CHANGE IN RATINGS
upgraded at JP Morgan from Neutral to Overweight. Stock remains attractive on a sum of the parts basis. Share buybacks and restructuring could also add to earnings.
upgraded at Credit Suisse to Outperform from Neutral. Cites recent weakness and the recognition that company has undergone broad based change. Lowered target price to $42 from $46.
( MER) upgraded at Credit Suisse to Outperform from Neutral based on announcement of new CEO and greater confidence in intermediate and longer-term prospects. Raised target price range to $80 - $85.
upgraded at Bernstein from Market Perform to Outperform. $18 price target. Company completed its financing and should enjoy favorable trends in the generic business.
upgraded at Bear from Underperform to Peer Perform. Company posted a strong quarter. Estimates also raised, and the risk/reward looks more balanced at current levels.
downgraded at JP Morgan from Overweight to Neutral. Stock is approaching fair value, and lacks major potential near-term catalysts. Prefer PCL at current levels.
upgraded at Citigroup to Buy. Recent 14% correction in the shares offers a good entry point. $30 price target. Company is one of the best plays on secular growth of Internet advertising.
upgraded at Merrill from Neutral to Buy. $90 price target. Investors are essentially receiving the cellulose fiber and wood products businesses for free at current levels.
STOCK COMMENTS / EPS CHANGES
estimates lowered at UBS. FY 2008 eps estimates drop to $1.10 from $1.24 while price target holds at $25. Reiterates Buy rating.
numbers raised at Jefferies. Price target bumps up to $21 from $20 and FY 2008 eps estimates lift to $0.26 from $0.25. Reiterates Buy rating.
numbers raised at UBS. Price target lifts to $33 from $32 and FY 2008 eps estimates upped to $0.83 from $0.74. Reiterates Buy rating.
Network Appliance 2008 estimates increased at Goldman to $0.90 from $0.82 following strong top- and bottom-line quarterly results. See momentum continuing into January quarter but note uncertainty surrounding U.S. commercial demand. Maintained Neutral rating.
cut from Focus List at JP Morgan. Stock is already pricing in the deteriorating chicken market, but near-term upside remains limited. Overweight rating.
2008 estimates trimmed at Goldman to $1.85 from $1.91. See stronger than expected impact from litigation/Nokia and lightly lower QCT margins. Maintained Buy rating and $58 target.
price target raised at Goldman to $33 from $30 following analyst day that highlighted company's intent on slimming down, divesting non-core assets. See potential positives but note transition risks and difficulty in valuing the changing business on a long-term basis. Maintained Neutral rating.