CHANGE IN RATINGS
downgraded at Merrill Lynch to Neutral. Valuation call, as the stock is already pricing in 100% clinical success for Xiaflex.
upgraded at Merrill Lynch from Neutral to Buy. $81 price target. Stock is trading in-line with its growth rate, which places valuation at 5-year lows. Earnings growth should re-accelerate in 2008.
( COGN) downgraded at Jefferies to Hold rating from Buy. FY 2008 EPS estimates and price target hold at $2.04 and $48.
Cognos downgraded at Goldman Sachs to Neutral from Buy based on valuation. See continuing acquisition bids in BI sector on the heels of SAP's bid for BOBJ. Price target moves to $54 from $48 due to higher comps in sector.
downgraded at JP Morgan from Neutral to Underweight. Consensus estimates are likely too high through 2010, as there will likely be a negative mix shift in the contact lens business.
downgraded at Morgan Stanley from overweight to equalweight and drops its $39 price target.
( DRS) technologies initiated at UBS with Buy rating. Price target begins at $66 with FY 2008 EPS estimates set at $3.10.
downgraded at Goldman to Neutral from Buy. See limited near-term positives for company, with 2007 earnings estimates decreasing to $0.14 from $0.17 on lower unit growth. Still positive on long-term margin-expansion story. Price target to $10 from $12.
downgraded at Deutsche Bank from Buy to Hold. $60 price target. Stock is up 22% since March. $60 price target.
upgraded at Goldman Sachs to Buy from Neutral based on capacity cuts by Southwest and also relative valuation. See above average free cash flow and better outlook for domestic airlines as international growth slows. Price target at $36.
upgraded at Morgan Stanley from underweight to equalweight.
downgraded at Merrill Lynch to Neutral. Valuation call, as the consumer segment will likely limit near-term upside. Estimates also lowered, as the company pre-announced lower sales for the second straight quarter.
( MNT) downgraded at Merrill Lynch from Neutral to Sell. Valuation call, especially as competition with AGN is heating up.
downgraded at UBS to Neutral rating from Buy. FY 2008 EPS holds at $3.90 while price target upped to $33 from $30.
downgraded at Deutsche Bank from Buy to Hold. $77 price target. Valuation call. $77 price target represents a 30% premium to the S&P 500.
downgraded at Suntrust, Robinson Humphrey from Buy to Neutral. Valuation call, as the stock is up 43% since February.
Rohm & Haas
( ROH) initiated at UBS with Neutral rating. Price target begins at $60 with FY 2008 EPS estimates set at $3.90.
State Auto Financial
downgraded at Keybanc from Buy to Hold. Stock has reached the $31 price target. Estimates also cut, to reflect the difficult property & casualty insurance market.
STOCK COMMENTS / EPS CHANGES
target raised at Credit Suisse to $28 from $25 based on continued momentum in industry and from its strong franchises. Maintained Outperform rating.
target raised at Credit Suisse to $34 from $30 based on expected strong rate environment into 2009. Maintained Outperform rating.
target raised at Credit Suisse to $65 from $50. Cites strong momentum, excellent sell through for Halo 3 and recent console price cuts will lead to solid third quarter results. Maintained Outperform rating.