Wednesday's Analysts' Upgrades and Downgrades
CHANGE IN RATINGS
Franklin Resources
(BEN) - Get Franklin Resources Inc. Report
upgraded at JP Morgan to Neutral. Deterioration at Templeton has already been priced in, and fund performance has stabilized.
Cognos
( COGN) downgraded at Morgan Stanley from overweight to equalweight but raises its price target from $50 to $58 to reflect the IBM buyout offer.
Eagle Bulk Shipping
(EGLE) - Get Eagle Bulk Shipping Inc. Report
upgraded at UBS to Buy rating from Neutral. Price target holds at $33 while FY 2008 eps estimates lift to $1.67 from $1.58.
EOG Resources
(EOG) - Get EOG Resources Inc. Report
upgraded at Citigroup from Sell to Hold. $90 price target. Natural gas-based stocks should outperform their oil-based peers over the coming quarters.
Hershey
(HSY) - Get The Hershey Company Report
downgraded at Bear from Peer Perform to Underperform. Estimates also cut, as the new CEO will likely spend more on R&D and marketing to try and boost sales.
InnerWorkings
(INWK) - Get InnerWorkings, Inc. Report
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upgraded at Jefferies to Buy rating from Hold. Price target holds at $17, while FY 2008 eps estimates dip to $0.55 from $0.51.
International Paper
(IP) - Get International Paper Company Report
upgraded at Citigroup from Hold to Buy. Valuation call, as the weaker dollar should help support the company's key commodity prices going forward. $40 price target.
j2 Global
(JCOM) - Get J2 Global, Inc. Report
upgraded at Jefferies to Buy rating from Hold. Price target and fY 2008 eps estimates hold at $32 and $1.71, respectively.
Quicksilver Resources
(KWK)
upgraded at Citigroup from Hold to Buy. $66 price target. High reserve replacement ratio could drive earnings and the stock price.
MAP Pharma
( MAPP) initiated at Morgan Stanley with an overweight rating and $20 price target.
Oracle
(ORCL) - Get Oracle Corporation Report
upgraded at CIBC from Sector Perform to Outperform. Company should still be able to deliver double-digit earnings growth, despite slower near-term growth in the US.
Omnivision Technologies
(OVTI)
upgraded at CIBC to Sector Outperform. $25 price target. Channel checks suggest that sales are building in momentum and visibility.
Qwest Communications
(Q)
upgraded at Citigroup from Sell to Hold. $7 price target. Risk-reward scenarios are more balanced at current levels.
Target
(TGT) - Get Target Corporation Report
downgraded at Merrill to Neutral. Chances of a credit sale are now less than 50%, and retail margins could remain under pressure through the first half of 2008.
STOCK COMMENTS / EPS CHANGES
Fortress Investment Group
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2007 estimates cut at Goldman to $1.02 from $1.20 following disappointing Q3 earnings. Note that Q4 fund performance is back on track, though market conditions remain tough for selling private equity assets. Price target cut to $21 from $24 and maintained Buy rating.
Home Depot
(HD) - Get Home Depot Inc. (The) Report
price target lowered at Goldman to $33 from $35 based on disappointing Q3 earnings stemming from continuing weakness in sales trends. Maintained Buy rating.
