CHANGE IN RATINGS
upgraded at UBS: ARM upgraded to Neutral rating from Reduce at UBS. Price target jumps to $20 from $14 and 2007 EPS estimates rise to $1.35 from $1.30.
upgraded at Deutsche: AXL was upgraded from Hold to Buy at Deutsche Bank. $30 price target. Company reported solid fourth quarter results, but significant risks remain to its core business.
Barnes & Noble
upgraded at Prudential: BKS was upgraded from Neutral to Overweight at Prudential. $46 price target. New Harry Potter book could drive overall growth this summer.
upgraded at Baird: CROX was upgraded from Neutral to Outperform at Robert Baird. $80 price target. Company likely had a good fourth quarter, and is positioned well for 2007.
upgraded at Deutsche: Rating on D was upgraded from Sell to Hold at Deutsche Bank. $81 price target. Recent legislature improves outlook for the VEPCO unit.
upgraded at Credit Suisse: Credit Suisse is upgrading DELL to Outperform from Neutral based on future restructuring. Raised target price to $28 from $25.
downgraded at JP Morgan: ERTS was downgraded from Overweight to Neutral at JP Morgan. Stock already pricing in significant growth, but is facing increased competition over the coming quarters.
upgraded at Raymond James: GNW was upgraded to Outperform at Raymond James. Company appears attractively valued, after delivering solid first quarter results.
downgraded at UBS: LXK downgraded to Reduce rating from Neutral at UBS. Price target lowered to $60 from $67 and 2007 EPS estimates bump down to $3.80 from $3.85.
downgraded at Weisel: MDRX was downgraded from Overweight to Market-weight at Thomas Weisel. Valuation call, even though the company should continue to benefit from the current secular growth cycle.
downgraded at Wachovia: MNI was downgraded to Market Perform at Wachovia. Overall environment remains challenging, especially in the real estate business. Estimates also cut, even though the company has the best management in the business.
downgraded at Jefferies: MU downgraded at Jefferies from Buy rating to Hold. Price target drops to $15 from $21. FY2007 EPS estimates lowered to $0.63 from $0.71 on deteriorating memory pricing.
upgraded at Jefferies: MXIM upgraded to Buy rating from Hold at Jefferies. Price target lifts to $38 from $31. However, FY 2007 EPS estimates lowered to $1.30 from $1.38.
upgraded at JP Morgan: NCX was upgraded from Underweight to Neutral at JP Morgan. Ethylene prices are stabilizing, and the company should trade along with its peers. 2007 estimate cut to $2.30 a share.
downgraded at Credit Suisse: Credit Suisse is downgrading YRCW to Neutral from Outperform following recent run-up in share price. Raised target price to $46 from $40.50.
YRC Worldwide downgraded at Baird: YRCW was downgraded from Neutral to Underperform at Robert Baird. $40 price target. Valuation call. Company also faces near-term execution risk, as the company restructures its organization.
STOCK COMMENTS / EPS CHANGES
price target increased at Goldman: Target on ILMN raised to $41 from $36 at Goldman. Company reported Q4 results that included better-than-expected sales, higher margins, and lower taxes. 2007 estimates lowered to $0.60 from $0.73 due to higher taxes. Maintained Neutral rating.
initiated at UBS: SWN initiated with Buy rating at UBS. Price target set at $49 with FY2007 EPS estimates at $3.35.
numbers lowered at Jefferies: VRSN numbers lowered at Jefferies. Price target drops to $24 from $28 and 2007 EPS estimates lowered to $1.07 from $1.12. Reiterates Hold rating.
price target cut at Goldman: Goldman is cutting its target on WMG to $25 from $28 due to lower earnings and revenue expectations in 2007-2009. See physical sales declines trumping growth in digital music, and tough comparisons vs. last year. Maintained Neutral rating.
target price raised at Goldman: Goldman is upping its target on WU to $30 from $25 based on higher confidence in 2007 estimates. See transaction growth reaccelerating in June due to easing comps. Maintained Buy rating.