CHANGE IN RATINGS
Abercrombie & Fitch
upgraded at FBR to Outperform from Market Perform based on a change in promotional philosophy and a positive effect on recent clearance sales. Price target increased to $37 from $21.
CB Richard Ellis
upgraded at Goldman Sachs to Neutral from Sell based on valuation. Expect transaction activity to remain low and note constrained capital resources. See potential for earnings recovery but prefer JLL based on more appropriate leverage ratios as well as segment and geographic diversity. Price target at $7.
Coventry Health Care
( CVH) downgraded at UBS to Neutral from Buy. Links to macroeconomic factors and stretched valuation has led to the decrease in ratings. Maintains target price of $19.
upgraded at JPMorgan to Overweight from Neutral based on valuation. Recent pullback provides opportunity to buy shares of long-term growth stock at reasonable levels. Note that consumer electronics demand appears to be stabilizing, and company is poised to benefit from strength in Blu-ray players and DTV/Broadcasting. Price target raised to $44.50 from $41.50.
Illinois Tool Works
upgraded at Credit Suisse to Outperform from Neutral. Cites stabilization in restructuring efforts mark an upward trajectory for margins and attractive data points. Price target increased to $39 from $30.
upgraded at Weisel to Overweight. $50 price target. Expect the company to post better than expected May comp sales later this week.
( NETL) upgraded at JMP to Outperform from Market Perform following industry checks and broad-based indications that business momentum is improving. Price target set at $40.
downgraded at Goldman Sachs to Sell from Neutral. See shares as overvalued relative to other steel stocks, and believe lower scrap prices in June will act as a negative catalyst. Price target at $38.
( SLE) downgraded at Goldman Sachs to Sell from Neutral due to sales pressure in Western Europe, potential pricing pressure caused by limited U.S. brand portfolio and higher pension expenses. Note relatively low valuation but expect shares to lag over next 12 months. Price target lowered to $9.50 from $10.
upgraded at Credit Suisse to Neutral from Underperform. Cites bankability, new Chinese incentives, and more clarity around the GSF arrangement. Price target increased to $16.50 from $8.50.
( WFMI) upgraded at RBC from Sector Perform to Outperform. $25 price target. Company is reaching an inflection point, following 3 years of struggles.
upgraded at Goldman Sachs to Neutral from Sell based on improving 2010 outlook. Note improved balance sheet and expect benefits from rising oil and gas prices and restrictions on Chinese imports. European operations could benefit from lower iron ore and coking coal prices while declining inventory levels will eventually become a catalyst. Price target raised to $34 from $28.
upgraded at Barclays to Overweight from Equal Weight. Cites better structuring, technological innovations, and positioning themselves to benefit from a rebound in advertising. Target price increased to $20 from $15.
STOCK COMMENTS / EPS CHANGES
target raised at Morgan Stanley to $64. Fundamental risks appear to be declining. Equal-weight rating.
added to U.S. 1 list at Merrill Lynch/Bank of America. Stock is trading at an attractive valuation and has near-term catalysts. Buy rating and $48 price target.
estimates, target lowered at Barclays through 2010. Company warned of lower domestic results, hurt by economic conditions. Equal-weight rating and new $20 price target.
target raised at UBS to $30. Company is seeing rising oil prices and has a strong balance sheet. Buy rating.
target raised at Credit Suisse to $33 from $25. International growth opportunities, an overestimation of risk, and improved flexibility has led to the target increase. Maintained Outperform rating.
( JCG) numbers raised at UBS to $26. Estimates also increased, as the company posted a strong quarter and has clean inventory levels. Neutral rating.
2009 estimates trimmed at Goldman to $4.21 from $4.31 due to weaker potash pricing. Fertilizer demand remains lackluster, and prices are expected to be hurt by oversupply. China's entrance into phosphate market would likely create further price pressure. Maintained Neutral rating and $45 target.
( OSIP) numbers cut at UBS to $41. Estimates also lowered, to reflect as Saturn trial data did not look sufficient. Buy rating.
estimates raised at Morgan Stanley through 2011. Company is likely seeing higher mortgage banking and investment banking revenue. Overweight rating and $44 price target.
target cut at Credit Suisse to $34 from $35 citing a 25% collapse in sawlog prices. Maintained Neutral rating.
This article was written by a staff member of TheStreet.com.