Greenhill upgraded at UBS: UBS upgraded GHL to Neutral from Reduce given their 33% sell off over the past few months. Maintained $52 price target. WW Grainger downgraded at Baird: GWW was downgraded from Outperform to Neutral, Robert Baird said. $72 price target. Estimates also cut, to reflect the company new margins. Earnings quality is also on the decline. ITT upgraded at Merrill: Rating on ITT was boosted from Neutral to Buy, Merrill Lynch said. $55 price target. Stock is trading at a 10% discount to its peers, though the company's business portfolio should hold up well during a consumer downturn. Noble Energy upgraded at CSFB: CSFB said it is upgrading NBL to Neutral from Underperform citing improved free cash flow. Raised target price to $46 from $41. National Semi downgraded at FBR: Friedman, Billings, Ramsey said it is downgrading NSM to Market Perform from Outperform due to weaker than expected demand in the handset segment. Price target lowered to $22 from $32. Palm upgraded at Bear Stearns: Bear Stearns said it is upgrading PALM to Peer Perform from Underperform based on valuation. Sees potential catalysts ahead but challenges remain. Says fair value range is between $14 and $15 a share. Sina upgraded at Weisel: SINA was upgraded from Peer Perform to Outperform, Thomas Weisel said. Company continues to be the top name in branded Chinese advertising. Increased competition from China Mobile has already been reflected in the stock. Texas Instruments downgraded at FBR: FBR downgraded TXN to Market Perform from Outperform noting signs of handset component weakness seen in early June continue to expand. Lowered price target to $27 from $40. UST upgraded at UBS: UBS upgraded UST to Buy from Neutral since they expect a substantial cost saving initiative. Price target was raised to $56 from $42 and 2006 estimates were raised to $3.13 from $3.11 and 2007 estimates were raised to $3.44 from $3.24.
WMS Industries upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on WMS to Overweight. Back to basics on steep discount to potential long-term value since the last earnings report in May.
STOCK COMMENTS / EPS CHANGES
Buckeye Technologies estimates lowered at UBS: UBS lowered its 2006 estimates on BKI to $0.13 from $0.15 and 2007 estimates to $0.55 from $0.60. Maintained Buy rating. Conseco outlook boosted at Morgan Stanley: Morgan Stanley said it is increasing its rating on CNO to Overweight from Equalweight. Stock has sold off significantly. Cytec Industries estimates lowered at UBS: UBS lowered its estimates on CYT to $3.50 from $3.55 and 2007 estimates to $3.85 from $4. Lowered price target to $58 from $59. Eaton estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on ETN to $6.00 from $5.92 based on company's 2Q results. Reiterated Buy rating. Entergy outlook raised at Goldman: Goldman said it is increasing its estimates on ETR for 2007 to $5.93 a share from $5.78 a share. Stock added to Americas Conviction Buy List. FEMSA estimates revised at UBS: UBS lowered it 2006 estimates on FMX to $5.27 from $5.36 but raised 2007 estimates to $6.70 from $6.63. Price target was lowered to $115 from $122. Maintained Buy rating and reiterated that this stock is oversold. W.W. Grainger target cut at Morgan Stanley: Morgan Stanley said it is lowering its target price on GWW to $71 a share from $76 a share. Maintained Underweight rating. Mattel estimates raised at Piper: Piper said it is raising its 2006 estimates on MAT by 3 cents to $1.18 a share to reflect higher sales estimate. Maintained Market Perform rating. PG&E target raised at Jefferies: PCG price target raised to $42 from $39.50, Jefferies said. Target based on 2007 earnings of $2.70 and 10% premium to group average multiple. Reiterate Hold rating.