CHANGE IN RATINGS
( ABK) downgraded at Goldman Sachs to Neutral from Buy based on capital concerns. Despite low valuation (34% of adjusted BV), incremental reserves may exceed current excess capital, raising the possibility that company may need to raise more capital. Price target slashed to $35 from $74.
downgraded at CIBC to Sector Performer from Sector Outperform due to cyclical concerns and lower than expected Q3 earnings. Despite valuation lows, believe stock will be rangebound as increased economic concerns make non-residential growth deceleration more likely. Also note uncertainty that residential downturn has bottomed. No price target.
( BBBB) downgraded at Baird from Outperform to Neutral. $50 price target. Company not likely to see as much margin expansion in 2008. Estimates also cut.
upgraded at Citigroup to Buy. $31 price target. Company should benefit from Glaceau's expansion into Europe. Estimates also raised.
upgraded at Bear to an Outperform rating after solid quarter with improving fundamentals.
downgraded at Deutsche Bank to a Hold rating as Q3 was below expectations.
downgraded at Bear Stearns to Peer Perform from Outperform, based on declining margins in 2008. Believe near term financial results will be sacrificed as company focuses on investments for long term business health, especially seller satisfaction and buyer engagement. No price target.
upgraded at Deutsche from Hold to Buy. $125 price target. Company is managing bottom-line growth, despite soft sales. Playtex should also add to earnings.
( ERTS) downgraded at Deutsche Bank to a Sell rating as company trades at significant premium to industry while core growth lags.
downgraded at Jefferies to Hold rating from Buy. Price target slashed to $10.50 from $17 and FY 2008 EPS estimates dropt to $0.21 from $0.40.
downgraded at Goldman Sachs to Neutral from Buy due to capital concerns. See fundamental, technical and valuation support, but because the structure of each derivative is unknown, it is impossible to confidently predict capital solidity. Price target cut to $50 from $69.
upgraded at Baird to neutral on valuation after the recent stock decline.
upgraded at Credit Suisse to Outperform from Neutral based on potential upstream volume growth in 2008. Raised target price to $70 from $60.
( PBG) downgraded at Citigroup to Hold. Investors should lock in recent gains, and swap into CCE. $45 price target.
upgraded at Jefferies to Buy rating from hold. Price target jumps to $25 from $11.25 and FY 2008 EPS estimates upped to $0.56 from $0.35.
upgraded at Deutsche from Sell to Hold. $17 price target. Company has cut guidance to a more reasonable level, and near-term downside is limited.
downgraded at Wachovia from Outperform to Market Perform. Earnings outlook is more favorable this time around, but orders should still tail off in 2008.
upgraded at Credit Suisse to Outperform from Neutral to reflect an improving risk/reward balance. Believes company is well-positioned over the next 2 years compared to peers. Maintained $27 target price.
( WMG) downgraded at Merrill to Sell. The music market continues to deteriorate, which places the company's long-term business model in flux.
STOCK COMMENTS / EPS CHANGES
2007 estimates lowered at Goldman to $1.95 from $2.08 following management commentary that operating performance will fall at the low end of previous guidance. Note progress at most of project pipeline, but permits at Pascua Lama are still pending. Maintained Buy rating and $58 target.
numbers cut at Deutsche. Shares of C now seen reaching $34. Estimates also cut for the second time in two weeks, given concerns about CDO's and SIV's. Sell rating.
price target raised at Goldman to $49 from $45, based on earnings consistency and a higher multiple. Q3 results showed attractiveness of company's hybrid/differentiated model. Maintained Buy rating.
cut from Focus List at JP Morgan. Stock has been stopped out, not reaching the $77 price target under time limits. Estimates also cut, to reflect recent negative announcements. Overweight rating.
Las Vegas Sands
2007 estimates cut at Goldman to $1.05 from $1.45. Q3 earnings came in well below expectations with EBITDA hurt by higher corporate and development expenses and weakness at all three properties. Going forward, see slower ramp at Venetian Macau, lower margins at Sands Macau, and later openings. Maintained Buy rating.
Las Vegas Sands target cut at Deutsche Bank to $120 from $130 as company missed Q3 expectations. Maintained Buy rating.
target price raised at Deutsche Bank to $130 based on positive TRIUMPH results supporting Remodulin's outlook, impressive profitability, and increased takeout potential.