Change in Ratings
upgraded at Deutsche from hold to buy with a $53 price target. TLC purchase should add to earnings.
coverage initiated at Jefferies with a buy rating and $54 price target. See group-leading organic growth in production and reserves over several years and note value of company's assets.
downgraded at Credit Suisse to neutral from outperform due to lack of earnings momentum, increasing competition and valuation. Note limited upside based on decreasing earnings expectations and 20 times price/earnings ratio. Price target trimmed to $22 from $23.
downgraded at Weisel from overweight to market-weight with a $32 price target. Stock is up 27% from its January lows, and the handbag cycle is slowing outside of the broader economy.
Corporate Exec. Board
upgraded at Morgan Stanley to equal-weight. Stock is down 30% for the month, and is now pricing in execution risk. $46 price target.
downgraded at Citigroup from buy to hold with a $72 price target. Merger synergies are trending slower than previously expected. Paint market remains soft, and will also likely slow in Europe.
downgraded at Credit Suisse to neutral from outperform based on weakening sector trends and potential price war sparked by flat-rate plans. With wireless subscriber growth expected to slow, see additional competition possibly resulting in lower margins and increased substitution of landlines. Price target cut to $39 from $49.
downgraded at Credit Suisse in conjunction with its more cautious sector view. See potential price war as major negative for all industry, especially considering slowing growth in subs and broadband. Price target cut to $40 from $52.
Stock Comments/EPS Changes
Extra Space Storage
target lowered at Deutsche Bank from $19 to $18 to reflect more conservative cap rate assumption. Maintained buy rating.
target raised at Goldman to $64 from $63 based on improved sales outlook and strong international growth. Note continuing concerns over potential for rising competition. Maintained neutral rating.
numbers cut at Morgan Stanley. Shares of GPC now seen reaching $52, Morgan Stanley said. Estimates also lowered to reflect the company's guidance for slower sales. Overweight rating.
estimates, target raised at Morgan Stanley through 2009. Company is experiencing lower interest and tax expenses. Overweight rating and new $31 price target.
target raised at UBS to $58 from $56 following strong first-quarter results driven by market share gains and higher operating margins. Note revenue growth in all geographies and see further potential for share gains and cost cutting. Maintained buy rating.
target price cut at Deutsche Bank from $15 to $12 due to disappointing fourth-quarter results and 2008 guidance. Maintained buy rating.
This article was written by a staff member of TheStreet.com Ratings.