Updated from 9:10 a.m. EDTChange in Ratings Albemarle ( ALB) upgraded at JP Morgan to Overweight from Neutral. Maintains 2008 EPS estimates of $2.75. Becton Dickinson ( BDX) downgraded at Credit Suisse to Neutral from Outperform based on currency effects to earnings. Note that 57% of sales come from international markets, and see reduced potential for earnings surprises in 2009 and 2010. Price target at $89. H.B. Fuller ( FUL) downgraded at JP Morgan to Neutral from Overweight. Maintains 2008 EPS estimates of $1.55. Removes $32.50 price target. Kenexa ( KNXA) downgraded at Credit Suisse to Neutral from Outperform due to deteriorating macroeconomic environment and strengthening dollar. Management lowered 2008 guidance based on failure to sign verbal contracts that it had expected to close. See limited growth catalysts. Price target cut to $18 from $25. Lehman Brothers ( LEH) downgraded at Goldman Sachs to Neutral from Buy based on Q3 loss that was much worse than expected. Believe that strategic initiatives have fallen short in sufficiently enhancing capital position and reducing mortgage exposure. Previous hope was that Lehman would find a strategic partner to provide balance sheet support. Price target cut to $7 from $22. Lehman Brothers downgraded at Citigroup from Buy to Hold. $9 price target. Don't see potential liquidity issues, but investor confidence and perception are damaged. Estimates also cut through 2010. Nvidia ( NVDA) downgraded at Lehman from Overweight to Equal-weight. $12 price target. Following recent checks and meetings with management, it might take longer for the company to bounce back.
Reynolds American ( RAI) downgraded at Morgan Stanley from Equal-weight to Underweight. Estimates also cut, as the UST ( UST) acquisition by Altria ( MO) could pressure pricing for Conwood chewing tobacco. Tyson Foods ( TSN) upgraded at Morgan Stanley from Underweight to Equal-weight. Stock is now trading under book value following large capital raise. Whole Foods Market ( WFMI) initiated at Jefferies with a Buy rating and $23 price target. Introduces 2008 EPS estimates of $0.92. Stock Comments/EPS Changes Abercrombie & Fitch ( ANF) price target lowered at Goldman to $48 from $55 based on lower comps and market share loss. Believe classic casual styling has gone out of fashion with older teen girls. Maintained Neutral rating. Bank of America ( BAC) price target raised at RBC to $29 from $26. 2008 EPS estimates lowered to $2.17 from $2.37. Maintains Sector Perform rating. Cablevision ( CVC) numbers raised at Morgan Stanley. Shares now seen reaching $32. Estimates also raised, given strength in the cable business and asset sales. Equal-weight rating. Research in Motion ( RIMM) numbers cut at Oppenheimer. Shares now seen reaching $150. Estimates also cut because of higher expenses to launch new products.