CHANGE IN RATINGSAkamai Technologies ( AKAM) downgraded at Deutsche Bank from Buy to Hold. $40 price target. Company had an upbeat analyst day, but fears of a shrinking gross margin could limit near-term upside. Bemis ( BMS) downgraded at Deutsche from Buy to Hold. $33 price target. Company likely to see disappointing volume demand and continues to faces high resin costs. Corinthian Colleges ( COCO) upgraded at Merrill from Neutral to Buy. Company posted a strong quarter, and solid enrollment trends should help expand margins. Estimates also raised. Commscope ( CTV) downgraded at Merrill from Buy to Neutral. Company recently gave a disappointing outlook for its core business, given its dependence on the US commercial construction business. Energizer ( ENR) upgraded at Bear from Underperform to Peer Perform. PYX purchase should add balance and growth. Fair value lies around $111 a share. Express Scripts ( ESRX) upgraded at Morgan Stanley from equalweight to overweight and moves price target to $75. Fair Isaac ( FIC) upgraded at Citigroup from Hold to Buy. $44 price target. $44 price target. Company posted strong quarterly results, and offered improved visibility on potential 2008 growth. Lodgenet Entertainment ( LNET) downgraded at Bear Stearns to Peer Perform. Company cut its near-term guidance, and has limited forward visibility. McKesson ( MCK) upgraded at Citigroup from Hold to Buy. $70 price target. Estimates also raised, as the company has improved its generic relationships. Medtronic ( MDT) upgraded at Morgan Stanley from underweight to equalweight but cuts 2008-2010 EPS estimates. Pacer International ( PACR) downgraded at JP Morgan to Neutral. Estimates also cut, as the company's intermodal margins are slipping. Pinnacle West ( PCLE) downgraded at JP Morgan to Underweight. Valuation call, as the company offered a weaker growth outlook.
MetroPCS ( PCS) upgraded at Morgan Stanley from equalweight to overweight and moves price target from $32 to $33.Qwest ( Q) downgraded at JP Morgan to Neutral. Latest quarter was significantly below expectations, and visibility remains poor. Estimates also cut. Qwest downgraded at CIBC from Outperform to Sector Perform. Losing confidence in the company's strategic, following disappointing third quarter results. Shutterfly ( SFLY) downgraded at Jefferies to Hold rating from Buy. FY 2008 EPS estimates lowered to $0.50 from $0.52 while price target upped to $30 from $28. Tenneco ( TEN) upgraded at Wachovia to Outperform. Stock looks attractive on the 19% pullback. Estimates also raised, as the commercial truck market presents an attractive opportunity. Teva Pharmaceuticals ( TEVA) upgraded at Friedman, Billings, Ramsey to Outperform from Market Perform following strong Q3 results. Expect improving product mix of higher-margin brand products vs. generics. Note company is well-positioned to capitalize on worldwide shift to money-saving generics. Price target raised to $52 from $46. Uranium One ( UUU) downgraded at FBR to a Market Perform rating after the company lowered production guidance.
STOCK COMMENTS / EPS CHANGESAGCO ( AG) price target pushed higher at Goldman to $64 from $45 following blowout Q3 results. See stronger pricing, volumes, mix, and plant efficiencies contributing to upside move. Maintained Neutral rating based on relatively high valuation and execution risk. Apria Healthcare ( AHG) numbers lowered at Jefferies. Price target dips to $20 from $22 and FY 2008 EPS estimates upped to $2.05 from $2.00. Reiterates Underperform rating. Avon ( AVP) target price raised at Credit Suisse to $46 from $43 after Q3 results were ahead of expectations. Believes company has reached an inflection point. Maintained Outperform rating. BJ Services ( BJS) 2008 estimates, price target cut at Goldman to $2.38 from $2.65 and cutting target to $28 from $31 based on weaker than expected outlook for North American pressure pumping. See increased competition and price declines, along with cost inflation and high fixed cost nature of stimulation. Maintained Neutral rating. BJ Services numbers lowered at Jefferies. Price target dips to $34 from $37 and FY 2008 EPS estimates upped to $2.30 from $2.65. Reiterates Buy rating.
Comcast ( CMCSA) price target cut at Goldman to $25 from $29 based on declining industry broadband net additions and poor telephony net adds versus Verizon. Also note that one year old triple play bundle customers are seeing bills step up 20%-30% and are motivated to switch to alternatives. Maintained Buy rating.Genentech ( DNA) numbers lowered at Jefferies. Price target drops to $85 from $90 while FY 2008 EPS estimates upped to $3.50 from $3.48. Reiterates Buy rating. DreamWorks Animation ( DWA) 2007 estimates raised at Goldman to $2.23 from $2.20. Believe 2007/2008 film slate will drive earnings well above current consensus estimates. Maintained Buy rating and $37 target. EOG ( EOG) resources numbers raised at Jefferies. Price target lifts to $99 from $87 and FY 2008 EPS estimates upped to $4.79 from $3.85. Reiterates Buy rating. FMC Technologies ( FTI) numbers raised at Jefferies. Price target lifts to $68 from $62 and FY 2007 EPS estimates upped to $2.19 from $2.15. Reiterates Buy rating. Omniture ( OMTR) 2007 estimates raised at FBR by 2 cents to 20 cents a share following decent Q3 results. Maintained Market Perform rating. Proctor & Gamble ( PG) 2008 estimates raised at Deutsche Bank by 3 cents to $3.50 a share. The Bancorp ( TBBK) 2007 estimates cut at FBR by 2 cents to $1.08 a share due to lower NIM and growth expectations. Maintained Outperform rating. TRW Automotive ( TRW) 2007 estimates cut at Deutsche Bank by 10 cents to $2.23 a share due to gross margin disappointment. Maintained Buy rating. Wynn Resorts ( WYNN) numbers raised at UBS. Price target upped to $141 from $129 and FY 2008 EPS estimates lift to $3.88 from $3.73. Reiterates Sell Rating