Tekelec downgraded at Raymond James: TKLC was downgraded from Outperform to Market Perform, Raymond James said. Beginning to lose confidence in the wireless signaling market, which accounts for 25% of revenue. Tekelec downgraded at Baird: Baird downgraded TKLC to Neutral from Outperform due to gloomy metrics. Price target has been cut in half to $9. Wal-Mart downgraded at Merrill:WMT was downgraded from Buy to Neutral, Merrill Lynch said. Productivity of new stores growth has been declining, and comp sales will see an artificial boost because of new anniversary base methodology.
Gannett estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on GCI by 4 cents to $5.02 a share. Maintained Overweight rating. Genzyme estimates raised at Prudential: Prudential said it is raising its 2006 estimates on GENZ by 3 cents to $2.41 a share to reflect Q2 upside. Maintained Neutral Weight rating, target price raised to $70. Genzyme target raised at Jefferies: Price target on GENZ raised $1 to $80, Jefferies said. See acceleration in Q206 product growth and believe second half of 2006 with be strong, especially with addition of Myozyme. Reiterated Buy rating. Infosys target increased at Jefferies: Jefferies is raising its target price on INFY by $9 to $94 due to significant revenue performance and decreasing risks. See better margins for 2007. Reiterate Buy rating. St. Joe target cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on JOE for the full year to $1.01 a share from $1.47 a share. Maintained Equalweight rating, but target cut to $50 a share from $56 a share. Lexmark estimates raised at UBS: UBS raised its 2006 estimates on LXK four cents to $3.74 and its price target to $56 from $53. Maintained Neutral rating. Aramark outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on RMK for 2006 to $1.43 a share from $1.64 a share. Maintained Equalweight rating. AT&T estimates raised at Credit Suisse: Credit Suisse said it is increasing its 2006 estimates on T by 4 cents to $2.12 due to margin improvement in both wireline and wireless units. Target price increased to $32. Taiwan Semi target cut at Jefferies: Jefferies said it is lowering its price target on TSM due to increased seasonal business volatility. Reiterated Hold rating. TXU price target raised at UBS: UBS upgraded their price target on TXU to $71 from $65. Maintained Buy rating. Wyeth outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on WYE for the full year to $3.08 a share from $3.14 a share. The company commented that it would at least make the high end of its guidance based on current business trends. Maintained Equalweight rating.