Nabors upgraded at Bernstein from Market Perform to Outperform. Valuation call, as the land rig market still has good visibility. Omnicare ( OCR) downgraded at Morgan Stanley from overweight to equalweight and moves price target to $30. Occidental Petroleum ( OXY) upgraded at Deutsche Bank from Hold to Buy. $72 price target. Estimates raised to reflect low natural gas prices and higher oil. Patterson-UTI ( PTEN) upgraded at Bernstein from Market Perform to Outperform. Valuation call, as earnings expectations have moderated. Stone Energy ( SGY) upgraded at Friedman, Billings Ramsey to Outperform. $45 price target. Valuation call, as the company is trading at a steep discount to its net asset value. Tempur-Pedic ( TPX) upgraded at CIBC from Sector Perform to Outperform. $40 price target. Company hosted a very bullish analyst meeting, saying that customer demand remains very strong. Wyeth ( WYE) downgraded at Citigroup from Buy to Hold. $51 price target. Company has disappointed lately, and the entire drug sector will likely struggle over the coming quarters. US Steel ( X) upgraded at Citigroup from Hold to Buy. $118 price target. Estimates also raised to reflect recent acquisitions and improving industry fundamentals.
General Motors ( GM) 2007 estimates slashed at Goldman to $2.85 from $4.25 based on new North American sales and production estimate following weak August sales. Price target cut to $37 from $42. Reiterated Buy rating. Lear ( LEA) numbers lowered at UBS. Price target slashed to $33 from $40 and 2008 EPS estimate drops to $2.95 from $3.40. Reiterates Neutral rating. Office Depot ( ODP) 2007 estimates cut at Credit Suisse to $1.86 from $1.95 due to declining margins and a tough road ahead. Maintained Outperform rating. Office Depot 2007 estimates lowered at Goldman to $1.90 from $2.05 based on management commentary at Goldman's retailing conference. Key issues are ongoing macroeconomic pressure, intensified back-to-school promotions, and ongoing investments in delivery business. Maintained Neutral rating and cut price target to $29 from $32.