CHANGE IN RATINGS
upgraded at AG Edwards: ALTR was upgraded from Hold to Buy, AG Edwards said. $24 price target. Accounting problems have been solved, and the stock is trading at 23 times 2008 estimates.
( CBE) upgraded at CIBC: CBE was upgraded from Sector Perform to Outperform, CIBC said. $105 price target. Estimates also raised, as the company is realizing productivity gains.
rated new Neutral at Credit Suisse: Credit Suisse said it is initiating coverage on ET with a Neutral rating. Cites stock remains ahead of peers in migrating to more integrated financial services. Sets $26 target price.
downgraded at CIBC: HUB.B was downgraded from Outperform to Sector Perform, CIBC said. $55 price target. Stock is at the high end of its recent trading range, and some downside potential exists to near-term earnings.
downgraded at Citigroup: MBI was downgraded from Buy to Hold, Citigroup said. $73 price target. Stock should benefit from likely Eurotunnel resolution this month.
downgraded at Friedman, Billings: MET was downgraded from Market Perform to Underperform, Friedman, Billings Ramsey said. Spreads continue to shrink and now fees are dropping as well.
downgraded at Merrill: PFE was downgraded from Buy to Neutral, Merrill Lynch said. Company may never be able to replace Lipitor. Valuation and yield could lend support to the shares.
downgraded at JP Morgan: PFE was downgraded from Overweight to Neutral, JP Morgan said. Failure of the cholesterol drug will have both a financial and strategic impact on the company.
upgraded at Wachovia: PFG was upgraded from Underperform to Market Perform, Wachovia said. Market is already pricing in earnings drag from the capital-driven business.
rated new Buy at Credit Suisse:Credit Suisse said it is initiating coverage on SCHW with an Outperform rating. Believes transformation is complete following restructuring efforts. Sees company as an asset gathering machine. Sets $24 target price.
STOCK COMMENTS / EPS CHANGES
estimates, price target cut at Morgan Stanley: Morgan Stanley believes threats to Amgen's EPO franchise continue to grow, and a contraction of Epogen is almost inevitable. Morgan Stanley cuts 2008 EPS estimates and lowers price target to $71.
numbers cut at Morgan Stanley: Morgan Stanley cuts Continental Airlines Q4 EPS estimates after the company reported weaker than expected November RASM of only 2-3%.
Isle of Capri
price target raised at Jefferies: ISLE price target raised, said Jefferies. New target goes to $34.00 from $33.00. Reiterated Buy rating.
estimates raised at Goldman Sachs: Goldman said it is increasing its 2007 estimates on MRK to $2.50 from $2.45 following the results of a pediatrician survey regarding HPV vaccines. Results showed strength in Merck's Gardasil. Maintained Sell rating and $36 target.
price target cut at Goldman Sachs: Goldman said that it is lowering its target on ODP to $44 from $47 due to weak domestic sales trends in the fourth quarter. Maintained Neutral rating.
STRATEGY CALLS / MARKET CALLS
Two Trucking stocks downgraded at Merrill:Merrill Lynch said it downgraded CNW and ABFS to Sell, citing a considerable drop in LTL volumes. Price competition is also increasing, which leads to forward estimate cuts.