Change in Ratings
coverage initiated at Credit Suisse with a neutral rating. See improving trends and limited exposure to lending issues, however note first-quarter slower growth and bachelor's student declines. Price target at $70.
downgraded at Morgan Stanley to underweight. Comp sales should turn flat in 2008, which will cut into margins. TV and attachment markets, which drive a considerable part of profits, will not be immune either.
coverage initiated at Credit Suisse with a neutral rating based on mixed results and resolution of regulatory problems. Note downside risks from lending exposure. Price target at $17.
upgraded at Morgan Stanley to overweight. Company will likely be able to beat conservative 2008 expectations, aided by more conservative lending practices and interest rate cuts.
upgraded at Credit Suisse to neutral from underperform, noting stronger fourth-quarter revenue and margins from international operations. Remain concerned over high expectations for U.S. margin expansion and valuation. Price target at $24.
upgraded at Cowen from neutral to outperform. Expect the company to maintain its subscriber momentum and continue to grow free cash flow.
coverage initiated at Credit Suisse with an outperform rating. See rising margins and revenue shift towards higher-margin medical and professional segments. Price target at $65.
coverage initiated at Credit Suisse with a neutral rating. Note strong organic growth and industry leading margins, but caution over lending exposure. Price target at $65.
upgraded at Cowen to outperform. Company has yet to receive full credit for FLEX trial. Risk-reward is attractive, given the commercial viability of Erbitux for lung cancer.
Overseas Shipping Group
downgraded at Credit Suisse to neutral from outperform based on expected decrease in crude tanker rates in 2008. Target price at $75.
( SOV) downgraded at KBW to underperform. CFO departure adds risk to the model. $10 price target.
coverage initiated at Credit Suisse with a neutral rating. See strong reputation and premium multiple justified by organic growth and solid margins. Price target at $175.
downgraded at Deutsche Bank to a hold rating as guidance was weak due to economic conditions in the U.S. and Europe.
United Natural Foods
upgraded at Goldman Sachs to neutral from sell based on valuation following recent underperformance. Second-quarter earnings missed estimates and 2008 outlook slashed dramatically. Price target at $24.
Stock Comments/EPS Changes
price target lowered at Goldman to $60 from $66 after fourth-quarter earnings came in below expectations. See slightly weaker 2008 outlook and higher cash cost structure. Maintained buy rating.
target cut at UBS to $31 from $36 due to lower global economic forecasts and weak outlooks for certain of the company's businesses. Note initiatives that could bolster results, including acquisitions, cost reductions and China sourcing. Maintained neutral rating.
target price cut at Deutsche Bank from $33 to $22 as guidance was late and weakening economy is a risk. Maintained hold rating.
estimates cut at Morgan Stanley through 2009. Company to suffer from lower consumer electronic sales. Equal-weight rating.
target raised at Jefferies to $100 from $95 based on strong revenue growth, positive outlook and lower than expected tax rate in latest quarterly results. Maintained buy rating.
price target lowered at UBS to $31 from $33. Second-quarter results came in below consensus estimates and at the low end of guidance. Weakness driven by small business. Maintained neutral rating.
estimates cut at Deutsche Bank by 20 cents to $1.63 a share to account for capital raising plan. Maintained hold rating.
target cut at Morgan Stanley. MGM shares now seen reaching $92. Company will suffer from a weaker economy, especially against difficult year-over-year comparisons. Equal-weight rating.
target raised at Morgan Stanley. OXY now seen reaching $88 a share. Expect above-average growth over the next couple of years, driven by strong reserve replacement. Overweight rating.
target price cut at Deutsche Bank from $7 to $6.50 due to challenging sales outlook. Maintained hold rating.
This article was written by a staff member of TheStreet.com Ratings.