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
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.
upgraded at Merrill from neutral to buy with a $100 price target. Estimates also raised to reflect higher steam and metallurgical coal prices.
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.
downgraded at Morgan Keegan to market perform. Valuation call, even though near-term earnings should exceed expectations.
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.
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.
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
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.