Change in RatingsAmerican Capital ( ACAS) downgraded at UBS to sell rating from neutral. Price target cut to $28 from $34 and fiscal year 2008 EPS estimates lowered to $3.26 from $3.37. Caci International ( CAI) upgraded to buy from hold at Jefferies. Price target upped to $65 from $47 and fiscal year 2008 EPS estimates jump to 46 cents from 31 cents. Mack-Cali ( CLI) downgraded at UBS to sell rating from neutral and price target cut to $36 from $38. Comerica ( CMA) upgraded at Deutsche Bank to buy from hold. Price target raised to $52 from $36. 2008 EPS estimates lowered to $2.70 from $3.05. Diebold ( DBD) upgraded at KeyBanc to buy rating from hold. Price target holds at $47 while fiscal year 2008 EPS estimates increased to $2.13 from $1.85. Ingersoll-Rand ( IR) downgraded at Morgan Stanley to underweight from equal-weight. 2008 EPS estimates raised to $2.93 from $2.88. Price target removed. Microsoft ( MSFT) coverage reinstated at Goldman with a buy rating. View company as a defensive investment in current environment, with decision to walk away from Yahoo! ( YHOO) deal showing management's price discipline. See gaming results and Windows Server 2008 driving top-line growth in next few quarters. Price target at $38. UST ( UST) upgraded at Deutsche Bank to buy from hold based on valuation following recent selloff. See shares undervalued relative to improved profit growth and competitive position. Although consumer weakness remains a risk, see continued steady cash flow and 2% growth in smokeless volume. Target at $58.
Yahoo! coverage reinstated at Goldman Sachs with a neutral rating, following its rejection of the Microsoft's $33/share bid. Note that company reported slightly better than forecast first-quarter earnings since Microsoft's bid became a major focus. Price target at $26.