CHANGE IN RATINGS
Coal stocks downgraded at Morgan Stanley: It downgraded select coal stocks, moving
Alpha Natural Resources
from overweight to equalweight, and
from overweight to underweight.
downgraded at CIBC to Sector Performer from Sector Outperform. Believes stock is cheap on a P/BV basis but earnings will likely be under pressure well into 2008. Removes $159 target price.
California Pizza Kitchen
coverage initiated at Baird with an Outperform rating. Cites confidence in long-term prospects and distinctive brand. Sets $24 target price.
coverage initiated at Jefferies with a Neutral rating and a $19 target price. Company is a fast grower but near-term headwinds like financial exposure could limit upside.
Orbitz World Wide
coverage initiated at Morgan Stanley with an overweight rating and $20 price target.
upgraded at Deutsche Bank to a Buy rating due to improved confidence that consumer initiative is nearing an inflection point. Target is now $7.
upgraded at JP Morgan to Overweight from Neutral. Cites strong balance sheet, continued cost-cutting and valuation. Also believes company is safe-haven in a potential U.S. economic slowdown given high international exposure.
coverage initiated at Jefferies with a Neutral rating and $18 target price. Exposure to mortgage industry and full valuation could cap share price.
downgraded at Bear Stearns to Peer Perform from Outperform based on valuation. Stock is up 32% since June. Says it is suspending $120 year-end target due to rating change.
STOCK COMMENTS / EPS CHANGES
target price raised at Goldman to $20 following solid fourth-quarter results. Maintained Attractive rating.
full-year estimates cut at Goldman to $1.26 a share from $1.74 to reflect Q4 miss and lowered sales and margin assumptions. Maintained Neutral rating.
target raised at Goldman to $8.50 following restructuring announcement.
2007 estimates cut at Piper by 3 cents to $2.33 a share to reflect sale of supply unit.
numbers lowered at UBS. Price target lowered to $30 from $35. 2007 EPS estimates lowered to $2.29 from $2.35. Reiterates Neutral rating.
target price raised at Jefferies from $16 to $18 as execution and demand are on track. Maintained Buy rating.
estimates raised at UBS. Fiscal 2008 EPS estimates raised to $2.22 from $2.02. Reiterates Neutral rating and $27 price target.
Seagate 2008 estimates raised at Credit Suisse to $2.06 from $1.91 after company increased F1Q guidance. Sees market dynamics improving. Maintained Outperform rating.
2007 estimates cut at FBR from $3.60 a share to $2.50 to reflect possible loan writedowns. Target cut to $35 from $44, maintained Market Perform rating.
price target lowered at UBS. Price target lowered to $28.50 from $30.00. Reiterates Neutral rating at fiscal 2008 EPS estimates of $1.24.