CHANGE IN RATINGS
2008 estimates slashed at Goldman to $0.43 from $0.78. Sales of large-screen flat panel TVs are tracking well short of expectations, and company is reluctant to back away from strategic investments or reduce marketing and labor spending. Believe management guidance is overly aggressive, as dramatic turnaround is business trends would be needed to hit numbers. Stock currently not rated.
Circuit City was downgraded from Outperform to Sector Perform at CIBC. Despite cost-cutting, sales will likely remain below plan for some time.
Circuit City was downgraded from Buy to Hold at Citigroup. $17 price target. Management has cut guidance twice in the past month. Investors should not buy the stock into the sell-off Tuesday morning.
was upgraded at Goldman Sachs to Buy from Neutral based on valuation. Shares are trading at low end of historical P/E range at the point in the economic cycle that Goldman believes investors should be buying high-quality multi-industry plays like Danaher. Price target raised to $81 from $76.
downgraded at Piper from Outperform to Underperform. $50 price target. Estimates also cut, to reflect the company's new fiscal 2008 guidance.
upgraded to Buy rating from Neutral rating at UBS. Price target jumps to $51 from $36 and 2007 EPS estimates rise to $3.00 from $2.50.
was upgraded from Neutral to Buy at Merrill Lynch. $37 price target. Company has a healthy earnings outlook, with near-term upside potential.
was upgraded from Underperform to Peer Perform at Bear Stearns. Company will buy back $2 billion of stock this year, and continues to trade at a discount to its peers.
was upgraded from Hold to Buy at Citigroup. $28 price target. Peak earnings could be higher than expected in the current containerboard cycle, plus the company pays an attractive 4% dividend yield.
was lowered from Neutral to Underweight at Prudential. $16 price target. Company is struggling outside of wireless, and the stock will likely continue to underperform.
was upgraded from Underweight to Neutral at Prudential. $37 price target. Estimates also raised, to reflect improving revenue growth and accelerating FiOS TV subscriber additions.
STOCK COMMENTS / EPS CHANGES
( ATHR) numbers raised at Jefferies. Price target lifts to $33 from $30, and 2007 EPS estimates rise to $1.03 from $0.98. Reiterates Buy rating.
numbers raised at Jefferies. Price target lifts to $42 from $36, and 2007 EPS estimates rise to $1.50 from $1.40. Reiterates Buy rating.