CHANGE IN RATINGS
rated new Outperform at Credit Suisse: Credit Suisse said it is initiating coverage on ALXN with an Outperform rating. Believes Soliris approval, pricing and patients will drive value. Sets $49 target price.
( CHTT) upgraded at Suntrust: CHTT was upgraded from Neutral to Buy, Suntrust Robinson Humphrey said. $55 price target. Acquisition of the JNJ/PFE brands presents a new leg of potential growth.
( CMX) downgraded at Goldman Sachs: Goldman said it is downgrading CMX to Neutral from Buy. Expect stock to be rangebound for near term as investors contemplate the CVS/Caremark merger. Price target lowered to $58 from $61.50.
downgraded at Credit Suisse: Credit Suisse said it is downgrading CTL to Underperform from Neutral based on core business declines. Lowered target price to $38 from $40.
upgraded at Wachovia: ESRX was upgraded from Market Perform to Outperform, Wachovia said. Sell-off on news of the CMX/CVX merger has created a buying opportunity. Current 2007 consensus estimates are likely too low.
downgraded at Merrill: EV was downgraded from Buy to Neutral, Merrill Lynch said. Valuation call, as the stock has rallied 20% since August. Company also expected to post benign asset inflows this quarter.
( IVGN) downgraded at Piper: Piper said it is downgrading IVGN to a Market Perform rating following disappointing third quarter. BioDiscovery gross margins below expectations.
( KCI) downgraded at Jefferies: Jefferies said it is downgrading KCI to Hold from Buy due to increased risk profile. See CMS competitive bidding and grant to Medela putting pressure on shares in the near term. Price target lowered to $39 from $45.
downgraded at Morgan Stanley: Morgan Stanley downgrades Magna International from overweight to equalweight, lowers 2006-2008 EPS estimates and removes its price target. Morgan Stanley highlights the company's reliance on the North American markets and high fixed cost businesses.
upgraded at Goldman Sachs: Goldman said it is upgrading MHS to Buy from Neutral due to benefit from generic launches, potential acquisition target, new $1 billion repurchase plan, and market share gains resulting from CVS/Caremark merger. Price target at $65.
downgraded at JP Morgan: NI was downgraded from Neutral to Underweight, JP Morgan said. Stock is already pricing in positive result of the Whiting review.
downgraded at JP Morgan: OSG was downgraded from Overweight to Neutral, JP Morgan said. Company has heavy leverage to the international crude tanker markets, and is looking at a 37% year-over-year earnings decline.
coverage initiated at Goldman: PMTC coverage initiated with Neutral rating, Goldman said. See slower growing revenue but opportunities in broader adoption of PDM solutions, cross-selling of Arbortext and Mathcad, growth in emerging markets, and margin expansion. Price target at $20.
rated new Outperform at Credit Suisse: Credit Suisse said it is initiating coverage on REGN with an Outperform rating. Believes VEGF Trap-Oncology has billion dollar potential. Sets $32 target price.
upgraded at Piper:Piper said it is upgrading STM to an Outperform rating due to opportunities for gross margin improvement.
STOCK COMMENTS / EPS CHANGES
price target raised at Jefferies: Target on MDR increased to $63 from $58, Jefferies said. Robust Q3 results show rising backlog and strong industry fundamentals. 2006 estimates upped to $2.72 from $2.40 and reiterated Buy rating.
Research In Motion
( RIMM) estimates raised at Piper: Piper said it is raising its 2007 estimates on RIMM by 4 cents to $3.42 a share. Channel checks indicate strong North American sales.
estimates cut at Jefferies: Jefferies said it is lowering its 2006 estimates on SGMS to $0.96 from $1.07 after company missed Q3 estimates. Remains top pick in gaming. Reiterated Buy rating and $45 target.
estimates lowered at Jefferies: Jefferies said it is cutting its 2006 estimates on THC to a 4 cent loss from $0.05 after company updated guidance for its third quarter. See negative industry trends. Reiterated Hold rating and $7 target.