CHANGE IN RATINGS
was downgraded from Buy to Hold, Citigroup said, with a $56 price target. Loss of the Footwear VP after just one year could hurt the company's growth strategy. The stock is also up 28% since July.
Credit Suisse said it is downgrading
to Neutral from Outperform based on valuation that no longer justifies previous rating, and lowered target price to $21 from $23.
was being upgraded by Credit Suisse to Outperform from Neutral. It says MDC is the only company in sector that stuck to its disiplines, and raised target price to $52 from $46.
Piper said it is downgrading
to a Market Perform rating due to deceleration in August remittance activity to Mexico.
( PBG) was downgraded to Hold, Deutsche Bank said. Estimates were also cut, as the company is facing higher input costs, and it set a $37 price target.
Credit Suisse said it is upgrading
RF Micro Devices
to Outperform from Neutral based on valuation, and raised the target price to $9 from $6.40.
( SEPR) was downgraded to Neutral from Buy, Goldman said, seeing potential for increased spending and concerns over revenue growth, specifically issues regarding Lunesta trends and Xopenex Medicare reimbursement. It set a $55 target price.
T. Rowe Price
was upgraded from Market Perform to Outperform, Wachovia said. The company is trading at a 10% premium to its peers, though the business outlook remains solid.
Goldman said it is upgrading
to Neutral from Sell due to valuation, seeing reduced risk of multiple contraction and possible upside to shares. Target price is at $40.
STOCK COMMENTS / EPS CHANGES
Jefferies said it is increasing its target on
to $59 from $47, due to continuing demand for online video content and upcoming catalysts. Release of Windows Vista, Office and new Internet Explorer could boost shares. Reiterated Buy rating.
was added to the Focus List, JP Morgan said. The company should soon see closure to options investigation. Valuation also looks attractive, relative to its peers. Overweight rating and $50 price target.
Morgan Stanley is cutting its price target on
by $1 to $24 after the news that A.M. Best did not upgrade the company's ratings.
2006 estimates on
were lowered by 2 cents to $1.49, Jefferies said, seeing slight adjustment to earnings due to management commentary on wholesaler destocking. Reiterated Hold and $33 target.
Prudential said it is initiating coverage on
with an Overweight rating and a $45 target price. The company has the right products for evolving markets.
Jefferies said it is reducing its 2007 estimates on
to $2.31 from $2.49 due to dilution from Myogen acquisition. Note that 49% premium seems pricey. Reiterated Buy rating.
Jefferies said it is cutting its 2007 estimates on
to $0.69 from $0.82 after the company lowered third-quarter guidance due to weak seasonality in PCs and excess inventory at storage customers. Price target lowered to $21 from $25 and reiterated Buy rating.
UBS said it is lowering its 2007 EPS estimates on Marvell to 53 cents from 63 cents after company lowered F3Q guidance. Maintained Buy rating.
Goldman said it is cutting its target on Marvell to $24 from $28 to reflect weak business conditions. Company lowered third-quarter sales guidance on hard disk drive (HDD) customers' reductions, primarily due to inventory in desktop and laptop HDDs. Company also announced need to restate financials due to options timing discrepancies. Maintained Buy rating.
Morgan Stanley is reiterating its overweight rating on Marvell after the company cut third-quarter guidance last night. Morgan Stanley is cutting 2007-2009 EPS estimates and cuts price target to $33.
The target on
were lowered to $48 from $50, Jefferies said, believing credit concerns are overblown in light of risk-adjusted earnings power. 2006 estimates were raised to $6.90 from $6.66 and it reiterated Buy rating.
Goldman said it is trimming its 2006 estimates on
by a penny to $1.99 due to lower Lipitor revenue expectations. Company not rated.
STRATEGY CALLS / MARKET CALLS
JP Morgan said it downgraded
Diamond Offshore Drilling
to Underweight. Ratings on
National Oilwell Varco
were also cut to neutral, as there are 100 offshore rigs expected to hit the market by 2010. On the other hand,
were upgraded to Overweight, because of their above-average volume growth.
Goldman said it is downgrading its coverage view on the Lodging sector to Neutral from Attractive, seeing revenue per available room growth decelerating in 2007, as well as indications that supply will begin to increase. Shares have seasonally underperformed following third-quarter earnings announcements.
Merrill Lynch said it downgraded the Energy sector to Underweight. Earnings growth has turned negative and margins have peaked. Estimates were also cut for the service names, based on lower valuation multiple expectations.
Merrill Lynch said it upgraded
to Buy. On the other hand, the rating on
was cut to Sell and
was downgraded to Neutral. A recent survey suggests that drug-eluting stent penetration will fall more than expected.
Citigroup Ethanol on the Cob Conference -- Oct. 3, 2006, New York, N.Y.
Union Pacific Corporation
2006 Analyst Conference -- 2:00 PM, Dallas, Texas