CHANGE IN RATINGS
upgraded at Goldman Sachs to Buy from Neutral based on strong sales momentum. See top-line performance at the high end of guidance for current quarter, and momentum carrying into following quarters thanks to ongoing 2-D to 3-D CAD migration. Price target raised to $44 from $40.
Advanced Micro Devices
upgraded at UBS to Neutral rating from Reduce at UBS. Price target lifts to $14 from $12 and FY2007 EPS estimates hold at $2.25.
downgraded at JP Morgan from Overweight to Neutral. Stock also taken off the Focus List, based on valuation. Lower earnings visibility is also becoming a factor.
upgraded at Jefferies to Buy rating from Hold. Price target jumps to $27 from $19 and FY2007 EPS estimates lift to $0.99 from $0.98.
upgraded at Goldman to Buy from Neutral, based on strengthened product set across database, applications and middleware. See applications business gaining market share and potential for modest multiple expansion. Price target pushed to $22 from $20.
downgraded at Prudential from Overweight to Neutral. $66 price target. Company facing higher scrap containerboard costs, and multiples in the building products business could fall because of cyclical pressures.
downgraded at UBS to Neutral rating from Buy. Price target and FY2007 EPS estimates hold at $66 and $2.25, respectively.
STOCK COMMENTS / EPS CHANGES
2007 estimates lowered at Credit Suisse to $1.58 from $1.75 after company warned that its F3Q results would fall short of estimates. Maintained Outperform rating.
Goldman is cutting its target on Seagate to $25 from $28 following company's negative preannouncement. See lower volumes and incremental pricing going into seasonally weak June quarter. 2007 estimates reduced to $2.25 from $2.75. Maintained Neutral rating.
target price lowered at Credit Suisse to $26 from $28 following negative preannouncement. Maintained Underperform rating.