Janus ( JNS) was downgraded from Sector Perform to Underperform, CIBC said. 2007 estimate also cut to 94 cents, as near-term inflows and performance fees could come in light. Wachovia said it is downgrading Lamar Advertising ( LAMR) to Market Perform from Outperform due to valuation. Believe recent soaring expectations regarding digital billboards have created limited potential upside for shares. Valuation range at $68 to $72. Masco ( MAS) upgraded to Buy rating from Neutral at UBS. Price target jumps to $45 from $31. Maintains 2007 EPS estimates at $1.89. Medicines ( MDCO) was downgraded from Neutral rating to Reduce at UBS. Price target held at $30 while reducing FY06 estimates to 32 cents from 34 cents. Goldman said it is reinstating its coverage on Motorola ( MOT) with a Neutral rating. Sees limited upside due to weak fundamentals in handset market, slowing end market demand, and company's difficulty in differentiating from other brands. Price target at $18. Nokia ( NOK) upgraded to Buy from Neutral, Goldman said. See perfect storm of negative news (MOT profit warning, Apple's iPhone launch, downgrades) coinciding with bottom of company's product cycle to create opportunity. Expect solid Q4 results with limited pricing pressure. Price target at $22.10. Perkin Elmer ( PKI) upgraded to Buy rating from Neutral at UBS. Price target lifts to $27 from $23. Maintains 2007 EPS estimates at $1.26 and introduces 2008 estimate of $1.47.
Credit Suisse said it is downgrading Rock-Tenn ( RKT) to Neutral from Outperform based on valuation. Stock has essentially reached its target price. SiRF Technology ( SIRF) downgraded to Neutral rating at Oppenheimer. 2007 EPS estimates lowered to $0.92 from $1.06. XM Satellite ( XMSR) was downgraded from Buy to Neutral, Bank of America said. Merger appears more likely, but synergies may still take several years to materialize. Consensus subscriber numbers may also still have to come down. Wachovia said it is upgrading YRC Worldwide ( YRCW) to Outperform from Market Perform based on recent realignments in regional and long-haul LTLs to boost earnings power, as well as positive cyclical view and valuation relative to peers. Price target range at $47 - $52.