Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
Author:
Publish date:

CHANGE IN RATINGS

Bare Escentuals

(BARE)

initiated at SunTrust: SunTrust Robinson Jumphrey initiates coverage of Bare Escentuals with a buy rating, as it believes the company has significant room for expansion in the U.S. and Europe. Price target of $40.

Bare Escentuals

(BARE)

coverage initiated at Goldman Sachs: BARE coverage initiated with a Neutral rating, Goldman said. See strong long-term prospects priced into stock. Price target at $28.

Broadcom

(BRCM)

upgraded at Raymond James: BRCM was upgraded from Market Perform to Outperform, Raymond James said. $35 price target. Company likely to host a bullish analyst meeting next week, and see the potential for market share gains over the coming quarters.

Compucredit

(CCRT)

coverage initiated at Jefferies: CCRT initiated with a Buy rating, Jefferies said. See attractive entry point due to credit concerns. Other positives include solid fundamentals and growing contribution of ancillary businesses. Price target at $40.

Citizens Communications

(CZN)

downgraded at Merrill: CZN was downgraded from Buy to Neutral, Merrill Lynch said. Stock also cut from the Focus 1 list. Company trading at a premium to the other rural telecom names.

Dean Foods

(DF) - Get Report

upgraded at AG Edwards: DF was upgraded from Hold to Buy, AG Edwards said. $46 price target. Company has strong earnings potential heading into the new year, and the valuation appears attractive after the stock's recent pullback.

Emerson Electric

(EMR) - Get Report

downgraded at Friedman, Billings: EMR was downgraded from Outperform to Market Perform, Friedman, Billings Ramsey said. Company posted a solid quarter, but the stock already trades at a sizable premium to the group. $96 price target.

Harrah's Entertainment

(HET)

downgraded at Bear: HET was downgraded from Outperform to Peer Perform, Bear Stearns said. Stock is already pricing in a likely takeover bid.

International Game Tech

(IGT) - Get Report

upgraded at Bear: IGT was upgraded from Peer Perform to Outperform, Bear Stearns said. $50 price target. Company has a solid pipeline of growth opportunities over the coming quarters, and the stock is attractively valued after yesterday's 5% pullback.

International Game Tech

(IGT) - Get Report

numbers raised at Morgan Stanley: Morgan Stanley raises 2007 EPS estimates for International Game Technology and reiterates price target of $55.

International Game Tech

(IGT) - Get Report

target raised at Jefferies: Jefferies said it is increasing its target on IGT to $49 from $45 after company beat street estimates for its Q4. Current focus on international and systems business should pull it through domestic drought. Reiterated Buy rating.

Leap Wireless

(LEAP)

upgraded at Bear Stearns: Bear Stearns upgrades Leap Wireless with a $67 price target, as it sees Leap as the best way to invest in a differentiated wireless company with rapid long term growth.

Medicis Pharma

(MRX)

upgraded at JP Morgan: MRX was upgraded from Neutral to Overweight, JP Morgan said. Company announced final approval for Ziana, which came sooner than expected. 2007 estimate also raised to $1.75.

OSI Pharma

(OSIP)

downgraded at Bear: OSIP was downgraded from Outperform to Peer Perform, Bear Stearns said. Macugen sales came in well below expectations, and the company's newsflow pipeline is light over the next couple of quarters.

SAIC

(SAI)

rated new Neutral at UBS: UBS said it is initiating coverage on SAI with a Neutral rating. Cites size does matter but so does valuation. Sets $21 target price.

Shutterfly

(SFLY) - Get Report

estimates raised at JP Morgan: JP Morgan raises estimates for Shutterfly after the company reported 3rd quarter numbers that were well ahead of consensus.

Shutterfly

(SFLY) - Get Report

coverage initiated at Jefferies: Jefferies said it is initiating coverage on SFLY with a Buy rating and $16 target. See loyal customer base and premium pricing ability in competitive market.

Telephone & Data

(TDS) - Get Report

downgraded at Merrill: TDS was downgraded from Buy to Neutral, Merrill Lynch said. $72 price target. Current valuation appears full, and prefer USM at current levels.

Teva Pharma

(TEVA) - Get Report

downgraded at JP Morgan: TEVA was downgraded from Overweight to Neutral, JP Morgan said. Company posted strong third quarter, but lacks potential catalysts for 2007. Would not put new money into the stock at current levels.

Teva Pharma

(TEVA) - Get Report

downgraded at Wachovia: TEVA was downgraded from Outperform to Market Perform, Wachovia said. Company facing tough comps in 2007, and transition with the new CEO will likely not be easy.

Teva Pharma

(TEVA) - Get Report

target reduced at Goldman: Goldman said it is lowering its price target on TEVA to $40 from $42 due to limited visibility into 2007. 2007 estimates trimmed 5 cents to $2.16. Maintain Neutral rating.

Toll Brothers

(TOL) - Get Report

downgraded at Wachovia: TOL was downgraded to Market Perform, Wachovia said. Fourth quarter results came in well below expectations, and the company is not immune to pricing problems. Estimates also cut.

Urban Outfitters

(URBN) - Get Report

upgraded at CIBC: CIBC upgrades Urban Outfitters to sector outperform with a $24 price target, based on improvements at the company's Anthropologie stores.

Whole Foods

(WFMI)

upgraded at JP Morgan: WFMI was upgraded from Neutral to Overweight, JP Morgan said. 41% pullback presents an opportunity to start buying the stock.

STOCK COMMENTS / EPS CHANGES

Career Education

(CECO) - Get Report

estimates lowered at UBS: UBS said it is lowering its 2006 EPS estimates on CECO to $1.50 from $1.64 on lower margin assumption. Maintained Neutral rating.

Limited Brands

(LTD)

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on LTD by 2 cents to $1.74 a share to reflect holiday season expectations. Maintained Neutral Weight rating.

Las Vegas Sands

(LVS) - Get Report

estimates higher at Goldman: Goldman said it is increasing its 2008 estimates on LVS to $5.60 from $2.90 to reflect benefits of Hengqin Island. Price target raised to $95 from $76. Maintain Buy rating.

National Semi

(NSM)

estimates lowered at Goldman: 2007 estimates on NSM cut to $1.19 from $1.34, Goldman said. See gross margins in 59%-60% range. Maintain Buy rating and $28 target.

National Semi

(NSM)

estimates cut at Jefferies: 2007 estimates on NSM lowered to $1.20 from $1.25, Jefferies said. Management lowered guidance for current quarter. Maintained Hold rating and lowered target to $25 from $27.

National Semi

(NSM)

estimates lowered at Credit Suisse: Credit Suisse said it is lowering its 2007 EPS estimates on NSM to $1.24 from $1.29 following negative guidance announcement. Maintained $24 target price.

Nortel

(NT)

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on NT to a loss of 3 cents a share to reflect lower guidance and EPS miss. Maintained Neutral Weight rating.

Nortel

(NT)

estimates reduced at Jefferies: Jefferies said it is cutting its 2007 estimates on NT to $0.05 from $0.09 following disappointing Q3 results. Maintain Buy rating and $3 target.