CHANGE IN RATINGS
upgraded at Credit Suisse to Outperform from Neutral based on valuation. Believes sell off due to UK flood loss fears is overdone. Raised target price to $29 from $28.
upgraded at UBS to Neutral rating from Buy. However, price target lowered to $59 from $61.
Cabot Oil & Gas
upgraded at Keybanc to Aggressive Buy. Stock has pulled back 22% since June, despite a positive second quarter report. Little priced into the Floyd Shale play. $45 price target.
coverage initiated at Morgan Stanley with an equalweight rating and $32 price target.
upgraded at Deutsche Bank from Hold to Buy. $26 price target. Company appears to have more operating leverage potential, after digesting the second quarter results.
upgraded at JP Morgan from Underweight to Overweight. Valuation call, as Tarceva should be the major catalyst over the next 12 months.
upgraded from Equal-weight to Overweight at Lehman Bros. $11 price target. Ed Mueller should be a good CEO and make the necessary cost cuts.
RF Micro Devices
upgraded at Citigroup from Hold to Buy. $8.60 price target. Sirenza deal changes the story, and possible margin improvement is possible over the long term.
downgraded at Jefferies to Under Perform rating from Hold. Price target slashed to $10 from $24 and 2008 eps estimates now stand at $1.52 from $2.68.
Thornburg Mortgage downgraded from Market Perform to Underperform at Friedman, Billings Ramsey. $10 price target. Company is the midst of the commercial paper liquidity crisis, but maintains a clean balance sheet.
Thornburg Mortgage downgraded at Piper to an Underperform rating due to liquidity pressures, despite very good credit quality.
initiated at Jefferies with Buy rating. Price target set at $42 and 2008 eps estimates begin at $0.84. EMC spinoff will begin trading today on NYSE.
upgraded at JP Morgan to Overweight. Company should experience wave of renewals around December.
STOCK COMMENTS / EPS CHANGES
2008 estimates raised at Piper by 2 cents to $1.18 a share to reflect continued cost controls and factor in Q4 upside. Maintained Market Perform rating.
target price raised at Goldman to $15 from $13 based on better revenue and cost performance. See domestic market remaining weak, in part due to housing-related pressures weighing on consumer spending. Maintained Sell rating.