CHANGE IN RATINGS
downgraded at Citigroup:BBI was downgraded from Buy to Hold at Citigroup. $6.25 price target. Only see 15% upside from current levels, and the stock should remain volatile over the coming quarters. Several potential 2007 catalysts appear to already be priced in.
downgraded at Credit Suisse:Credit Suisse is downgrading BGP from Outperform to Neutral. Says stock is beginning to reflect the upside envisioned. Maintained $24 target price.
Barnes & Noble
upgraded at Credit Suisse:Credit Suisse is upgrading BKS to Outperform from Underperform based on possibility of LBO event. Raised target price to $43.
downgraded at Merrill:BNI was downgraded from Buy to Neutral at Merrill Lynch. Valuation call, though volume growth could also slow down along with the overall economy.
upgraded at Bear:CCI was upgraded from Peer Perform to Outperform at Bear Stearns. $40 price target. Estimates also raised, as there should be some near-term networking building around the recent spectrum auction.
The Commerce Group
downgraded at Credit Suisse:Credit Suisse is downgrading CGI to Underperform from Neutral reflecting mandated price decreases and regulatory issues. Raised target price to $30 from $27.50.
coverage initiated at Goldman Sachs:Goldman is initiating coverage on GPC with a Neutral rating. Expect modest acceleration in auto parts business to offset deceleration in cyclical industial and electrical segments. Price target at $52.
downgraded at UBS:HAIN downgraded on valuation at UBS. UBS lowering to Neutral rating from Buy.
downgraded at Goldman Sachs:Goldman is downgrading NVLS to Sell from Neutral due to weakening fundamentals and extended valuation. See early stages of weakness in NAND and believe M&A speculation that surrounds stock is not credible. Price target at $25.
initiated at Morgan Stanley:Morgan Stanley initiates coverage of Optium with an equalweight rating.
STOCK COMMENTS / EPS CHANGES
estimates lowered at Jefferies:ALTR EPS estimates lowered at Jefferies. 2007 EPS estimates drop to $1.02 from $1.07. Reiterates Hold rating.
target raised at Morgan Stanley:Morgan Stanley raises 2006 and 2007 EPS estimates and moves price target from $12 to $16 on Jet Blue.
estimates raised at Goldman:2007 estimates for KR raised 3 cents to $1.48 at Goldman. Company reported better than expected Q3 results, including a 5.3% increase in ex-fuel ID sales. Maintained $23.86 target price.
numbers lowered at Jefferies:Jefferies lowers price target from $8.00 to $7.00 and drops EPS estimates to $0.03 from $0.16. Reiterates Buy rating.
price target raised at Goldman:Goldman is upping its target on PRU to $78 from $73 after management raised 2007 guidance saying that general expenses will be flat with 2006. maintained Neutral rating.
target raised at Morgan Stanley:Morgan Stanley raises its price target on YUM Brands from $60 to $65 to reflect the company's increased dividend.
price target increased at Goldman:Target on YUM raised to $66 from $65 at Goldman. Yesterday's analyst day highlighted by dividend increase and plans to test breakfast at Taco Bell in 2007. Remains top-rated Neutral pick.