CHANGE IN RATINGS
American Eagle Outfitters
( AEOS) downgraded at UBS: UBS said it is downgrading AEOS to Neutral from Buy based on valuation. Shares are up 35% since last quarter. Maintained $48 target price.
downgraded at Bear:CGNX was downgraded from Outperform to Peer Perform, Bear Stearns said. Company seeing a slower than expected recovery in its automation business. Estimates also cut.
downgraded at Morgan Stanley: Morgan Stanley downgrades the Chicago Mercantile Exchange from overweight to equalweight after the company announced its plans to acquire the Chicago Board of Trade.
estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on DWA by 5 cents to 43 cents a share to reflect lower forecast for Over The Hedge and increasing talent expense for Shrek 3.
upgraded at JP Morgan: DWA was upgraded from Underweight to Neutral, JP Morgan said. New analyst sees interest picking up once again, ahead of the third Shrek movie. Even so, near-term results could be disappointing.
downgraded at Friedman, Billings: EMC was downgraded to Market Perform, Friedman, Billings Ramsey said. $13.50 price target. Company had a solid quarter, led by sales of the high-end Symmetrix line. Even so, the stock is already up 30% since July.
downgraded at Citigroup: EMC was downgraded from Buy to Hold, Citigroup said. $14 price target. Competition is heating up, and year-over-year comps become more difficult in the first half of 2007.
downgraded at Citigroup: ENDP was downgraded to Hold, Citigroup said. $26 price target. FDA has opened the door for generic competition to Lidoderm, and the franchise could be commoditized by 2010.
Energy Transfer Partners
initiated at Morgan Stanley: Morgan Stanley initiated coverage of Energy Transfer Partners with an overweight and a $55 price target, based on the companies attractive growth profile.
downgraded at Jefferies: Jefferies said it is downgrading FRX to Hold from Buy due to lack of catalyst following strong run in share price. Company recently prevailed in Lexapro patent case, but FDA hurdles for faropenem may pressure shares. Price target remains at $54.
estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on IBM to $6.02 from $5.82 following better than expected 3Q results. Raised target price to $94 from $86.
upgraded at Goldman Sachs: Goldman said it is upgrading IBM to Buy from Neutral due to greater upside for shares on software strength. See shares under-owned institutionally vs. large-cap peers. Price target raised to $100 from $92.
outlook raised at Credit Suisse: Credit Suisse said it is raising its 2007 EPS estimates on IBM to $6.63 from $6.40 following strong 3Q results. Raised target price to $100 from $90.
downgraded at Merrill: Rating on IBM was downgraded from Buy to Neutral, Merrill Lynch said. Stock moved well past the $85 price target in after-hours trading, and is up about 25% over the past three months. Risk/reward is now neutral.
downgraded at Baird: Rating on LEA was lowered to Underperform, Robert Baird said. Stock surged 15% on news of the Icahn purchase, though continue to believe that cash flow is not sufficient to ultimately repay debt. $22 price target.
downgraded at Goldman Sachs: NTAP downgraded to Neutral from Buy due to valuation, Goldman said. Shares reached $37.50 target price, ourperforming overall market since recommendation on July 20. See fair valuation.
downgraded at JP Morgan: NYT was downgraded from Neutral to Underweight, JP Morgan said. Company to face higher challenges to its core business over the next six months.
downgraded at Credit Suisse: Credit Suisse said it is downgrading PRE to Neutral from Outperform based on valuation. Maintained $73 target price.
downgraded at Goldman Sachs: SPLS downgraded to Neutral from Buy, Goldman said. See office superstore capacity growth driving increased concerns regarding competitive pressure. Price target at $29.
upgraded at Citigroup: TTWO was upgraded to Hold, Citigroup said. $17 price target. Recent management changes remove an overhang from the stock. Shares should also trade well ahead of the Oct. 2007 launch of Grand Theft Auto 4.
downgraded at Credit Suisse: Credit Suisse said it is downgrading WSH to Neutral from Outperform based on valuation. Stock outperformed the market by 12% since June 30. Maintained $41 target price.
downgraded at Wachovia: XTXI was downgraded from Outperform to Market Perform, Wachovia said. Stock is up 54% year-to-date, and fully reflects the company's earnings and dividend growth.
estimates lowered at UBS: UBS said it is lowering its 2007 EPS estimates on YHOO to 50 cents from 54 cents following inline 3Q results and weakened 4Q guidance. Lowered target price to $33 from $36.
downgraded at Piper: Piper said it is downgrading YHOO to a Market Perform rating as weak Q4 guidance indicated structural issues remain.
estimates bumped up at Jefferies: 2006 estimates on YHOO increased by a penny, Jefferies said. Soft Q3 results tempered by phase 1 launch of Panama. Reiterated Buy rating and $39 target.
STOCK COMMENTS / EPS CHANGES
estimates cut at Jefferies: Jefferies said it is cutting its 2006 estimates on ADTN to $1.12 from $1.22 following inline Q3 results but weak Q4 guidance. See attractive new product pipeline. Reiterated Buy rating.
price target raised at Jefferies: Target on ETR upped to $93 from $89, Jefferies said. Company reported positive preliminary Q3 guidance. 2006 estimates raised to $4.70 from $4.55. Reiterated Buy rating.
target raised at Jefferies: Price target on HWAY increased to $55 from $48, Jefferies said. Impressive 2007 guidance of $1.44-$1.61 should prompt short covering. Reiterated Buy rating.
estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on INTC by a penny to 85 cents following slightly better 3Q results. Maintained $25 target price.
estimates raised at Goldman:Goldman said it is upping its 2006 estimates on INTC to $0.85 from $0.75 after company reported better than expected Q3 earnings driven by higher gross margins, lower expenses and taxes, and lower sharecount. See positive results priced into shares. Maintained Neutral rating.
price target raised at Jefferies: Jefferies said it is increasing its target on INTC to $25 from $24 after company reported better than expected Q3 results. See company well positioned to regain market share on strong new products and corporate restructuring. Reiterated Buy rating.
Johnson and Johnson
( MOT) target boosted at Morgan Stanley: Morgan Stanley raises 2006-2008 EPS estimates for Johnson and Johnson and moves its price target to $67. Maintain equal weight.
( MOT) estimates raised at UBS: UBS said it is raising its 2007 EPS estimates on MOT to $1.56 from $1.46 based on reduction in share count. Believes company's revised 2007 estimates are conservative. Maintained Buy rating and $30 target price.
( MOT) estimates cut at Credit Suisse: Credit Suisse said it is lowering its 2006 EPS estimates on MOT to $1.26 from $1.32 following weaker than expected 3Q results. Maintained Outperform rating and $30 target price.
price target increased at Goldman: Goldman said it is raising its target on ODP to $47 from $43 to reflect stronger revenue growth in BSG Delivery and International businesses. 2006 estimates raised 5 cents to $1.93. Maintained Neutral rating.
estimates raised at Credit Suisse: Credit Suisse said it is raising its 2006 EPS estimates on ODP to $1.91 from $1.80 to reflect signals that Europe is getting better. Raised target price to $48.
estimates raised at Piper: Piper said it is raising its 2007 estimates on ODP to $2.32 a share to reflect higher expected revenue growth following solid quarter. Maintained Market Perform rating.
estimates increased at Jefferies: Jefferies said it is upping its 2006 estimates on UTX by 5 cents to $3.70 after company reported strong Q3 earnings of $0.99. See market leader continuing trend of above average returns. Reiterated Buy rating.