CHANGE IN RATINGS
upgraded at Deutsche: AKAM was upgraded from Hold to Buy, Deutsche Bank said. $55 price target. Visibility improved, following the company's first analyst day in 5 years. Estimates also boosted.
estimates raised at Prudential. Prudential said it is raising its 2007 estimates on AKAM by 10 cents to 91 cents a share after the company issued bullish 2007 guidance at analyst day. Maintained Overweight rating.
American Power Conv.
( APCC) downgraded at JP Morgan: APCC was downgraded from Neutral to Underweight, JP Morgan said. Valuation call, as the company is unlikely to see a buyout offer, similar to FSL.
downgraded at UBS: UBS said it is downgrading BA to Reduce from Buy. Believes company is still at premium to peer group and past upcycles. Lowered target price to $74 from $85.
downgraded at Baird: BRC was downgraded from Outperform to Neutral, Robert Baird said. $39 price target. Company reported a soft quarter, and acquisition integration costs will run higher than expected.
upgraded at Merrill: DST was upgraded from Neutral to Buy, Merrill Lynch said. $75 price target. Estimates also raised, because of the lower share count and higher Asurion earnings.
downgraded at Morgan Stanley: Morgan Stanley said it downgraded DTV from Overweight to Equal-weight, despite raising 2007-08 EPS estimates. Price target also boosted from $19 to $22.
downgraded at Deutsche: EMR was downgraded from Buy to Hold, Deutsche Bank said. $90 price target. Stock has outperformed the market over the past year, and believe there is better value in the industrial complex. Growth could be challenged over the next 6 to 9 months.
downgraded at UBS: UBS said it is downgrading GE to Neutral from Buy. Sees earnings growth challenged by shape of yield curve, higher tax rates and a bottoming out of reserves at GE Capital. Lowered target price to $38 from $40.
upgraded at Deutsche: IR was upgraded from Hold to Buy, Deutsche Bank said. $45 price target. Stock is over-discounting any risks to 2007 profit. Trading at trough multiples, with 11% earnings growth expected next year.
downgraded at Morgan Stanley: Morgan Stanley said it downgraded St. Joe from Equal-weight to Underweight. 2007 EPS estimates also cut, and the price target was lowered from $50 to $43. Analyst believes that fundamentals for the company are likely to get worse before they get better.
downgraded at Wachovia: JOE was downgraded from Outperform to Market Perform, Wachovia said. Stock has moved to the high end of the industry range, and the company's land value could fall another 10% from current levels.
upgraded at JP Morgan: PDE was upgraded from Underweight to Neutral, JP Morgan said. Estimates also raised, given the prospect of higher midwater and deepwater rates. Company also has a low valuation and could sale its Latin American land operations.
upgraded at Deutsche: ROK was upgraded from Hold to Buy, Deutsche Bank said. $65 price target. Next few months could be choppy. That said, the stock looks oversold on concerns about the shrinking operating margin.
XM Satellite Radio
upgraded at Credit Suisse: Credit Suisse said it is upgrading XMSR to Outperform from Neutral. Cites attractive risk/reward now that expectations have been reset to achievable levels. Maintained $17 target price.
STOCK COMMENTS / EPS CHANGES
target price raised at Goldman: Goldman said it is raising its target price on ABC to $40.50 from $32.50 based on benefits from recent generic launches. Maintained Sell rating.
Bank of NY
( LEH) numbers raised at Morgan Stanley: Morgan Stanley said it raised its 2006 BK earnings estimate to $2.28 from $2.24. Price target also increased to $41 from $40. Analyst believes a shift to higher growth business as well as the completion of the asset swap should help drive up BK's multiple.
( DNA) added to the Focus 1 list at Merrill DNA was added to the Focus 1 list, Merrill Lynch said. $100 price target. Valuation is at the low end of the company's historical average, though management should be able to keep growing earnings by at least 25% a year. Buy rating.
( LEH) estimates raised at Goldman: Goldman said it is raising its 2006 EPS estimates on LEH by 7 cents to $6.70 to incorporate 3Q upside and well as lower share count. Raised target price to $78.50 from $75.
( LEH) target price raised at UBS: UBS said it is raising its target price on LEH to $82 from $77 based on steady returns and continued growth. Maintained Buy rating.
estimates raised at Piper: Piper said it is raising its 2007 estimates on SNDK by 6 cents to $2.76 a share due to expected increase in demand for NAND flash in mobile phones. Maintained Outperform rating.
estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on XLNX by 6 cents to 99 cents a share after the company cut September quarter guidance. Maintained Underweight rating.