CHANGE IN RATINGS
downgraded at RBC: AA was downgraded from Sector Perform to Underperform at RBC Capital. Valuation call, as the shares have already responded positively to the company's announced downstream restructuring.
downgraded at Bear: COO was downgraded from Peer Perform to Underperform at Bear Stearns. According to industry contacts, problem with Biofinity product is likely related to material, rather than manufacturing.
downgraded at UBS: DRQ downgraded to Neutral rating from Buy on valuation concerns at UBS. However, bumps up price target to $46 from $45.
downgraded at JP Morgan: MU was downgraded from Overweight to Neutral at JP Morgan. Despite positive DRAM environment, there are concerns about growing NAND flash inventory. 2007 estimates cut.
downgraded at Oppenheimer: NOK was downgraded from Buy to Neutral at Oppenheimer. Estimates also cut as TXN discussed a slowdown in the wireless sector last night.
downgraded at UBS: SPF downgraded to Neutral rating from Buy at UBS. Maintains $28 price target.
upgraded at JP Morgan: TXN was upgraded from Neutral to Overweight at JP Morgan. Lower guidance was expected, but margins appear to be bottoming. Stock is attractive to buy, despite lower near-term earnings.
estimates cut at Prudential: Prudential is cutting its 2006 estimates on TXN by 4 cents to $1.63 a share following mid-quarter update. Maintained Overweight rating.
estimates lowered at Goldman Sachs: Goldman is decreasing its 2006 estimates on TXN to $1.56 from $1.61 after company lowered guidance. Noted broad-based softness, including wireless and high-performance analog. Maintained Sell rating and $26 target.
numbers lowered at Jefferies: TXN numbers lowered at Jefferies. Price target drops to $36.00 from $40.00. 2007 earnings estimates lowered to $1.77 from $1.86. Reiterated Buy rating.
estimates lowered at Credit Suisse: Credit Suisse is lowering its 2007 EPS estimates on TXN to $1.67 from $1.89 after company lowered guidance. Remains bullish long-term. Lowered target price to $40 from $42.
STOCK COMMENTS / EPS CHANGES
numbers raised at UBS: CMCSA numbers raised at UBS. Price target lifts to $50 from $47. 2008 EPS estimates raised to $1.20 from $1.17. Reiterated Buy rating.
target lowered at UBS: Harley Davidson target lowered at UBS. Price target drops to $73 from $76. Reiterated Neutral rating.
Accredited Home Lenders
estimates cut at Piper: Piper is cutting its 2007 estimates on LEND by 65 cents to $3.60 a share to reflect tough subprime lending environment. Maintained Market Perform rating.
STRATEGY CALLS / MARKET CALLS
Metals Industry targets updated at Goldman Sachs: Goldman said it is reiterating its attractive coverage view on the metals sector and raising its targets on a number of copper and aluminum plays. See continuing mergers and acquisition activity, and stronger cash flows in the sector. Price target on Alcan raised to $56 from $48, Freeport McMoran to $75 from $66, Phelps Dodge to $138 from $105, and Alcoa to $32 from $30.
Morgan Stanley upgrades selected REITs:Morgan Stanley upgrades select REITs to overweight. Company upgrades Public Storage, Highwoods Properties, Taubman Centers and Brookfield Properties.