CHANGE IN RATINGS
upgraded at Oppenheimer: Oppenheimer upgrades Adobe Systems from neutral to buy and establishes a 12 month price target of $43.
downgraded at Bear: BSX was downgraded to Peer Perform at Bear Stearns. Company's prospects do not appear as attractive as its peers.
downgraded at Wachovia: BYD was downgraded to Market Perform at Wachovia. Weakness should continue in the company's key markets, and new capacity will not come online for several quarters.
upgraded to Outperform at Credit Suisse: Credit Suisse is upgrading CIEN to Outperform from Neutral. Cites strong competitive position and expects above industry average growth. Raised target price to $36 from $29.25.
upgraded at CIBC:DIS was upgraded from Underperform to Sector Perform at CIBC. $40 price target. Studio is cutting costs and the consumer outlook is improving.
upgraded at Jefferies: ESRX upgraded to Buy rating from Hold at Jefferies. Price target jumps to $90 from $77. 2007 EPS estimates rise to $4.16 from $3.95 and 2008 EPS estimates rise to $4.96 from $4.59.
upgraded at AG Edwards: AG Edwards upgrades Nordstrom from hold to buy and sets $68 price objective.
upgraded at UBS: KFT upgraded to Neutral rating from Reduce at UBS. Price target bumps up to $34 from $33. FY 2007 and 2008 EPS estimates hold at $1.93 and $2.08, respectively.
upgraded at Morgan Stanley Morgan Stanley upgrades King Pharma from equalweight to overweight, and moves price target from $20 to $23.
upgraded at JP Morgan: RHD was upgraded from Neutral to Overweight at JP Morgan. Company should realize several positive catalysts over the next several quarters, including positive ad sales growth and the refinancing of high-coupon debt.
downgraded at Bear: SAH was downgraded from Outperform to Peer Perform at Sonic Automotive. Stock is up 13% on the year, on top of 30% in 2006. Dwindling inventory of foreign cars could hamper near-term earnings, and used car sales are slowing. $33 price target.
upgraded at Wachovia: SFD was upgraded to Outperform at Wachovia. Company should realize earnings upside from recent acquisitions. Expect the upcoming CAGNY conference to be the next major catalyst.
upgraded at Bear: STJ was upgraded to Outperform at Bear Stearns. Company showed at its analyst meeting how it can take advantage of an improving ICD market. Growing sales force should be able to take market share. Estimates also raised for 2008 and 2009. $50 price target.
STOCK COMMENTS / EPS CHANGES
numbers raised at Jefferies: AHG numbers raised at Jefferies. Price target bumps up to $25 from $22 and 2007 EPS estimates rise to $1.82 from $1.79. Reiterates Hold rating.
numbers raised at UBS: BWA numbers raised at UBS. Price target upped to $77 from $62. FY 2007 EPS estimates rise to $4.70 from $4.55. Reiterates Neutral rating.
numbers raised at Jefferies: DRS numbers raised at Jefferies. Price target lifts to $54 from $50 and 2007 EPS estimates rise to $3.05 from $2.90. Reiterates Hold rating.
price target raised at Goldman: Goldman is upping its target on GLW to $26 from $23 based on expected impact on 2008 earnings expectations. Believe company can earn $1.55 in 2008 versus street expectations for $1.47. Maintained Neutral rating.
estimates raised at Goldman: Goldman is increasing its 2007 estimates on MA to $4.20 from $3.83 following Q1 results announcement. Friday's price decline shows vulnerability to high multiple despite continued strong cost execution. Price target raised to $85 from $76 and reiterated Sell rating.
estimates cut at Goldman: 2008 estimates on MYL lowered 9 cents to $1.46 at Goldman. See weaker earnings trend for recently acquired Matrix. Also noted decreased visibility due to absence of financial detail from management. Maintained Neutral rating and lowered target to $24 from $25.
target price raised at Credit Suisse: Credit Suisse is raising its target price on NKE to $125 from $110 following positive investor meeting. Maintained Outperform rating.
target raised at UBS: RHT price target raised at UBS. Price target jumps to $25 from $19. Reiterates Neutral rating.
price target lowered at Goldman: Goldman is cutting its target on SIRI to $2.75 from $3.50 based on lower likelihood of merger with XMSR. Believe both equity valuations factor in some synergies of potential merger.
price target cut at Goldman: Goldman is reducing its target on WMG to $23 from $25 based on declining digital revenue results. Expect EBITDA to decline 4% in fiscal 2007. Maintained Neutral rating.
price target raised at Goldman: Goldman is raising its target on XMSR to $15 from $11 based on decreased likelihood of merger with SIRI. Target shifted in conjunction with lowered target on SIRI. Believe both equity valuations factor in some synergies of potential merger.