CHANGE IN RATINGSBJ's Wholesale upgraded at CSFB: CSFB said it is upgrading BJ to Neutral from Underperform based on valuation. Maintained $26 target price. Boyd Gaming upgraded at Weisel: BYD was upgraded to Outperform, Thomas Weisel said. Valuation call, as the stock should be able to trade up toward the mid-$40's over the next year. Pipeline remains solid. Computer Sciences downgraded at Jefferies: Jefferies said it is downgrading CSC to Underperform from Hold due to deteriorating fundamentals. Noted slowing growth, light FY07 guidance, declining bookings, upcoming restructuring charges in Europe, and lack of clear strategy in India. Price target cut to $61 from $44. Cablevision upgraded at Bear: CVC was upgraded from Peer Perform to Outperform, Bear Stearns said. Estimates also raised, as the VZ FiOS competition should be minimal. $25 price target. Dade Behring downgraded at UBS: UBS downgraded DADE to Neutral from Buy noting that although their price target of $45 represents approximately a 15% rise from Friday's close, the stock should take a breather after its strong recent performance. Disney downgraded at Cowen: DIS was downgraded from Outperform to Neutral, Cowen said. Stock is up 21% over the past 9 months, though several factors could weigh on growth in 2007. Davita upgraded at UBS: UBS raised its rating on DVA to Buy from Neutral noting a compelling investment at this price. Raised price target to $62 from $60. FactSet rating lowered at Morgan Stanley: Morgan Stanley said it is lowering its rating on FDS to Equalweight from Overweight. Difficulty justifying a price target much above current levels. General Electric estimates lowered at UBS: UBS lowered its price target on GE to $40 from $43 to reflect its lower multiple. Maintained Buy rating. Grey Wolf downgraded at Jefferies: Jefferies said it is downgrading GW to Hold from Buy due to uncertainty surrounding natural gas prices and additional rig capacity. Price target lowered to $7.50 from $11.
Network Appliances downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on NTAP to Underweight citing high valuation and option expense as concerning in a more competitive enterprise environment. Patterson Energy downgraded at Jefferies: Jefferies said it is downgrading PTEN to Hold from Buy based on industry uncertainty and additional rig capacity entering the fleet. Price target cut from $46 to $27. Qualcomm upgraded at UBS: UBS upgraded QCOM to Buy from Neutral but lowered its price target to $50 from $53 and its 2007 a penny to $1.61. Regions Financial upgraded at CSFB: CSFB said it is upgrading RF to Neutral from Underperform based on better than expected 2Q 2006 results. Raised target price to $34 from $31. Stone Energy upgraded at JP Morgan: SGY was upgraded from Underweight to Overweight, JP Morgan said. Coverage resumed, following the $51 offer from EPL. Seagate upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on STX to Equalweight from Underweight. Improving PC fundamentals cited in the note. Vitesse Semi downgraded at CIBC: VTSS was downgraded from Sector Perform to Underperform, CIBC said. Stock is down 60% from its highs, but serious accounting, liquidity and leadership issues remain.
STOCK COMMENTS / EPS CHANGESEMC outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on EMC for the full year to 56 cents a share from 60 cents a share. Target is $16 a share. Overweight rating maintained. Helix Energy target raised at Jefferies: Price target on HELX raised to $58 from $45, Jefferies said. Company positioned to generate earnings growth utilizing marine construction assets, well operations, and ownership in producing properties/production facility. 2006 estimates raised to $3.45 from $2.80. Herbal Life outlook raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on HLF for the full year by a penny to $1.93 a share from $1.92 a share. Maintained Equalweight rating.
Merck outlook boosted at Morgan Stanley: Morgan Stanley said it is increasing its estimates on MRK for the full year to $2.48 a share from $2.47 a share. Maintained Overweight rating. Oracle target price raised at CSFB: CSFB said it is raising its target price on ORCL to $18 from $17 to reflect the enormous potential of a strategic relationship with IBM. Maintained Outperform rating. Sprint Nextel outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its target on S to $21 a share from $25 a share. Maintained Underweight rating. Updated model suggests limited upside. Semiconductor International target cut at Jefferies: Price target on SMI lowered to $7.50 from $9.00, Jefferies said. Higher exposure to DRAM, challenges in migrating to 90nm logic IC, and volatility in outsourcing noted as concerns.