CHANGE IN RATINGS
Barnes and Noble
upgraded at Goldman Sachs: Goldman said it is upgrading BKS to Neutral from Sell based on valuation, increased visibility, and upside earnings potential. Price target set at $39.
upgraded at Baird: BWA was upgraded from Neutral to Outperform at Robert Baird. $63 price target. Stock trading near its trough valuation, though the company has a strong order backlog and recent production cuts appear to already be priced in.
upgraded at CIBC: LRCX was upgraded from Sector Perform to Outperform at CIBC. $52 price target. Channel checks suggest record shipments for the first quarter. Estimates also raised, as the company is expected to gain market share.
upgraded at UBS: UBS is upgrading OKE to Neutral from Reduce based on valuation. Believes recent pullback offers a more balanced risk/reward profile. Maintained $38 target price.
coverage reinstated at Goldman Sachs: Goldman is reinstating its coverage on PBY with a Sell rating. Believe current valuation assumes significant earnings recovery in spite of doubtful near-term operating result potential. Target price at $12.
downgraded at Merrill: PX was downgraded from Buy to Neutral at Merrill Lynch. Market has already priced in good numbers, and the stock is trading near its record highs.
downgraded at Merrill: SNDK was downgraded to Neutral at Merrill Lynch. Market will struggle to absorb the new supply over the next 6 to 9 months, though the stock price could be strong if NAND prices stabilize.
upgraded at Bernstein: TWX was upgraded from Market Perform to Outperform, Bernstein said. $21 price target. Adelphia merger and change in AOL strategy should help unlock value. Struggling divisions should also begin to recover in 2007.
upgraded at Morgan Stanley Morgan Stanley upgrades Time Warner to overweight and raises price target to $26. Morgan Stanley said the company trades at a 30-35% discount to its intrinsic value estimate.
STOCK COMMENTS / EPS CHANGES
estimates raised at Morgan Stanley: Morgan Stanley is raising JP Morgan estimates based on a stronger investment banking pipeline. Price target goes from $44 from $41.
price target lowered at Goldman: Goldman is cutting its target on LLTC to $39 from $42 based on lower earnings estimates. 2007 estimates down 3 cents to $1.55. Maintained Buy rating.
cut from Focus List at JP Morgan: NE was removed from the Focus List at JP Morgan. Stock hit stop-loss level, though the company's fundamentals remain strong. Overweight rating.
price target raised at Goldman: Goldman is increasing its target on NVDA to $25 from $22 based on improving near-term trends. 2007 estimates increased by 2 cents to $1.08. See shares as expensive. Maintained Neutral rating.
estimates raised at Morgan Stanley: Morgan Stanley is raising estimates on Priceline.com to reflect the company's recently increased guidance.
Research in Motion
price target raised at Goldman: RIMM target increased to $110 from $96 at Goldman. 2007 model multiple adjusted to 30x from 25x, based on increased confidence in improving product cycle. Maintained Buy rating.