Orbcomm ( ORBC) downgraded at UBS to Neutral rating. Price target cut to $6.25 from $14 and 2008 EPS estimates dip to $(0.15) from $(0.11). Portfolio Recovery ( PRAA) initiated at Jefferies with Hold rating. Price target starts at $41 and 2008 EPS estimates begin at $3.41. Shuffle Master ( SHFL) downgraded at Deutsche Bank to a Hold rating with a lowered target price of $10. Transition to new business model to take longer than expected which will depress EPS and growth. Tibco Software ( TIBX) downgraded at Goldman Sachs to Sell from Neutral due to limited upside in challenged IT spending environment. See buyers moving away from expensive, best-of-breed offerings and toward bundled packages from IBM, Oracle and others. Price target cut to $8 from $9. Vulcan Materials ( VMC) upgraded at UBS to Neutral rating from Sell. Price target cut to $74 from $85 and 2007 EPS estimates dip to $4.93 from $4.96. Verisign ( VRSN) downgraded at Morgan Stanley to Underweight. Company will struggle to restructure in an uncertain environment.
Sovereign Bancorp ( SOV) target price cut at Deutsche Bank from $14 to $8 to reflect credit quality uncertainties, and commercial business.