Infosys ( INFY) downgraded at Goldman Sachs to Neutral from Buy due to lower visibility, reduced growth outlook, and limited catalysts. See need for increased investor confidence in 2009 estimates, as well as potential impact of U.S. recession. Maintained $45 price target. Kaydon ( KDN) upgraded at Deutsche Bank to a Buy rating as company has high visibility and favorable supply/demand conditions in wind market. Microchip Tech ( MCHP) upgraded at Morgan Stanley from Equal-weight to Overweight. Stock is also pricing in a mild recession, and the dividend yield should provide downside support. $35 price target. RF Micro Devices ( RFMD) upgraded at Deutsche Bank to a Hold rating as stock price now fully reflects problems in core markets. Sears ( SHLD) downgraded at Credit Suisse to Underperform from Outperform based on unstable macro environment and valuation. Lowered price target to $70 from $140. Synovus Financial ( SNV) downgraded at Merrill from Neutral to Sell. Stock fell 21% in 2007, and there's another 28% downside potential in the new year. Poor residential construction credit should continue to cut into earnings. Tween Brands ( TWB) downgraded at Merrill to Sell. 2008 estimates are likely too high, as comp. sales should continue to decelerate.
CIT Group ( CIT) numbers cut at UBS. Price target lowered to $50 from $52 and FY 2007 eps estimates drop to loss of $(0.36) from $1.41. Reiterates Buy rating. Capital One ( COF) numbers cut at Jefferies. Price target lowered to $45 from $50 and FY 2008 eps estimates drop to $6.49 from $7.10. Reiterates Hold rating. Capital One 2007 estimates cut at FBR by $1.05 to $3.90 a share to reflect recent preannouncement and greater loan loss assumptions. Dean Foods ( DF) added to Focus List at JP Morgan. $37 price target. Declining milk prices and Dairy restructuring should help margins. Overweight rating. Opnext (OPXT) numbers cut at Jefferies. Price target slashed to $9 from $17 and FY 2008 eps estimates drop to $0.38 from $0.47. Reiterates Buy rating. Symantec ( SYMC) numbers lowered at UBS. Price target lowered to $26 from $20 and FY 2007 eps estimates drop to $1.03 from $1.06. Reiterates Buy rating. Wyeth ( WYE) numbers cut at Morgan Stanley through 2011. Company will be hurt by the Protonix suit. Equal-weight rating and new $49 price target.