Tuesday's Analysts' Upgrades, Downgrades
Change in Ratings
Affiliated Computer Services
( ACS) upgraded at Goldman to buy from neutral based on confidence in near-term results and potential outperformance in weak macro backdrop. Believe business model is relatively insulated from modest cutbacks in state spending. Price target raised to $62 from $52.
CB Richard Ellis
(CBG)
downgraded at Citigroup from buy to hold with a $26 price target. Valuation call, as the stock is up 54% over the past three months.
Consol Energy
(CNX) - Get Report
upgraded at Merrill from neutral to buy with a $100 price target. Estimates also raised to reflect higher steam and metallurgical coal prices.
Ford
(F) - Get Report
downgraded at Citigroup from hold to sell with an $8.50 price target. Tracinda investment may help place a floor on the stock, though the fundamental outlook remains bleak.
Symantec
(SYMC) - Get Report
downgraded at Morgan Keegan to market perform. Valuation call, even though near-term earnings should exceed expectations.
Tenet Healthcare
(THC) - Get Report
downgraded at Deutsche from buy to hold with a $7.25 price target. Stock has rallied to within 10% of fair value, though the company will likely continue to improve its balance sheet in the coming quarters.
Wachovia
(WB) - Get Report
upgraded at Deutsche from hold to buy with a $35 price target. Company will likely not have to raise more capital, and the stock appears attractive relative to the franchise value.
XL Capital
(XL) - Get Report
upgraded at Goldman Sachs to buy from neutral based on valuation. See shares trading close to book value and note that probability of SCA worst-case scenario remains low. Price target raised to $40 from $33.
Stock Comments/EPS Changes
Potash
(POT)
numbers raised at Morgan Stanley. Shares of POT now seen reaching $168. Estimates also raised, to match the company's new guidance. Demand should remain strong, given firm farm commodity prices. Equal-weight rating.
This article was written by a staff member of TheStreet.com Ratings.
