Newell Rubbermaid ( NWL) upgraded at Merrill/BofA from Neutral to Buy. $9 price target. Stock looks oversold on liquidity concerns, and is already pricing in the poor macro environment. Sprint-Nextel ( S) downgraded at Wachovia from Outperform to Market Perform. iDEN customer losses are driving the churn rate higher. Spirit Aerosystems ( SPR) downgraded at Goldman Sachs to Sell from Neutral based on unfavorable exposure to Boeing and Airbus commercial OEM. Expect breakeven free cash flow over the next two years. SunPower ( SPWRA) downgraded at Morgan Stanley. Rating lowered to Underweight from Overweight. Eliminates price target. 2009 EPS estimates lowered to $1.45 from $2.50. Union Pacific ( UNP) upgraded at Merrill/BofA to Buy from Neutral and price target reduced to $45 from $48, owing to reduced EPS targets, and using same 11x target multiple. BofA/ML believes valuation looks attractive, with the shares trading at 9.2x 2009 EPS estimate, its second lowest level in 16 years. Volumes have begun to find a floor into spring planting season, auto and some chemical plants come back on line, and retail sales were slightly better than expected. Weyerhaeuser ( WY) upgraded at Deutsche Bank to Buy. Valuation call, based on a $30 price target. Exxon Mobil ( XOM) rated new Buy at Citigroup. $77 price target. Company is looking at 3% production growth in 2009 and continues to generate a lot of free cash flow. Target cut to $7 from $10.
Fastenal ( FAST) numbers lowered at Morgan Stanley to $18. Estimates also cut, to reflect a greater potential downside risk. Underweight rating. General Electric ( GE) numbers cut at UBS to $9.50. Estimates also lowered, because of further weakness in late-cycle businesses. Short-term Sell rating removed. Neutral rating. CarMax ( KMX) target raised at Credit Suisse to $10 from $9 based on modest improvement in used car market and potential that government's TALF program improves auto loan market. Maintained Neutral rating. Pall ( PLL) estimates, target reduced at Barclays. Estimates cut through 2010, because of weak end-market demand. Overweight rating and new $26 price target. Valero Energy ( VLO) numbers cut at Barclays to $18. Estimates also reduced, to reflect lower margins. Equal-weight rating.