CHANGE IN RATINGS
downgraded at Citigroup from Hold to Sell. $55 price target. Market may be too early anticipating a turnaround in Japanese sales.
upgraded at Citigroupfrom Hold to Buy. $25 price target. Stock has pulled back sharply since the recent earnings call, and the company is still expected to deliver 8% earnings growth in 2008.
upgraded at CIBC from Sector Perform to Outperform. $45 price target, following the ZEP spin-off. Valuation call, as the company could continue to expand margins in the new year.
( CHTT) upgraded at Wachovia from Market Perform to Outperform. Pullback over the past two weeks has created an attractive buying opportunity. Company can post 20% earnings growth in 2008.
downgraded at Merrill from Neutral to Sell. Expect more risk to 2008 estimates, if the US economy continues to slow.
downgraded at Citigroup from Buy to Hold. $52 price target. Sub-prime concerns could lead to a higher churn rate. Estimates also cut.
downgraded at Merrillfrom Buy to Neutral. Tech business seems to have stabilized, but the company's other divisions could suffer from a slower US economy.
( ENER) downgraded at UBS to Neutral rating from Buy. Price target drops to $33 from $43 and FY 2008 eps estimates slashed to $(0.01) from $0.30.
downgraded at Citigroup from Hold to Sell. $7.50 price target. Continued negative newsflow could cause a run on assets. Liquidation of loan and ABS portfolio could wipe out all tangible equity.
upgraded at Suntrust from Neutral to Buy. $51 price target. Stock could trade sideways for a while, but offers an attractive long-term valuation.
downgraded at Bernsteinfrom Outperform to Market Perform. $35 price target. Exposure to US financial services, automotive and retail sectors could lead to higher earnings risk.
upgraded at JP Morgan from Neutral to Overweight. Stock is already pricing in several recent recalls and decelerating Barbie sales.
downgraded at Citigroup from Buy to Hold. $64 price target. Stock looks fully valued, and political pressure continues to build around developing more coal-fired power plants.
downgraded at Merrillfrom Buy to Neutral. Stock has been a strong performer, and slower financial services orders could lead to increased enterprise risks.
downgraded at UBS to Neutral rating from Buy. Price target drops to $26 from $32 and FY 2008 eps estimates slashed to $1.27 from $1.33.
downgraded at Merrill from Buy to Neutral. Stock has been a steady performer. and growth may begin to decelerate in the coming quarters.
downgraded at Merrill from Buy to Neutral. Valuation call, as discretionary enterprise spending could slow down in the coming quarters.
upgraded at Goldman Sachs to Neutral from Sell due to more stable operating platform and improvements in margins and cash flow. Price target raised to $7.50 from $6.
( SY) downgraded at Merrill from Buy to Neutral. Valuation call, as US spending growth could decelerate heading into 2008.
upgraded at Citigroup from Hold to Buy. $49 price target. Company's brand awareness has reached an inflection point, and TPX should be able to sustain double-digit earnings growth over the next few years.
upgraded at Citigroup from Sell to Hold. $89 price target. Stock is down 17% since the beginning of October, and the company still has room to cut costs.
Vasco Data Security
upgraded at Jefferies to Buy rating from Hold. Price target and FY 2008 eps estimates hold at $25 and $0.85, respectively.
( WYE) downgraded at Bear from Outperform to Peer Perform. Risk for Generic Effexor is rising, which could wipe out most of the expected growth over the next couple of years.
Wyeth upgraded at Merrill from Neutral to Buy. $51 price target. Clinical progress of the company's Alzheimer's drug should help drive the stock.
STOCK COMMENTS / EPS CHANGES
Bank of America
target lowered at Goldman to $57 from $59 based on subprime CDO exposure. 10Q indicates greater exposure than recently discussed, with uninsured levels summing to $12.1 billion vs. prior forecast of $4 billion. Maintained Buy rating.
Bank of America 2008 estimates cut at Deutsche Bank by 25 cents to $4.55 a share based on heightened credit concerns. Maintained Hold rating.
target price cut at Deutsche Bank from $16 to $14 due to weak guidance. Maintained Hold rating.
( DRS) numbers raised at Jefferies. Price target lifts to $60 from $54 and FY 2008 eps estimates upped to $3.25 from $3.10. Reiterates Hold rating.
( FNM) target price cut at FBR from $85 to $60 as higher credit costs pressuring stock. Maintained Outperform rating.
numbers raised at Jefferies. Price target lifts to $47 from $40 and FY 2008 eps estimates upped to $3.45 from $2.85. Reiterates Hold rating.
numbers raised at UBS. Price target jumps to $220 from $190 and FY 2008 eps estimates upped to $6.70 from $6.15. Reiterates Buy rating.
cut from Focus List at JP Morgan. Company reached the stop-loss price levels, but remains a solid operator in a difficult industry. Overweight rating.
target cut at Deutsche Bank from $32 to $24 due to higher milk, coffee, and labor costs.
target price cut at FBR due to hangover from options investigation, earnings revisions, and overall market sentiment.
2007 estimates slashed at Goldman to $3.87 from $4.46 following announcement of subprime CDO writedowns at Golden West. See continued reserve build over next several quarters. Company not rated.
Wachovia 2008 estimates lowered at Deutsche Bankby 20 cents to $4.30 a share due to charges and credit costs.
STRATEGY CALLS / MARKET CALLS
Large-cap banks downgraded at CIBC: Sector was downgraded from Market-weight to Underweight. Expect another led down in the group, following more write-downs in the fourth quarter.