CHANGE IN RATINGS
downgraded at UBS to Neutral from Buy based on less attractive valuation. Shares are up 54% over past year, leading to a narrowing valuation gap relative to peers. Long-term trends remain favorable, with broad product set, international exposure, strong distribution relationships and healthy organic growth. Price target raised to $152 from $140.
initiated at Morgan Stanley with an overweight rating and $26 price target.
upgraded at Thomas Weisel to an Overweight rating as WAN Optimization Opportunities multiply and competition is still playing catch-up. Target price is now $46.
STOCK COMMENTS / EPS CHANGES
Advance Auto Parts
2008 estimates trimmed by 2 cents to $2.79 at Credit Suisse. Q1 results reflected sluggish sales trends but better than expected margins. Maintained $45 target price.
Bernstein is cutting its 2007 earnings estimates on
by 36 cents to $3.76 a share to reflect lower drug sales forecasts, driven by effect of recent FDA and CMS proposals. Maintained Market Perform rating.
Jefferies is increasing its 2009 estimates on
to $7.05 from $6.65 based on step up in 787 volumes and rate increase. See continued rise in backlog driving shares. Maintained Buy rating and $112 target.
( BEAS) 2007 estimates lowered a penny to $0.55 at Jefferies. Weakness in Q1 results was caused by bad execution leading to deal slippage, particularly for WebLogic. Reiterated Buy rating and $14 target.
Bear is raising its target price on
to $132 to reflect higher long-term earnings outlook on potential for growth in Brazil and lower cost structure from component supplies from China. Maintained Outperform rating.
( FD) 2007 estimates lowered at Goldman to $2.60 from $2.82 following disappointing Q1 earnings. Management lowered Q2 same store sales guidance to +0-2% from +1.5%-2.5%. Valuation remains attractive. Maintained Buy rating and $52 target.
estimates lowered at UBS. It is cutting its 2008 estimates on HD to $2.50 from $2.60 based on potential for continued macroeconomic weakness. Continue to believe risks outweigh upside potential. Maintained Reduce rating and $32 price target.
target raised at Bear to $45 from $40 as company is making progress towards achieving expansion and diversification objectives. Maintained Outperform rating.
2007 estimates raised at Credit Suisse to $2.79 from $2.75, based on increased confidence in growth profile and share buybacks. See over $3 billion in available cost savings this year, with possible revenue growth of 10% or greater in 2007. Reiterated Outperform rating and $50 target.
price target raised at Goldman to $34 from $33 after company reported solid sales and earnings in spite of pet food recalls. Same-store sales growth of 4% beat 3.5% estimate. Maintained Neutral rating.