CHANGE IN RATINGS
( AGP) downgraded at Goldman Sachs to Neutral from Buy based on valuation and less attractive risk/reward. Shares are up 46% since June 18 upgrade. Note limited room for multiple expansion, as shares already trade at a premium to most peers. Price target at $40.
initiated at Morgan Stanley with an overweight rating and $36 price target.
downgraded at Wachovia to Market Perform. Stock has bounced 23% on takeover speculation, which is unlikely to materialize.
upgraded at Citigroup from Hold to Buy. Stock has pulled back 18%, which discounts the company's online advertising potential. $38 price target.
downgraded at Baird from Outperform to Neutral. $113 price target. Ongoing domestic freight should continue to slow and affect near-term earnings.
upgraded at Baird to Outperform from Neutral based on valuation. Believes earnings will materially improve reflecting recently-granted rate relief. Sets $27 target price.
upgraded at Goldman Sachs to Buy from Neutral based on valuation. Shares have lowest P/E multiple in peer group and have potential for recovery and 13%-15% EPS growth next year. Price target at $58.
upgraded at Morgan Stanley from equalweight to overweight with a $60 price target.
upgraded at Credit Suisse to Neutral from Underperform. Cites after bad quarter, market is beginning to discount more appropriate expectations for sales and margins. Maintained $42 target price.
downgraded at JP Morgan to Neutral. Company posted a lower book-to-bill ratio and is operating with excess capacity. See limited near-term upside potential.
downgraded at Wachovia to Market Perform. Estimates also cut, as management is investing heavily into growing the business.
downgraded at Suntrust to Neutral rating from Buy. FY 2008 EPS estimates dips to $0.87 form $0.98.
downgraded at Baird from outperform to neutral following a mixed Q4 and outlook.
upgraded at Bernstein from Market Perform to Outperform. $89 price target. Stock looks attractive for a seasonal trade.
downgraded at UBS to Neutral rating from Buy. Price target slashed to $58 from $78 and FY 2008 EPS estimates cut to $3.80 from $4.02.
upgraded at Citigroup from Sell to Hold. Stock is down 29% since July, and margins could expand despite slowing revenue growth. $42 price target.
downgraded at Bear from Outperform to Peer Perform. Company is no longer attractively valued compared with its peers, and debt covenants will prevent any near-term buyback activity.
upgraded at Deutsche from Hold to Buy. Company posted a strong quarter, and has very few mortgage customers. $25 price target.
Three Major Oil stocks upgraded at Deutsche: MRO was upgraded to Buy. The ratings on COP and CVX were also raised to Hold, based on higher forward oil price forecasts.
STOCK COMMENTS / EPS CHANGES
( BEAS) 2008 estimates raised at Goldman to $0.64 from $0.47. Q3 results showed improved license revenues, continued strength in services growth and a jump in operating leverage. Shares not rated.
numbers lowered at Jefferies. Price target dips to $40 from $44 and FY 2008 EPS estimates drop to $2.05 from $2.26. Reiterates Hold rating.
2008 estimates cut at Goldman to $4.56 from $5.07. Q3 results were light on EBIT, and management slashed Q4 guidance well below previous numbers due to gross margin pressure. Target cut to $58 from $67 and maintained Neutral rating.
numbers lowered at Jefferies. Price target slashed to $40 from $50 and FY 2008 EPS estimates drop to $1.95 from $2.10. Reiterates Buy rating.
numbers lowered at UBS. Price target dips to $37 from $38 and FY 2008 EPS estimates $1.05 from $1.07. Reiterates Buy rating.
Starbucks price target cut at Goldman to $27 from $35 after management lowered forward guidance, reflecting higher dairy costs and soft macro environment affecting U.S. traffic. Maintained Buy rating.
numbers raised at Jefferies. Price target jumps to $76 from $45 and FY 2008 EPS estimates upped to $2.29 from $1.78. Reiterates Buy rating.
price target trimmed at Goldman to $40 from $43 after company reported inline Q4 results but issued weak guidance. Company did not achieve traction in ADT margin improvement and experienced slowdown from postponement of retail contracts. Maintained Sell rating.