciated due to overhang of core pharma business. Price target at $46.
Stock Comments/EPS Changes
target cut at Credit Suisse to $30 from $50 based on recent acquisitions, which stretches balance sheet, and equity offering announcement. Maintained Outperform rating.
numbers cut at Citigroup. Shares now seen reaching $450. Estimates also lowered, to reflect new negative datapoints since earnings. Buy rating.
numbers cut at Morgan Stanley. Shares now seen reaching $20. Estimates also lowered, to match the company's new guidance. Overweight rating.
Las Vegas Sands
target cut at Goldman to $9.50 from $25, based on weak Q3 results and dilutive effect of $2.1 billion capital raise. Maintained Buy rating.
numbers cut at Morgan Stanley. Shares now seen reaching $33. Estimates also lowered, to reflect slowing end-market demand. Underweight rating.
numbers lowered at Morgan Stanley. Estimates cut through 2010. Company is seeing slowness in a few businesses and is being hurt by the stronger dollar. Overweight rating and new $34 price target. Tyco price target trimmed at Goldman to $20 from $25 based on disappointing 2009 guidance, which implied 20% decline in earnings. Maintained Sell rating.
Strategy Calls/Market Calls
Morgan Stanley changes ratings on six chip stocks.
RF Micro Devices
were downgraded to Underweight. The rating on
was also cut to Equal-weight, given rising inventories in the supply chain. On the other hand,
were upgraded from Equal-weight to Overweight.
This article was written by a staff member of TheStreet.com.