CHANGE IN RATINGS
upgraded at Bear Stearns from Peer Perform to Outperform. Company has resolved its legal issues and the new CEO will try to unlock shareholder value. The company's solid pipeline should help BMY generate 8% annual sales growth over the next 3 years.
downgraded at Credit Suisse to Neutral from Outperform based on valuation. Believes risk/reward is fairly balanced. Maintained $22 target price.
Essex Property Trust
coverage initiated at Goldman Sachs with a Neutral rating, based on solid earnings growth but softening Southern California market. See 11% average earnings growth over several years as rents increase and opportunities in high-growth markets. Target price at $130.
upgraded at Goldman Sachs to Buy from Hold based on optimism regarding UAW talks. Believe current share price assumes only minor concessions by UAW, and that upside is likely if GM makes strong case for material wage/benefit cuts. Target price at $42.
( JTX) downgraded at CIBC from Outperform to Sector Perform. Stock will likely trade in a narrow range over the next 3 to 4 months. Estimates remain the highest on the Street.
upgraded at Deutsche Bankfrom Hold to Buy. $118 target. New business wins are accelerating, and the company will benefit from the upcoming 2008 Olympics.
Pier 1 Imports
upgraded at UBS to Buy rating from Neutral. Price target jumps to $12 from $7 and 2008 EPS estimates rise to ($0.75) from ($1.35).
STOCK COMMENTS / EPS CHANGES
numbers raised at UBS. Price target lifts to $58 from $50 and 2008 EPS estimates rises to $3.15 from $3.10. Reiterates Buy rating.
target raised at Jefferies. Price target lifts to $25 from $24, but 2008 EPS estimates drop to $0.90 from $1.00. Reiterates Buy rating.
2007 EPS estimates cut at Credit Suisse to $2.15 from $2.27. Cites no near-term catalysts and value realization is taking longer to develop. Maintained Outperform rating.
Research in Motion
( RIMM) numbers raised at UBS. Price target jumps to $210 from $180 and 2008 EPS estimates bump to $4.80 from $4.79. Reiterates Buy rating.
target raised at Credit Suisse to $38 from $34 based on future expected midstream sales. Maintained Outperform rating.