Alberto-Culver ( ACV) upgraded at Citigroup from hold to buy with a $28 price target. Citigroup said the company can deliver organic growth even in a weak U.S. economy. Estimates were also raised, as cost-cutting should help drive earnings growth. Boston Scientific ( BSX) upgraded at Morgan Stanley from equal-weight to overweight with a $15 price target. Morgan Stanley said the market is already pricing in lower earnings, and cost-cutting should ultimately help margins. eBay ( EBAY) upgraded at Bear to outperform with a $36 price target. The stock is pricing in too much fear, and competitive concerns have been overblown, according to Bear. Callaway Golf ( ELY) upgraded at Wachovia to outperform. Wachovia said the company is seeing clean retail sell-through, and should also gain market share in 2008 with its new driver. Harley-Davidson ( HOG) downgraded at Citigroup from hold to sell with a $36 price target. Citigroup expects sluggish fourth-quarter retail sales from HOG, and channel checks show continued deterioration. Estimates were also cut for 2008 and 2009. JPMorgan ( JPM) downgraded at Oppenheimer from outperform to perform. Estimates were also cut, as credit losses are accelerating faster than expected. Microstrategy ( MSTR) downgraded at Suntrust to neutral. Checks indicate the company may have had a setback in license sales during the fourth quarter, Suntrust Robinson Humphrey said. Stryker ( SYK) upgraded at Wachovia to Outperform Wachovia said the company will likely post the highest growth in the orthopedics business in 2008, led by the new product cycle. Tibco Software ( TIBX) upgraded at Citigroup from hold to buy, with a $10 price target. Buyout potential has increased, following the BEA Systems ( BEAS) deal, Citigroup said. Wells Fargo ( WFC) downgraded at Oppenheimer from outperform to perform. Estimates were also cut, to reflect the company's deteriorating mortgage credit.
STOCK COMMENTS / EPS CHANGES
Boeing ( BA) target price cut at Deutsche Bank from $95 to $85 to account for the 787 delay. Maintained hold rating. Las Vegas Sands ( LVS) estimates cut at Morgan Stanley. Macau gaming data has been below expectations, and the Palazzo will open later in Las Vegas. In-line rating. Sealy ( ZZ) price target cut at Goldman Sachs to $10 from $13 based on deteriorating macro outlook. Channel checks suggest the mattress market took another step down in the fourth quarter, with the prospects for a recovery this year appearing unlikely. Maintained neutral rating. Northern Trust ( NTRS) target raised at Goldman to $71 from $69 following fourth-quarter results that showed solid revenue growth but disappointing growth in expenses. Note company benefitting from limited exposure to credit markets. Maintained neutral rating. Sprint Nextel ( S) numbers cut at Morgan Stanley. Shares of S are now seen reaching $13, Morgan Stanley said. Estimates also cut, to reflect lower wireless profits. Underweight rating.