AutoNation ( AN) downgraded at UBS to Sell from Neutral due to ongoing liquidity concerns and continued sales pressure during 2009. Shares are up more than 30% since reporting Q4 earnings. Cabot ( CBT) downgraded at J.P. Morgan to Neutral from Overweight due to continuing weakness in trends such as carbon black and tantalum. Expect company to post a loss in Q2, and note potential future cut to dividend. Price target slashed to $8 from $17. Citris Systems ( CTXS) downgraded at Thomas Weisel to Market Weight from Overweight based on valuation. Stock has limited upside to $26 target price. Jack in the Box ( JACK) rated new Outperform at Morgan Keegan. Sees favorable risk/reward based on management's strategic plan, solid balance sheet and cash flows. See share price in mid-high $20's in 6-12 months. Sony ( SNE) coverage initiated at Maxim with a Buy rating and $25 price target. Believe current valuation implies trough levels and expect shares to trade higher as margins recover over the next year. Note potential earnings improvement from restructuring, headcount reductions, and shift to less expensive manufacturing countries.
STOCK COMMENTS / EPS CHANGES
Best Buy ( BBY) target raised at Credit Suisse to $40 from $36. Believes benefits from Circuit City's demise will offset macro and product weakness. Maintained Outperform rating. General Electric ( GE) target cut at Credit Suisse to $11 from $13 based on valuation. Cites current macro backdrop supports GECS net income closer to $2B than $5B. Maintained Neutral rating.