CHANGE IN RATINGS
downgraded at UBS to Neutral rating from Buy. Price target drops to $36 from $41, and FY 2008 EPS estimates hold at $1.62.
downgraded at Merrill Lynch from Buy to Sell. Liquidity in the mortgage sector will likely continue to erode. Earnings downside likely to $2, which would take the stock to $12 to $20 a share.
upgraded at Piper to an Outperform rating as international growth is paving the way for outsized earnings growth.
upgraded at Suntrust Robinson Humphrey to Neutral. $32 price target. Stock looks attractive, following the recent pullback. The company also may be able to expand its credit facility, which would help boost returns.
Global Santa Fe
upgraded at Bernstein to Market Perform. Logic of the RIG merger remains in question, until the jackup fleet is sold.
upgraded at CIBC from Underperform to Sector Perform. Valuation call, as the stock has pulled back 20% in the past month. $23 price target.
downgraded at Keybanc from Buy to Hold. Valuation call, as the stock has reached the $52 price target. Stock is already pricing in the next good quarter or two.
downgraded at Goldman Sachs to Neutral from Buy due to preference for opportunity in TAP. Shares have performed well recently, and Goldman sees continued solid results from international operations, Frito Lay, and a receovery in Gatorade profits. Price target at $76.
downgraded at Bernstein from Market Perform to Underperform. Multiple has already expanded, and there's the potential for a correction in the jackup market.
upgraded at Goldman Sachs to Buy from Neutral due to recent declines ahead of upcoming investor presentation. Believe share price does not reflect substantial step-up in free cash flow per share in 2008 and beyond. Price target at $105.
downgraded at Citigroup from Hold to Sell. $6 price target. Residential mortgage market remains difficult, and the current liquidity crunch is because of margin calls.
upgraded at Goldman Sachs to Buy from Sell based on attractive valuation and stable balance sheet. Company derives almost 70% of revenues from outside North America, which makes it less vulnerable to weakness in that market. Price target raised to $37 from $35.
downgraded at Credit Suisse to Neutral from Outperform after company warned that second-half profits would fall short of estimates. Believes there are little short-term catalysts for share price improvement but cheap valuation may provide some downside protection.
downgraded at Goldman Sachs to Sell from Neutral. Believe restructuring plays will underperform in the current environment. Additional negatives include weak fundamentals and difficulty in securing funding required for a takeout or break-up. Price target at $7.
STOCK COMMENTS / EPS CHANGES
2007 estimates cut at Credit Suisse to $1.56 from $1.64 based on lowered than expected Q3 results and weak guidance. Lowered target price to $35 from $38.50 and maintained Neutral rating.
2008 estimates lowered at Credit Suisse to 44 cents from 48 cents to adjust for the company's guidance heading into Q2 results. Maintained Outperform rating and $17 target price.
price target cut at Goldman to $40 from $45. Q2 results showed continuing difficulty in business conditions, while firm's recap effort is confronted by choppy credit markets and weak fundamentals at HD Supply. Target reduction indicates lower expectations for recap effort. Maintained Buy rating.
numbers lowered at UBS. Price target drops to $13 from $20, and FY 2008 EPS estimate loss of ($0.06) increases to ($0.12).
2008 estimates raised at Piper from $1.97 to $2.16 a share to reflect Q1 upside and SG&A leverage. Maintained Market Perform rating.
numbers lowered at Jefferies. Price target drops to $25 from $28, and FY 2008 EPS estimates slashed to $2.02 from $2.47. Reiterates Buy rating.