CHANGE IN RATINGS
was downgraded from Buy to Neutral at Merrill Lynch. Strong second-quarter earnings are already priced into the stock, which has just moved through the $47 price target.
was upgraded to Hold at Citigroup. $21 price target. New Alzheimer's drug could be a potential blockbuster product, reaching the market in about two years.
target price raised at Goldman to $85 from $65 based on sum of parts analysis following latest Tracinda offer. Maintined Neutral rating.
MGM Mirage upgraded from Peer Perform to Outperform at Bear Stearns. $95 price target. Tracinda announcement should help unlock value from the company.
was upgraded from Hold to Buy at AG Edwards. The energy sector is once again leading the market higher, but the market only appears to be discounting oil at $48 a barrel.
was upgraded to Buy at Merrill Lynch. Pioneer purchase should immediately add to earnings. $24 price target. New scale and increased profitability in the chlor-alkali business could also allow the company to exit lower margin areas.
was upgraded from Neutral to Buy at Merrill Lynch. $47 price target. Stock has doubled over the past year, but the company remains a play on the coal and nuclear construction cycles.
was downgraded to Neutral at Merrill Lynch. Supply overhang should continue into the second half of the year, and cause the stock to move sideways. Fair value lies around $45.
was upgraded to Outperform at Wachovia. Recent site visit leads to belief that margin gains are possible in the coming quarters. Parts and service business also continues to ramp. 2008 estimates raised.
STOCK COMMENTS / EPS CHANGES
2007 EPS estimates raised at Goldman to $6.65 from $6.50 to reflect upside to Q1 results. Raised target price to $87 from $85.
2008 EPS estimates lowered at Goldman to 46 cents from 51 cents to reflect Q1 miss. Maintained $20 target price.
numbers raised at UBS. Price target lifts to $103 from $97, and 2008 EPS estimates rise to $5.95 from $5.85. Reiterates Buy rating.
STRATEGY CALLS / MARKET CALLS
Cowen changes ratings on 2 Defense stocks: LMT was downgraded from Outperform to Neutral, Cowen said. The rating on RTN was also boosted from Neutral to Outperform, based on the potential for re-deployment of capital from the RAC sale. On the other hand, Lockheed's earnings growth is expected to slow through 2008.