CHANGE IN RATINGS
( AGP) coverage initiated at Jefferies: Jefferies is initiating coverage on AGP with a Hold rating. See sales growth around 20% for 2007 and 2008 factored into current valuation. Price target at $33.
downgraded at Jefferies:Jefferies is downgrading ALB to Hold from Buy due to softer 2007 fundamentals. See limited upside to shares. 2008 estimates cut to $4.10 from $4.20 and price target lowered to $55 from $60.
upgraded at Credit Suisse: Credit Suisse is upgrading AMAT to Outperform from Neutral based on leverage to the DRAM cycle. Raised target price to $20 from $18.
downgraded at Citigroup: CHTR was downgraded from Buy to Hold at Citigroup. Stock is up significantly over the past two months, but there is little upside potential to the $1.75 price target.
( DNA) upgraded at Baird: DNA was upgraded from Neutral to Outperform at Robert Baird. $94 price target. Market over-reacted to delay in Avastin approval for breast cancer. In the meantime, recent data points to upside potential for other indications.
( HS) coverage initiated at Jefferies: Coverage initiated on HS with a Hold rating at Jefferies. See attractive valuation but limited visibility regarding ability to return to 2005 Medicare enrollment growth levels. $22 target price.
coverage initiated at Jefferies: Jefferies is initiating coverage on HUM with a Buy rating. Believe private fee for service Medicare plan is a more sustainable product than investors consider. Price target at $75.
upgraded at UBS: UBS is upgrading IPS to Buy from Neutral based on increasing exposure to energy tubulars after acquiring NS Group. Raised target price to $105 from $104.
Lone Star Tech
( LSS) upgraded at Bear: LSS was upgraded from Peer Perform to Outperform at Bear Stearns. Recent takeovers in the industry suggest the company is undervalued. LSS also recently made a smart investment in a Chinese plant. $60 price target.
Plum Creek Timber
downgraded at Morgan Stanley: PCL was downgraded from Equal-weight to Underweight, at Morgan Stanley. $32 price target. Now expect a sharp pullback in residential construction, which will cut the value of timber.
coverage initiated at Jefferies: WCG coverage initiated with a Hold rating at Jefferies. Unique strategy as diversified government-focused health plan allows flexibility. See 30% growth rate attainable. Price target at $63.
STOCK COMMENTS / EPS CHANGES
estimates increased at Jefferies: Jefferies is upping its 2006 estimates on APD by 2 cents to $3.53 based on anticipated $1.5B share repurchase plan as well as slowdown in electronics segment in 2007. Reiterated Buy with $77 target.
numbers lowered at Morgan Stanley: Shares of CCE now seen reaching $23.50 at Morgan Stanley. Estimates also cut, to reflect higher aluminum costs. Overweight rating.
estimates increased at Goldman: CPB 2007 estimates upped to $1.84 from $1.82 at Goldman. Company beat Q4 estimates by 2 cents ($0.20 vs. $0.18). See shares fairly valued, maintaining Neutral rating.
estimates lowered at Goldman Sachs: Goldman is lowering its 2006 estimate on GCI by 4 cents to $4.96, based on weak August revenues in newspaper ad sales, particularly for help wanted section. Price target cut to $60 from $63 and maintained Neutral rating.
target raised at Goldman Sachs: Goldman is raising its price target on GFI to $20 from $19 after company announced deepening of two South African mines, to access additional 10.8 million ounces of gold. Maintain Neutral rating.
added to Focus List at Cowen: QCOM was added to the Focus List at Cowen. Channel checks show that the U.S. business is improving. The supply of CDMA chips is also tightening. Outperform rating.
target price raised at UBS: UBS is raising its target price on XEC to $48 from $45.50 based on valuation. Maintained Buy rating.