CHANGE IN RATINGS
( CKFR) downgraded at Wachovia: CKFR was downgraded from Outperform to Market Perform, Wachovia said. Decelerating revenue growth and sequential declines could keep investors away for the near term. Estimates also cut.
( GYI) upgraded at Piper: Piper is upgrading CNC to an Outperform rating as stock is undervalued relative to peers. Target price now $29.
( CPO) downgraded at Deutsche: CPO was downgraded from Buy to Hold at Deutsche Bank. Valuation call. Estimates moving higher, despite rising corn costs. Pricing also expected to improve by 20% next year. $38 price target.
( GYI) downgraded at JP Morgan: GYI was downgraded from Overweight to Neutral at JP Morgan. Stock also removed from the focus list. Stock continues to appear inexpensive on an earnings basis, but the company lacks a significant near-term catalyst.
upgraded at JP Morgan: JBLU was upgraded from Underweight to Neutral at JP Morgan. Company gave upbeat guidance, but still remains out of favor with the market. 2007 consensus estimate likely needs to double from current levels.
downgraded at Jefferies: Jefferies is downgrading MSCC to Hold from Buy due to changing risk profile. Company acquired PowerDsine, which will reduce overall visibility and push company into more competitive markets. Price target cut to $19 from $28.
downgraded at Wachovia: NOC was downgraded from Market Perform to Underperform at Wachovia. Company has suffered recent high-profile contract losses. Estimates also reduced.
upgraded at UBS: UBS is upgrading Q to Buy from Neutral based on continued margin improvement from cost cutting and improved pricing environment. Raised target price to $10 from $9.50.
of America downgraded at UBS: UBS is downgrading RGA to Neutral from Buy based on valuation. Stock is up 20% since May 6. Maintained $65 target price.
downgraded at Merrill: STX was downgraded from Buy to Neutral at Merrill Lynch. Estimates also cut, to reflect the company's new guidance. Pricing pressure is mounting, and management is struggling to integrate the Maxtor purchase.
estimates lowered at Credit Suisse: Credit Suisse is lowering its 2007 EPS estimates on STX to $1.72 from $1.92 based on competitive pricing environment and lingering Maxtor business. Maintained $35 target price.
STOCK COMMENTS / EPS CHANGES
estimates lowered at Credit Suisse: Credit Suisse is lowering its 2007 EPS estimates on ADI to $1.50 from $1.63 based on lower guidance. Reduced target price to $34 from $38.
estimates cut at Prudential: Prudential is cutting its 2006 estimates on AMZN by 5 cents to 47 cents a share as margins continue to deteriorate. Maintained Underweight rating.
outlook raised at UBS: UBS is raising its 2007 EPS estimates on AV by 3 cents to 66 cents following strong F4Q results. Raised target price to $14 from $12.80.
( CFC) target price raised at UBS: UBS is raising its target price on CFC to $41 from $38. Cites outlook remains challenging but buybacks should support shares. Maintained Neutral rating.
( CKFR) price target cut at Jefferies: Jefferies is lowering its target on CKFR to $51 from $59 after company reported strong Q1 earning but with weak sequential transaction growth of 3%. Reiterated Buy rating.
estimates, target increased at Goldman: Goldman is upping its price target on COH to $46 from $45 after company reported excellent Q1 results. See continuing consumer demand and improving operating margins. 2007 estimates increased to $1.66 from $1.60 and maintained Buy rating.
estimates raised at Piper: Piper is raising its 2008 estimates on COH to $1.96 a share following strong Q1 performance. Maintained Market Perform rating.
target price lowered at Credit Suisse: Credit Suisse is lowering its target price on CYMI to $40 from $44 following mixed 3Q results and lower 4Q guidance. Maintained Neutral rating.
price target raised at Goldman: Goldman is increasing its target on EAT to $48 from $40 after company beat Q1 expectations. See only modest upside after recent share strength. Maintain Sell rating.
estimates trimmed at Jefferies: Jefferies is trimming its 2007 estimates on FLEX by a penny to $0.77 due to growing competition in Asia and potential for execution risks in new businesses. Reiterated Hold.
( GYI) target cut at Piper:Piper is cutting its target price on GYI from $57 to $45 to reflect a lower target multiple and lower earnings expectations. Maintained Market Perform rating.
target raised at Jefferies: Price target on LMT increased to $89 from $87 at Jefferies. See improving operating focus and surprising margin expansion. Reiterated Hold rating.
( LU) estimates raised at Jefferies: Jefferies is raising its 2006 estimates on LU to $0.15 from $0.12 due to strong EVDO revenues. Reiterated Hold and $2.50 target.
price target upped at Jefferies: Jefferies is raising its target on LVLT to $7 from $6 due to strong demand, steady pricing, and increased visibility. Reiterated Buy rating.