Change in RatingsChubb ( CB) downgraded at Barclays from Overweight to Equal-weight. Expect higher insurance liabilities, given the continued financial market turmoil. $48 price target. Dell ( DELL) downgraded at Merrill from Buy to Neutral. $13 price target. Expect a sharp downturn in the PC market, with a lack of near-term catalysts. Ecolab ( ECL) upgraded at Barclays from Equal-weight to Overweight. $43 price target. Stock is down 33% since the beginning of October, which has created an attractive entry point. Freeport-McMoRan ( FCX) downgraded at JP Morgan to Neutral from Overweight due to rapid deterioration in molybdenum and copper prices. Lowered Q4 estimates to a loss of 74 cents from a gain of 55 cents, reflecting anticipated negative impact of Q3 provisional pricing adjustments. Price target lowered to $32 from $57. Corning ( GLW) rated new Equal-weight at Morgan Stanley. LCD market will remain difficult into 2009, which offsets the attractive valuation. Target ( TGT) downgraded at JP Morgan to Neutral from Overweight. See increasing concerns over sales softness and credit card exposure, and note decelerating same-store sales trends. Price target lowered to $34 from $46.
Stock Comments/EPS ChangesAgilent Technologies ( A) target cut at Credit Suisse to $23 from $37 following weaker-than-expected Q1 guidance. Maintained Neutral rating. Adobe ( ADBE) numbers cut at Merrill. Shares now seen reaching $35. Estimates also lowered through 2010 to reflect a weak economic outlook. Buy rating. Altera ( ALTR) price target cut at Goldman Sachs to $14 from $16 based on increased confidence that there will be a significant pullback in communications infrastructure spending over next few quarters. Maintained Sell rating.
Ford ( F) price target cut at Goldman to $2 from $2.50. Expect lower 2008 and 2009 earnings due to diminished volume and margins internationally, weaker pricing in North America and additional credit losses at Ford Motor Credit. Maintained Neutral rating.