Macerich ( MAC) downgraded at Goldman Sachs to Sell from Neutral due to heavy exposure to Arizona and Southern California. The company also has large near-term debt refinancing requirements, as 50% of its total debt matures in the next 3 years. Price target cut to $5 from $10. Monsanto ( MON) rated new Buy at UBS. $115 price target. Company should be able to deliver 15% earnings growth over each of the next 5 years. Petrobras ( PBR) downgraded at Deutsche from Buy to Hold. $35 price target. Valuation call, especially with lower natural gas prices in North America. PG&E ( PCG) downgraded at Citigroup from Buy to Hold. $42.50 price target. Valuation call, though the stock remains relatively recession-proof. PPG Industries ( PPG) downgraded at Merrill/BofA from Buy to Neutral. $41 price target. Caustic soda is getting weaker, along with other business areas. Estimates also lowered through 2010. Rowan ( RDC) downgraded at Barclays to equal weight from overweight and price target reduced to $18 from $23. Barclays believes that Rowan's Gulf rig will experience significant downtime this year. Reduced utilization, lower day rates and conservative forecast for Le Tourneau will reduce earnings in 20009 and 2010. Suntech ( STP) downgraded at Oppenheimer from Perform to Underperform. $6 price target. Stock is already pricing in good news out of China.
Amazon ( AMZN) price target raised at Goldman to $81 from $70. Believe shares can command a higher multiple (around 22x) based on the 15x multiple being given to US internet peers. Believe company will take market share over the long-term and grow free cash flow at a faster rate than peers. Maintained Buy rating. Ashland ( ASH) target raised at Credit Suisse to $15.50 from $13.50 based on increased comfort with debt position following meeting with management. Maintained Outperform rating. Activision ( ATVI) cut from Top Picks Live list at Citigroup. Stock is up 26% year-to-date. Buy rating, as the company remains the best-positioned game publisher for 2009. Baker Hughes ( BHI) 2009 estimates cut because of lower drilling activity, at Barclays Capital. Overweight rating and new $39 price target. Walt Disney ( DIS) estimates cut at Barclays through 2010. Orlando vacation market remains soft. Underweight rating and $17 price target. DreamWorks estimates raised at Morgan Stanley through 2011. Company likely to experience higher film attendance and realize lower film amortization costs. Equal-weight rating. Halliburton ( HAL) estimates, target cut at Barclays to $26. Estimates also lowered, because of price competition and lower drilling activity. Overweight rating. SunPower ( SPWRA) target raised at Merrill/BofA to $30. China subsidiaries could reduce pricing pressure. Neutral rating.