CHANGE IN RATINGS
upgraded at UBS: UBS said it is upgrading CSCO to Buy from Neutral after solid F1Q results. Sees continued acceleration on solid demand. Raised target price to $32 from $27.
price target increased at Goldman: Goldman said it is raising its target on CSCO to $35 from $29. See company in early stages of multi-year product cycle. Maintained Buy rating.
downgraded at Jefferies: FE downgraded to Hold from buy, Jefferies said. See shares fairly valued with respect to uncertainty of Pennsylvania distribution rate proceedings. Price target lowered to $63 from $67.50.
downgraded at AG Edwards: HOG was downgraded to Hold, AG Edwards said. $74 price target. Company seeing strong sales of its 2007 line, but is also coming against some difficult year-over-year comparisons.
downgraded at Baird: HOG was downgraded from Outperform to Neutral, Robert Baird said. $72 price target. Stock has historically lagged during the off-season, and dealer contacts are pointing toward softer near-term sales.
downgraded at Credit Suisse: Credit Suisse said it is downgrading MFB to Neutral from Outperform. Cites guidance implies a slowdown. Maintained $22 target price.
New York Times
downgraded at Morgan Stanley: NYT was downgraded to Underweight, Morgan Stanley said. $20 price target. Ad sales remain soft, and the current valuation is not compelling.
coverage initiated at Jefferies: Jefferies said it is initiating coverage on PMTC with a Buy rating. See sustainable 10% organic revenue growth and improving market share gains. Price target at $23.
downgraded at Morgan Stanley: PNX was downgraded to Underweight, Morgan Stanley said. Stock appears fully valued on a sum-of-the-parts basis. $15 price target.
coverage initiated at Jefferies: Jefferies said it is initiating coverage on SAP with a Buy rating. Believe license growth will slow modestly in 2007 but see upside to earnings estimates. Remains leader in global APS market and should gain market share. Price target at $59.
downgraded at Wachovia: SIRI was downgraded to Market Perform, Wachovia said. Fourth quarter subscriber expectations appear aggressive, especially as auto churn comes up.
estimates upped at Goldman: Goldman said it is increasing its 2006 estimates on SIRI by 2 cents to ($0.82) following better than expected Q3 results. Question whether company can reach target of 6.3 million subs by year end. Maintained Sell rating and $3.75 target.
downgraded at Deutsche: WW was downgraded to Hold, Deutsche Bank said. Valuation call, based on the $49 price target. Company posted its best revenue growth in five years, added by a positive foreign exchange benefit.
STOCK COMMENTS / EPS CHANGES
Advanced Micro Devices
target price lowered at UBS: UBS said it is lowering its target price on AMD to $23 from $26. Cites margin and cash flow risks persist. Maintained Neutral rating.
estimates upped at Morgan Stanley: ARXT estimates raised for 2007 and 2008, Morgan Stanley said. Company will double its existing over-the-counter portfolio by 2008, and may also have a prescription product on the market by then as well. Overweight rating and $55 price target.
estimates raised at Piper: Piper said it is raising its 2007 estimates on BMC to $1.47 a share following solid Q2 numbers. Maintained Outperform rating.
estimates lowered at Morgan Stanley: CVC estimates cut through 2008, Morgan Stanley said. Company is beginning to reach saturation levels for its new products, like digital cable and VoIP.
price target increased at Jefferies: Jefferies said it is upping its target on CVC to $32.17 from $26 after company reported excellent Q3 results. Believe $27 bid too low for company. Reiterated Buy rating.
estimates raised at Morgan Stanley: DTV estimates boosted through 2008, Morgan Stanley said. Company added more customers than expected during the quarter, with 25% of them coming through the RBOC channel. $22 price target.
Federated Dept. Stores
estimates cut at Morgan Stanley: FD estimates reduced for 2007 and 2008, Morgan Stanley said. Company had poor execution in home goods. May sales also soft, especially in the Midwest. Equal-weight rating.
Federated Dept. Stores
estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on FD by a nickel to $2.21 a share due to guidance being below expectations. Maintained Neutral Weight rating.
price target raised at Goldman: Goldman said it is increasing its target on HPQ to $46 from $42.50. See likely higher gross margins, lower operating expenses, and larger share buybacks ahead. Maintained Buy rating.
estimates raised at Morgan Stanley: MRX estimates increased through 2008, Morgan Stanley said. Company realized higher margins this quarter, and should also benefit from the Ziana launch. Equal-weight rating.
numbers boosted at Morgan Stanley: PCLN shares now expected to reach $44, according to Morgan Stanley. Estimates also raised, as the company appears to be taking market share. Overweight rating.
price target raised at Goldman: PCLN target upped to $49 from $45, Goldman said. Better than expected Q3 results included strong gross bookings, revenue, and earnings. Expect trends to continue. Maintained Neutral rating.
Polo Ralph Lauren
estimates raised at Prudential: Prudential said it is raising its 2007 estimates on RL by 30 cents to $3.60 a share following fabulous quarter and strong guidance. Maintained Overweight rating.
target raised at Jefferies: Target on WYNN raised to $90 from $80.50, Jefferies said. Company reported weak Q3. Believe Macau growth will drive growth. Reiterated Buy rating.