CHANGE IN RATINGS
upgraded at Bear: BIIB was upgraded from Underperform to Peer Perform at Bear Stearns. Expecting better Tysabri roll out, although it could take business away from Avonex.
upgraded at Bear: CRS was upgraded from Peer Perform to Outperform at Bear Stearns. Stock overreacted to a slow quarter, and the company remains positioned well to benefit from end-market growth. $135 price target.
upgraded at Deutsche: DO was upgraded from Hold to Buy at Deutsche Bank. $89 price target. Midwater floater markets continue to improve, and the company continues to generate considerable cash flow.
target cut at Jefferies: Jefferies is cutting its target on DO to $105 from $116 following disappointing Q3 results. Higher than expected operating costs were primary cause. Maintaining Buy rating due to leverage in global market and strong internal growth prospects.
initiated at Morgan Stanley: Morgan Stanley initiates coverage of Energizer Holdings with an Underweight rating and $72 price target, as the current stock price reflects an overly optimistic view of 2007.
downgraded at Citigroup: EXC was downgraded to Hold at Citigroup. Valuation call, though estimates were also cut because of the recent negative rate decision at ComEd. $65 price target.
downgraded at Deutsche: IR was downgraded from Buy to Hold at Deutsche Bank. $38 price target. Company had a soft quarter, highlighted by Bobcat. Estimates also cut, to match the company's new guidance.
( OS) downgraded at Goldman Sachs: Goldman is downgrading JNS to Sell from Neutral due to persisting decline in assets under management and negative organic growth. Target price lowered to $17.50 from $18.96.
( KOMG) upgraded at Deutsche: KOMG was upgraded from Hold to Buy at Deutsche Bank. $48 price target. Desktop business is more stable, given 95mm opportunities with Samsung. Gross margin should also improve in 2007.
( OS) upgraded at Goldman Sachs: Goldman is upgrading LMT to Buy from Neutral following recent weakness in shares. See market share gains, continuing margin expansion, strong cash position, and consistent execution. Price target at $102.
( PDE) target price raised at UBS: UBS is raising its target price on OS to $69 from $60 based on possible margin expansion and rosy outlook heading into 2007. Maintained Buy rating.
( PDE) downgraded at Jefferies: OS downgraded to Hold from Buy at Jefferies. See reduced price potential for shares from current levels; reducing rating based on valuation. Price target raised to $62 from $55.
( PDE) downgraded at Wachovia: PDE was downgraded to Market Perform at Wachovia. Valuation call, though 2007 estimates are also being cut because of a slower Gulf of Mexico recovery.
upgraded at JP Morgan: PSUN was upgraded from Underweight to Neutral at JP Morgan. Margins have been cut in half in less than a year, but the business appears to have bottomed out. New CEO should also breathe fresh life into the company.
downgraded at Jefferies: Jefferies is downgrading PTI to Hold from Buy due to reduced outlook. Strong Q3 results driven in part by reduced hiring/headcount, which may indicate slower growth next year. Price target at $23.
( TBL) downgraded at Prudential: Prudential is downgrading TBL to an Underweight rating as management reduced guidance and multiple expected to contract.
upgraded at Morgan Stanley: Morgan Stanley upgraded Willis Group Holdings from equalweight to overweight, raises 2006 and 2007 EPS estimates, and establishes a $43 price target.
STOCK COMMENTS / EPS CHANGES
price target increased at Jefferies: Jefferies is upping its target on APD to $80 from $77 after solid Q4 results. See attractive risk/reward based on potential for favorable earnings revisions. Reiterated Buy rating.
target price lowered at Goldman: Goldman is lowering its target on BHI to $102 from $105 following weak Q3 results. See shares lagging due to missed expectations. Weak results driven by tools segment. Maintained Neutral rating.
estimates increased at Jefferies: Jefferies is upping its 2007 estimates by 10 cents to $5.05 after good Q3 results. Reiterating Buy rating and $100 target.
( CEG) target raised at Jefferies: Price target on CEG increased to $66 from $62 at Jefferies. Company raised 2006 guidance following excellent Q3 results. Reiterated Hold rating.
estimates raised at Goldman: 2006 estimates on CVX increased to $8.29 from $7.74 following strong Q3 results. Goldman continues to prefer ConocoPhillips (COP) shares over Chevron. Maintained Neutral rating and $72 target.
outlook raised at UBS: UBS is raising its 2006 EPS estimates on EMN to $4.90 from $4.80 following strong 3Q results. Raised target price to $60 from $56. Maintained Buy rating.
( KC) estimates raised at Jefferies: 2007 estimates on KCI increased 8 cents to $3.00 at Jefferies. Company reported solid quarter and raised EPS guidance. Reiterated Buy rating and increased price target to $45 from $41.
estimates raised at Piper: Piper is raising its 2007 estimates on NOK by a penny to $1.52 a share to reflect higher global handset estimate. Maintained Outperform rating.
( PDE) estimates slashed at Jefferies: Jefferies is lowering its 2007 estimates on PDE to $2.79 from $3.32 following positive Q3 results but reduced outlook. Price target cut to $36 from $42, but reiterated Buy rating.
estimates lowered at Goldman: Goldman is cutting its 2006 estimates on WEN by 5 cents to $0.49 following Q3 results that clarified earnings expectations. Management reiterated 2007 guidance. Maintain Neutral rating and $35 target.