Schnitzer Steel coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on SCHN with an Overweight rating and a $53 target price. Chinese economic growth will drive structural increases in scrap steel prices and per ton margins over the next 10-20 years.
National Semiconductor target, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on NSM from $1.09 and $1.31 to $1.08 and $1.20 respectively and the target by $1 to $29 on fiscal Q3 results. Maintained Hold rating. National Semiconductor numbers boosted at UBS: NSM estimates raised to $1.32 a share in 2006 and $1.58 for next year, UBS said. Company seeing strength in analog and wireless infrastructure. Buy rating and new $35 price target. National Semiconductor estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NSM for the full year to $1.34 a share from $1.29 a share. Maintained Equalweight rating. National Semiconductor estimates raised at Piper: Piper said it is raising its 2006 estimates on NSM by 18 cents to $1.54 a share following a strong quarter with record margins. Maintained Outperform rating. Pioneer Natural Resources numbers cut at UBS: PXD estimates lowered to $3.05 a share in 2006 and $3.10 for next year, UBS said. Company has set aggressive production growth targets, but does not have a good track record when it comes to meeting guidance. Neutral rating and new $43 price target. Pioneer Natural Resources estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on PXD by $1.45 to $2.90 a share due to lower production and higher cost forecasts. Maintained Neutral Weight rating. R.H. Donnelley target cut at Morgan Stanley: Morgan Stanley said it is lowering its target on RHD to $67 a share from $72 a share. Maintained Overweight rating. Swift Energy target lowered at UBS: Shares of SFY now seen reaching $43, according to UBS. Reserve life has been declining, and the company's valuation should revert back to its historical average. Neutral rating. Urban Outfitters estimates raised at Goldman: Goldman said it is increasing its estimates on URBN for 2005 to 74 cents a share from 73 cents a share. Maintained Inline rating. Urban Outfitters estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on URBN by 4 cents to 99 cents a share. Maintained Overweight rating. Veritas DGC target, estimates raised at Jefferies; Jefferies said it was raising FY 2006 and 2007 EPS estimates on VTS from $1.96 and $2.35 to $2.12 and $2.50 respectively and raising the target by $5 to $58 on fiscal Q2 results. Maintained Buy rating.