CHANGE IN RATINGS
rated new Hold at Citigroup: Coverage of BKC was started with a Hold rating, Citigroup said. $18.50 price target. Company can grow faster than its peers, but also has more debt and the turnaround is still in its early stages.
rated new Overweight at JP Morgan: BKC was initiated with an Overweight rating, JP Morgan said. New management team should get the company back on the right track. 15% annual earnings growth is expected.
coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on BKC with an Overweight rating. Target is $20.
upgraded at Friedman, Billings: FTO was upgraded from Market Perform to Outperform, Friedman, Billings Ramsey said. Stock has pulled back 15% since April, and the company will be able to fund its $100 million buyback program with internal cash flow.
downgraded at UBS: UBS downgraded KMG to Neutral from Buy, due to constrained upside potential. Price target was lowered to $70.50 from $72.50. 2006 estimates are $11.45.
upgraded at UBS: UBS said it is upgrading LRCX to Buy from Neutral due to increased orders from Micron, increased visibility. Price target raised to $60 from $50.
Las Vegas Sands
price target raised at UBS: UBS raised its price target on LVS to $77 from $76. This is due to premium props seeing strong demand. Estimate for 2006 is $1.34 and a Neutral rating is maintained.
upgraded at RBC: RBC said it is increasing its rating on PALM to Outperform. Firm expects guidance for August to come in ahead of the consensus.
downgraded at JP Morgan: SSP was downgraded from Overweight to Neutral, JP Morgan said. Cable network advertising growth could slow, as customers continue to move toward non-traditional media.
downgraded at CIBC: TTWO was downgraded from Outperform to Sector Perform, CIBC said. Company facing increased legal challenges, and management still struggles to unleash the value of business.
upgraded at UBS: UBS raised its rating on WY to Buy from Neutral as the stock's decline has increased potential upside. UBS maintains a $73 price target and 2006 estimate of $3.90.
STOCK COMMENTS / EPS CHANGES
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on BBT for the full year to $3.20 a share from $3.23 a share. Target is $40. Maintained Underweight rating.
price target lowered at Jefferies: Jefferies said it is lowering its target on BSX to $25 from $34 due to product recall. Reiterated Buy rating based on intact fundamentals.
estimates raised at UBS: UBS raised GM's earnings estimates to $1 from $0.75 due to the higher than expected level of buyouts. UBS maintains an $18 price target.
estimates raised at Prudential: Prudential said it is raising its 2007 estimates on GM by 37 cents to $4.23 a share due to better than expected attrition plan results. Maintained Overweight rating.
target price raised at CSFB: CSFB said it is raising its target price on HRL to $38 from $37 following positive meeting with management. Maintained Outperform rating.
price target raised at Jefferies: Jefferies said it is raising its price target on HWAY to $56 from $50 after the company posted Q3 results that beat expectations and raised 2006 guidance. Reiterated Buy rating.
Johnson & Johnson
estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on JNJ by 23 cents to $3.71 a share due to acquisition of Pfizer's consumer health business.
outlook reduced at Morgan Stanley: Morgan Stanley said it is lowering its estimates on LEN for the full year ending March 2006 to $7.97 a share from $8.36 a share. Management lowered guidance. Maintained Equalweight rating.
Net 1 UEPS Tech
price target lowered at Jefferies: Jefferies said it is lowering its target price on UEPS to $34 from $39 due to foreign exchange effects. See opportunity for growth due to UEPS platform implementation in Nigeria. Reiterated buy rating.