Change in Ratings
downgraded at Wachovia from outperform to market perform. Estimates also cut, as the company is being hurt by the weak equity market.
Ameriprise numbers cut at Morgan Stanley. Shares of AMP now seen reaching $55. Estimates also cut, to reflect the company's massive earnings shortfall. Equal-weight rating.
upgraded at Jefferies to buy rating from hold. Fiscal year 2008 EPS estimates upped to $2.15 from $2.13, but price target lowered to $51 from $57.
upgraded at Citigroup from hold to buy with a $44 price target. Expect business to stabilize along with new product launches in the first half of 2009.
Coach price target raised at Goldman to $35 from $31, based on solid third-quarter results, higher sales expectations and expense leverage. Note lower gross margins. Maintained neutral rating.
upgraded at KeyBanc to hold from underweight based on increased expectations for sales over the next six to 12 months. Although consumer traffic counts remain negative, see stabilization and even improvement in 2009. No price target.
upgraded at Citigroup from sell to hold with a $50 price target. SAPIEN has a positive launch in Europe and the company boosted earnings guidance.
Edwards Lifesciences numbers raised at Morgan Stanley to reflect strong quarterly numbers. Underweight rating and new $48 price target.
upgraded at Merrill to buy with a $28 price target. Company is the best positioned conventional player in the industry.
downgraded at Citigroup from buy to hold with a $36 price target. Company is seeing costs rise even as sales continue to fall. Estimates also cut.
Health upgraded at Citigroup from hold to buy with a $57 price target. Company renewed its contract with
, a major customer, through 2012.
Rohm & Haas
( ROH) downgraded at Merrill from buy to neutral. Estimates also cut, to reflect lower U.S. economic growth.
( SII) downgraded at Oppenheimer from outperform to perform. Valuation call, despite strong results and a positive near-term outlook.
Smith International upgraded at JPMorgan from neutral to overweight. Company has an attractive relative risk/reward outlook, given its exposure to a recovering North American natural gas drilling business.
upgraded at KBW to market perform. Estimates cut because of a higher loss provision, but downside potential should be limited from current levels. $55 price target.
downgraded at Citigroup from buy to hold with a $40 price target. Stock is up 25% for the year, even though demand should fall in the U.S. heading into a recession. Estimates still raised to reflect higher prices.
downgraded at Credit Suisse to neutral from outperform following inline first-quarter results. See very little likelihood that
will raise bid for YHOO in the absence of other bidders, and expect the company to continue fighting the bid. However, raised price target to $30 from $26.
Stock Comments/EPS Changes
( BJS) target trimmed at Goldman to $26 from $28 due to lower expectations for operating margin turnaround in North America. Note declines in pricing. Maintained neutral rating.
( CPO) numbers raised at Morgan Stanley because of higher pricing and improved product mix expectations. Equal-weight rating and new $50 price target.
numbers raised at Morgan Stanley. Shares of MCD now seen reaching $66. Estimates also raised, as the company should continue to grow sales across the globe. Overweight rating.
This article was written by a staff member of TheStreet.com Ratings.