CHANGE IN RATINGS
rated new Outperform at Credit Suisse: Credit Suisse is initiating coverage on ADBE with an Outperform rating. Believes stock is one of the best positioned large-cap software companies. Sets $47 target price.
upgraded at Deutsche: AEP was upgraded from Hold to Buy at Deutsche Bank. $50 price target. Stock trades at an 11% discount to its peers, and the company's recent investments should pay off for investors.
initiated at Jefferies:CA initiated at Jefferies with Hold rating. Price target starts at $27 with 2007 EPS estimates at $0.95.
downgraded at Piper: EW was downgraded from Outperform to Market Perform at Piper Jaffray. $52 price target. Fourth quarter earnings were driver by a lower tax rate, and valve sales should remain weak in the first half of the year.
upgraded at Deutsche: EXC was upgraded from Hold to Buy at Deutsche Bank. $73 price target. Stock has already made a nice run, but still isn't fully pricing in the PECO contract.
downgraded at Weisel: MEDI was downgraded from Overweight to Market-weight at Thomas Weisel. Stock is up 26% since the end of June, and the company does not have many potential catalysts in 2007.
downgraded at CIBC: NCX was downgraded from Sector Perform to Underperform at CIBC. $27.50 price target. Company continues to go through a transition, and earnings should decline through 2008.
downgraded at UBS: NSM downgraded to Neutral rating from Buy at UBS. Price target drops to $25 from $27.50. 2007 EPS estimates lowered to $1.07 from $1.13.
upgraded at JP Morgan: NVDA was upgraded from Neutral to Overweight at JP Morgan. Company should see gross margins expand over the coming quarters, as the company gains market share.
upgraded at Morgan Stanley: Morgan Stanley upgrades State Street from underweight to equalweight after the company agreed to buy Investors Financial.
upgraded at Merrill: TLAB was upgraded to Buy at Merrill Lynch. Fourth quarter troubles should reverse throughout 2007. Current risk/reward appears favorable.
rated new Neutral at Credit Suisse: Credit Suisse is initiating coverage on WEBX with a Neutral rating. Believes shares are only modestly undervalued. Sets $50 target price.
STOCK COMMENTS / EPS CHANGES
target raised at Jefferies: BEAV price target raised at Jefferies to $36 from $31. Maintains 2007 EPS estimates at $1.45 and reiterates Buy rating.
price target raised at Goldman: Goldman is increasing its target on CEM to $10 from $9 after company announced sales agreement for struggling EPDM and certain Rubber Chemicals assets for $163 million. Expect future moves to focus on fixing the non-flame retardant plastic additives segment. Maintained Neutral rating.
numbers raised at Jefferies: RKT numbers raised at Jefferies. Price target jumps to $31 from $22. 2007 EPS estimates spike to $2.05 from $1.42. Reiterates Hold rating.
estimates reduced at Goldman: Goldman is cutting its 2008 estimates on SLM to $3.53 from $3.72 due to impact from 2008 Presidential Budget. Key feature of proposal is 50bps drop in lender rates. Believe legislation will be passed before summer recess. Maintained Buy rating but target lowered to $50 from $54.