CHANGE IN RATINGS
Abercrombie & Fitch
downgraded at Credit Suisse:Credit Suisse is downgrading ANF to Neutral from Outperform. Believes risk/reward is balanced. Raised target price to $83 from $77.
Ann Taylor Stores
downgraded at Credit Suisse:Credit Suisse is downgrading ANN to Neutral from Outperform based on valuation. Believes risk/reward is balanced. Maintained $48 target price.
upgraded at Goldman Sachs:Goldman is upgrading BIDU to Neutral from Sell due to higher estimates and more reasonable valuation. Company reported Q3 results that fell short of consensus estimates. See 2007 and 2008 growth mapping closer to Google. Price target at $93.
upgraded at Wachovia:CMG was upgraded from Underperform to Market Perform at Wachovia. Company continues to deliver remarkable comp sales and earnings growth, despite a challenging environment. Estimates also raised through 2007.
( DIVX) rated new Overweight at JP Morgan:DIVX was initiated with an Overweight rating at JP Morgan. Profitable, early-stage company has great growth prospects. CE licensing should fuel growth through 2008.
estimates raised at Goldman:2006 estimates on DWA raised to $0.63 from $0.52 at Goldman. Strong Q3 driven by Madagascar home video sales. Maintained Neutral rating.
upgraded at Jefferies:Jefferies is upgrading DWA to Buy from Hold after Q3 results beat expectations. See short-term overhangs nearly resolved and strategic business model "kicking in". Price target increased to $31.50 from $27.50.
estimates raised at Prudential:Prudential is raising its 2006 estimates on DWA by 23 cents to 66 cents a share following much better-than-expected quarter. Maintained Neutral Weight rating, target price upped to $26.
downgraded at Morgan Stanley:Morgan Stanley downgraded GlaxoSmith Kline to equalweight. Analyst also lowered EPS estimates and price target. Sees further risk both short and long term.
upgraded at Deutsche:IACI was upgraded from Hold to Buy at Deutsche Bank. $36 price target. Steady growth should return in 2007, led by the company's retail operations.
price target increased at Goldman:Goldman is upping its target on IACI to $35 from $31 following strong Q3 results. See strong organic revenue growth of 8$ and share buybacks. Maintained Neutral rating.
upgraded at Bear:OCR was upgraded from Peer Perform to Outperform at Bear Stearns. Stock is already pricing in bad quarter and poor 2007 guidance, after the 11% decline.
price target slashed at Jefferies:Jefferies is cutting its target on OCR to $44 from $60 due to disappointing Q3 and lower visibility. Maintain buy rating.
downgraded at Morgan Stanley:Morgan Stanley downgrades Omnicare from overweight to equalweight and cuts EPS estimates for 2006-2008.
upgraded at Baird:OSK was upgraded from Neutral to Outperform at Robert Baird. $60 price target. Stock is discounting risks of the JLG acquisition, and is attractive to buy up to $50.
upgraded at JP Morgan:PAY was upgraded from Neutral to Overweight at JP Morgan. Estimates also raised to reflect the Lipman acquisition. Competition remains weak, and the company now controls 34% of the market.
downgraded at Bear:PLT was downgraded from Peer Perform to Underperform at Bear Stearns. Stock has made a run, and fair value is closer to $16, given a slower growth outlook.
STOCK COMMENTS / EPS CHANGES
( AGP) estimates cut at Jefferies:2007 estimates on AGP cut to $1.58 from $1.93 at Jefferies. Shares fell 15% yesterday due to initial jury award in quai tam litigation. Price target lowered to $34 from $37 and reiterated Hold rating.
estimates cut at Prudential:Prudential is cutting its 2007 estimates on AGR by 8 cents to 65 cents a share to reflect lower revenue assumptions. Maintained Underweight rating.
estimates raised at UBS:UBS is raising its 2006 EPS estimates on CE to $2.80 from $2.65 following strong 3Q results. Raised target price to $22 from $20.
( CEPH) price estimates raised at Jefferies:Jefferies is upping its 2007 estimates on CEPH by 6 cents to $3.96 due to higher expectations for Fentora. Price target increased to $61.50 from $56.50 and reiterated Hold rating.
( UARM) price target raised at Goldman:Target on DIS increased to $37 from $34 at Goldman. See upside at ABC in Q4, gains in ESPN viewership, and DVD releases providing catalysts for year end. Maintain buy rating.
( UARM) estimates increased at Goldman:2006 estimates on Q upped to $0.28 from $0.25 at Goldman. See positive operating momentum and significant free cash flow growth. However, continue to see pressures in local business and slowing margin expansion. Maintain Sell rating and $7.50 target.
( UARM) estimates raised at Goldman:Goldman is upping its 2006 estimates on UARM to $0.81 from $0.71 following better than expected Q3 results, driven by strength in men's category. View shares as overvalued. Maintained Neutral rating.
( UARM) estimates raised at Credit Suisse:Credit Suisse is raising its target price on UARM to 95 cents from 88 cents following strong 3Q results. Raised target price to $47 from $38.
( UARM) estimates raised at Piper:Piper is raising its 2007 estimates on UARM by 4 cents to $1.00 a share following solid quarter and strong forward guidance. Maintained Market Perform rating, target price raised to $43.