CHANGE IN RATINGS
upgraded at Merrill: ATI was upgraded from Neutral to Buy at Merrill Lynch. $85 price target. Earnings should continue to expand, based on the company's growing exposure to the titanium market.
downgraded at Keefe, Bruyette: Rating on C was lowered from Outperform to Market Perform at Keefe, Bruyette & Woods. $54 price target, suggesting only a 10% total return over the next year.
estimates cut at Morgan Stanley: Morgan Stanley is cutting 2006 EPS estimates and raising 2007 ahead of next weeks earnings. Lower 2006 EPS estimates is driver by a lower NIM and higher reinvestment.
( CHTT) downgraded at JP Morgan: CHTT was downgraded from Overweight to Neutral at JP Morgan. Valuation call, as the stock is up 50% since reporting second quarter earnings.
downgraded at Credit Suisse: Credit Suisse is downgrading CMI to Neutral from Outperform based on valuation. Stock is up 35% year-to-date. Maintained $140 target price.
( LEND) rated new Underweight at Morgan Stanley: Morgan Stanley initiates Accredited Home Lenders at underweight with a $36 price target.
downgraded at Friedman, Billings: LM was downgraded to Market Perform at Friedman, Billings Ramsey. $97 price target. Company warned, despite the recent strong equity market performance.
downgraded at Merrill: LM was downgraded from Buy to Sell, Merrill Lynch said. Stock will likely trade at a discount to its peers following its latest pre-announcement. Estimates also cut. See fair value around $87 a share.
( SOV) upgraded at FBR: FBR upgrades Sovereign Bancorp to outperform and raises the price target based on increased likelihood of a full bank sale.
upgraded at BB&T: BB&T upgrades Texas Industries to buy, and sets a $60 price target.
rated new Neutral at UBS: UBS is initiating WTW with a Neutral rating. Believes company is well-positioned to benefit from global weight problem but sees near-term execution risks. Sets $49 target price.
STOCK COMMENTS / EPS CHANGES
estimates cut at Prudential: Prudential is cutting its 2006 estimates on AA by 21 cents to $2.84 a share to reflect third-quarter shortfall and lower fourth-quarter expectations. Maintained Neutral Weight rating.
estimates lowered at UBS: UBS is lowering its 2006 EPS estimates on AA to $2.89 from $2.95 following disappointing Q3 results. Lowered target price to $36 from $38.
estimates cut at Goldman Sachs: Goldman is cutting its 2006 estimates on AA to $2.82 from $3.15 after company reported weak results in upstream segment. Reiterated Sell rating and $30 target.
estimates raised at UBS: UBS is raising its 2006 EPS estimates on AEP to $2.75 from $2.70 based on bullish 2007-2009 outlook. Raised target price to $41 from $38.
( DNA) target upped at Jefferies: CRM price target raised to $35 from $30 at Jefferies. Company highlighted new programming language and functional enhancements to core applications at its recent analyst meeting. Reiterated Hold rating.
( DNA) estimates raised at Piper: Piper is raising its 2006 estimates on DNA by 14 cents to $2.14 a share to reflect updated guidance, slower bio-oncology growth, and higher Lucentis sales. Maintained Outperform rating.
( DNA) estimates increased at Jefferies:Jefferies is raising its 2006 estimates on DNA by 9 cents to $2.16. Q3 earnings beat driven by blowout Lucentis sales. See strong Avastin and Herpecin growth resuming in Q4. Reiterated Buy rating and $106 target.
estimates lowered at Jefferies: HUN 2007 estimates cut to $1.45 from $1.85 due to sale of European Base Chemicals business and expected sale of U.S. petrochemical assets. Reiterated Hold rating and $20 target.
outlook raised at UBS: UBS is raising its 2006 EPS estimates on JNPR to 76 cents from 73 cents. Believes company will post slightly better 3Q results. Raised target price to $18.25 from $16.
price target raised at Jefferies: Jefferies is increasing its target on ROST to $30 from $23.25 due to acquisition of 46 locations from Albertsons. See new stores, which are in top-performing markets, mitigating underperfomance of current laggard stores. Reiterated Hold rating.
( WMI) cut from Focus List at JP Morgan: WMI was removed from the Focus List, JP Morgan said. Company continues to manage its business well, though the stock is already up 23% year-to-date. Overweight rating.