CHANGE IN RATINGS
( ATHR) downgraded at Piper Jaffray to Market Perform from Outperform. Margin upside may prove challenging as 802.11g products penetrate lower-ASP equipment. $33 price target.
downgraded at Friedman, Billings Ramsey to Market Perform. Valuation call, based on a $70 price target. Business remains strong.
coverage initiated at Morgan Stanley with an overweight rating and $48 price target.
downgraded at BB&T Capital to Hold. Stock has doubled the performance of the S&P 500 over the past year, and has reached the $55 price target. Company also posted disappointing quarterly results this morning.
downgraded at Citigroup to Sell from Hold. Second quarter earnings of $0.57 were in-line, but downward revision to guidance, continued competitive pressure on the valve business, and minimal contribution from new products could hurt business in near-term. $44 price target.
downgraded at Citigroup to Hold from Buy. Positive EPS revisions have driven the stock to +26% move YTD, however, this looks set to stall. Expectations running too high. Lowering price target to $65 from $70.
downgraded at CIBC to Sector Perform from Sector Outperform. Second quarter EPS missed estimates significantly due primarily to bad debt, contract labor, and medical malpractice. Price target lowered to $34 from $45.
downgraded at Bear Stearns from Outperform to Peer Perform. Valuation call, though scarcity in the GPS market makes the company a potential M&A target.
downgraded at UBS to Neutral rating from Buy. Price target drops to $26 from $38 and FY 2008 EPS estimates lowered to $1.85 from $2.31.
downgraded at Jefferies to Hold rating from Buy. Price target holds at $20 and FY 2008 EPS estimates lowered to $1.03 from $1.10.
Right Now Technologies
( RNOW) upgraded at Credit Suisse to Outperform from Neutral based on valuation, low expectations and strong end markets. Raised target price to $21 from $18.
upgraded at Citigroup from Hold to Buy. $60 price target. Company had a weak second quarter, but remains one of the top retail banking franchises in the US.
STOCK COMMENTS / EPS CHANGES
target raised at Merrill Lynch. Now seen reaching $173 a share. Estimates also raised to reflect Mac share gains and the economics of the iPhone. Buy rating.
target price raised at Credit Suisse to $46 from $40 based on continued strong video game trends. Maintained Outperform rating.
numbers raised at Jefferies. Price target lifts to $48 from $43, and FY 2008 EPS estimates upped to $2.95 from $2.85. Reiterates Buy rating.
Halliburton estimates raised at Goldman. 2007 estimates raised to $2.40 from $2.23. See upside driven by North American pressure pumping revenues and continuing strength in international operations, including Latin America and Eastern Hemisphere. Price target raised to $41 from $39 and maintained Neutral rating.
numbers lowered at Jefferies. Price target drops to $35 from $42.50, and FY 2008 EPS estimates dips to $2.53 from $3.00. Reiterates Hold rating.
estimates higher at Goldman. It is upping its 2007 estimates on MRK to $3.12 from $3.01, driven mainly by strength in smaller products and international. Second quarter results beat consensus by 10 cents, and management raised 2007 guidance by $0.25. Target price raised to $55 from $52 and maintained Neutral rating.
numbers raised at Jefferies. Price target lifts to $43 from $40, and FY 2008 EPS estimates upped to $2.15 from $2.06. Reiterates Buy rating.
Texas Instruments price target raised at Goldman to $32 from $28 following strong second quarter results. See improving margins and better expense controls, but remain concerned about book-to-bill and effects of inventory strategy. Maintained Neutral rating.