CHANGE IN RATINGS
upgraded at UBS to Buy rating from Neutral. Price target and FY 2008 EPS estimates hold at $11.50 and $0.38.
upgraded at Goldman Sachs to Buy. $70 price target. New return policy and key exclusive brands should help drive earnings growth. Customer base remains loyal, and options have become less of an earnings drag.
with Neutral rating at UBS. Price target starts at $30 and FY 2008 EPS estimates begin at $1.65.
initiated with Neutral rating at UBS. Price target starts at $44 and FY 2008 EPS estimates begin at $1.86.
downgraded at Piper Jaffrayfrom Outperform to Market Perform. Valuation call, as the stock has reached the $28.50 price target. Company should still be able to achieve near-term earnings targets.
downgraded at Credit Suisse to Neutral from Outperform based on valuation. Stock has essentially hit its target price of $39.
downgraded from Overweight to Neutral at JP Morgan. Company has set earnings bar high, and growth could be decelerating in the second half of the year.
upgraded at Merrill Lynchfrom Neutral to Buy. $34 price target. Fundamentals remain strong, and the WMT deal should help the company continue to grow faster than WU. Buyback will also add to earnings.
upgraded at Wachovia to Outperform. Weak real estate outlook is already priced into the stock, and financial leverage should drive earnings growth.
downgraded at Morgan Stanley from equalweight to underweight and moves price target to $61.
Principal Financial Group
upgraded at Morgan Stanley from equalweight to overweight, and raises price target to $67.
downgraded from Outperform to Sector Perform at CIBC. Valuation call, as the stock has reached the $50 price target. ASP cuts in late June could also bring near-term estimates at risk.
downgraded at Goldman from Buy to Neutral. Stock has regained its premium to WMT, and cost pressures should be rising in the second half of 2007. $72 price target.
upgraded from Hold to Buy at Deutsche Bank. $34 price target. Merger should go through, based on better understanding of the credit agreements.
STOCK COMMENTS / EPS CHANGES
estimates raised at Goldman through 2008. iPhone should continue to sell well, and the stock has yet to fully catch up with the fundamentals. $135 price target.
numbers lowered at Jefferies. Price target drops to $8 from $9 and FY 2008 EPS estimates lowered to $0.15 from $0.24. Reiterates Buy rating.
numbers raised at Jefferies. Price target upped to $58.50 from $57.50 and FY 2008 EPS estimates rise to $0.10 from loss of $(0.23). Reiterates Buy rating.
target price raised at Credit Suisse to $85 from $68 based on the managements plan to maximize value. However, maintained Neutral rating citing weak fundamentals.
STRATEGY CALLS / MARKET CALLS
Seven Homebuilder stocks downgraded at Citigroup: The stocks were downgraded from Buy to Hold. DHI, HOV, KBH, LEN, PHM, TOL and RYL were affected, as order trends should remain negative through the end of the year.