CHANGE IN RATINGS
upgraded at Credit Suisse to Neutral from Underperform. Cites stock is trading below its target price of $60 after receiving no bids for a takeout. Believes risk/reward would become more attractive if shares trade in the low 50's/high 40's.
upgraded at Credit Suisse to Outperform from Hold based on improving mainframe software pricing environment and the possibility of expanding operating margins. Raised target price to $41 from $34.
downgraded at Jefferies to Hold rating from Buy. Price target slashed to $50 from $80 and FY 2008 EPS estimates cut to $7.10 from $7.95.
downgraded at JP Morgan from Neutral to Underweight. Estimates also trimmed, as channel checks suggest that the company's BT headsets are being squeezed out by MOT and NOK.
downgraded at Merrill to Neutral. Unfavorable ALJ judgment in the NOK case is a major negative. Stock lacks other near-term catalysts.
upgraded to Outperform at Keefe, Bruyette & Woods. $37 price target. Sell-off appears overdone, following the breakup of the acquisition.
STOCK COMMENTS / EPS CHANGES
Bank of America
2007 estimates cut at Goldman to $3.42 from $4.16 due to higher loan loss provisions, higher CDO writedowns, and weak banking/trading contributions. Management stated need to bolster reserves. Price target lowered to $54 from $57 and maintained Buy rating.
initiated at UBS with Buy rating. Price target starts at $350 with FY 2008 EPS estimates at $2.15.
initiated at Jefferies with Hold rating. Price target starts at $20 with FY 2008 EPS estimates at $1.50.
price target slashed at Goldman to $31 from $46 after management announced lower forward expectations and the end of J.C. Flowers as a potential source of funds for ailing company. Maintained Neutral rating.
initiated at UBS with Buy rating. Price target starts at $144 with FY 2008 EPS estimates at $1.70.