CHANGE IN RATINGS
( AGP) upgraded at Wachovia to Outperform. Recent selloff has already priced in any pending legal action or the recent convertible bond offering. Margins should also continue to improve over the coming quarters.
( BOW) downgraded at JP Morgan from Neutral to Underweight. Global newsprint markets should continue to suffer from oversupply.
Chicago Bridge & Iron
upgraded at Goldman Sachs to Buy from Neutral. See sustained momentum in sales and margins, based on tight supply in process engineers. Winning Peruvian LNG project was major win. Price target raised to $37 from $30.
downgraded at Goldman Sachs to Neutral from Buy. Still bullish on commercial construction cycle, but recognize that comparisons are getting tougher in 2007. See shares as fairly valued. Price target lowered to $60 from $64.
upgraded at Goldman Sachs to Buy from Neutral due to expected growth in margins and revenue spurred by sustained tight supply of process engineers. Price target raised to $72 from $59.
downgraded at CIBC from Outperform to Sector Perform. Valuation call, based on a $135 price target. Tubular steel pricing should remain strong, but the company once again trades in line with its peers.
( KCI) upgraded at Jefferies to Buy rating from Hold. Price target jumps to $60 from $51 and 2007 EPS estimates rise to $3.27 from $3.07.
downgraded at Robert Baird from Outperform to Neutral. $46 price target. Winter storm restoration costs should be a drag on full-year earnings, and the stock looks fully valued against its peers.
( NOVL) downgraded at Jefferies to Hold rating from Buy. Price target and 2007 EPS estimates hold at $8 and $0.07, respectively.
( SGR) downgraded at Goldman Sachs to Sell from Neutral based on belief that company will not benefit from energy infrastructure build-out as much as FWLT and CBI. Price target lowered to $27 from $33.
downgraded at Bernstein from Outperform to Market Perform. Stock already reflects recent earnings strength and expected future cost-cutting.
upgraded at Morgan Stanley from equalweight to overweight and raises price target from $13.50 to $17.00.
STOCK COMMENTS / EPS CHANGES
estimates adjusted at Goldman following Friday's spin-off of the company's 89% stake in Kraft. 2007 estimates lowered to $4.27 from $5.61. Based on sum-of-parts valuation, Goldman's target on MO reduced to $76 from $101. Reiterated Buy rating.