Applied Biosystems ( ABI) upgraded at JP Morgan from Neutral to Overweight. Stock remains attractive on a sum of the parts basis. Share buybacks and restructuring could also add to earnings. CNZ Financial ( CNA) upgraded at Credit Suisse to Outperform from Neutral. Cites recent weakness and the recognition that company has undergone broad based change. Lowered target price to $42 from $46. Merrill Lynch ( MER) upgraded at Credit Suisse to Outperform from Neutral based on announcement of new CEO and greater confidence in intermediate and longer-term prospects. Raised target price range to $80 - $85. Mylan ( MYL) upgraded at Bernstein from Market Perform to Outperform. $18 price target. Company completed its financing and should enjoy favorable trends in the generic business. Network Appliance ( NTAP) upgraded at Bear from Underperform to Peer Perform. Company posted a strong quarter. Estimates also raised, and the risk/reward looks more balanced at current levels. Rayonier ( RYN) downgraded at JP Morgan from Overweight to Neutral. Stock is approaching fair value, and lacks major potential near-term catalysts. Prefer PCL at current levels. Valueclick ( VCLK) upgraded at Citigroup to Buy. Recent 14% correction in the shares offers a good entry point. $30 price target. Company is one of the best plays on secular growth of Internet advertising. Weyerhaeuser ( WY) upgraded at Merrill from Neutral to Buy. $90 price target. Investors are essentially receiving the cellulose fiber and wood products businesses for free at current levels.
STOCK COMMENTS / EPS CHANGES
Applied Materials ( AMAT) estimates lowered at UBS. FY 2008 eps estimates drop to $1.10 from $1.24 while price target holds at $25. Reiterates Buy rating.