MetLife ( MET) was upgraded from Market Perform to Outperform, Keefe, Bruyette & Woods said. $65 price target. The group has sold off on mounting credit pressures, but MET has a strong capital profile. Coverage of McAfee ( MFE) was started with an Overweight rating, Morgan Stanley said. $44 price target. Company should continue to gain market share in all key areas. Molex ( MOLX) was downgraded from Hold to Sell, Citigroup said. Company guided toward lower revenue, and the forward consensus analyst estimates still appear too optimistic. Pall ( PLL) was upgraded from Neutral to Buy, Merrill Lynch said. $39 price target. 75% of sales come from consumable products, and the company remains on track to deliver 12% earnings growth in 2009. Schering-Plough ( SGP) was downgraded from Buy to Underperform, Merrill Lynch said. $18 price target. Expect Vytorin/Zetia issues to persist. Company is also the most exposed in the group to a stronger US dollar. Trimble Navigation ( TRMB) was downgraded by Oppenheimer to Perform from Outperform and removed $39 price target due company's exposure to construction and agriculture- areas that are expected to experience a very challenging period. OpCo believes TRMB will trade in $18-$31 range and long term investors should look to accumulate under $20. Walgreen ( WAG) was downgraded at Morgan Stanley to Equal-weight. Declining prescription volumes and increased front-end discounting will hamper the company's ability to return to double-digit growth.
Credit Suisse said it is lowering its target on Capella Education ( CPLA) to $55 from $70 based on lingering ERP concerns that could get worse in Q4. Maintained Outperform rating. Goldman said it is reducing its 2008 estimates on Fortress Investment Group ( FIG) to $0.43 from $0.50 due to weak September returns and deteriorating conditions in the hedge fund industry. Price target cut to $11 from $12 and maintained Neutral rating. Monsanto ( MON) price target lowered to $130 from $143, Goldman said. In the wake of yesterday's sell-off alongside Mosaic, note that company is an agricultural biotech powerhouse rather than a cyclical commodity producer. Expect multiyear earnings growth, but expect lower corn planting assumptions in 2009. Maintained Neutral rating. Goldman said it is trimming its target on Whole Foods ( WFMI) to $21 from $22 based on lower earnings potential in slowing economic environment. Believe that concerns over consumer switching to lower-priced alternatives are more perception than reality. See economic backdrop will likely solidify recent sales deceleration. Maintained Neutral rating. Wyeth ( WYE) shares now seen reaching $45, Merrill Lynch said. Multiples could shrink in the industry, based on decelerating annual growth. Buy rating.