Analysts' Upgrades, Downgrades: Wyeth
Change in Ratings
Bed Bath & Beyond
(BBBY) - Get Report
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.
Petrobras
(PBR) - Get Report
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.
Progressive
(PGR) - Get Report
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.
Wyeth
(WYE)
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
DryShips
(DRYS) - Get Report
target cut at Credit Suisse to $30 from $50 based on recent acquisitions, which stretches balance sheet, and equity offering announcement. Maintained Outperform rating.
(GOOG) - Get Report
numbers cut at Citigroup. Shares now seen reaching $450. Estimates also lowered, to reflect new negative datapoints since earnings. Buy rating.
Hologic
(HOLX) - Get Report
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
(LVS) - Get Report
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.
Rockwell Automation
(ROK) - Get Report
numbers cut at Morgan Stanley. Shares now seen reaching $33. Estimates also lowered, to reflect slowing end-market demand. Underweight rating.
Tyco
(TYC)
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.
Broadcom
(BRCM)
,
Lattice Semiconductor
(LSCC) - Get Report
and
RF Micro Devices
(RFMD)
were downgraded to Underweight. The rating on
Altera
(ALTR) - Get Report
was also cut to Equal-weight, given rising inventories in the supply chain. On the other hand,
Analog Devices
(ADI) - Get Report
and
Linear Technology
(LLTC)
were upgraded from Equal-weight to Overweight.
This article was written by a staff member of TheStreet.com.
