CHANGE IN RATINGSAlcoa ( AA) upgraded at Deutsche Bank from Sell to Hold. Financing fears have been pushed into 2010, following the recent equity placement. Autodesk ( ADSK) upgraded at UBS from Sell to Neutral. $16 price target. Expect management to say that sales declines are decelerating at the upcoming analyst meeting. Also expect a new CFO to be named soon. Freeport-McMoran ( FCX) downgraded at Deutsche Bank to Sell. Valuation call, as copper prices should pull back once again.
STOCK COMMENTS / EPS CHANGESAmazon.com ( AMZN) target raised at ThinkEquity to $85. Kindle will help margins and earnings, though not boost the top line as much. Buy rating. Intel ( INTC) estimates, target raised at Morgan Stanley through 2010. Upstream data points are largely positive across the industry. Equal-weight rating and new $14 price target.
KB Home ( KBH) 2010 estimates lowered at UBS because of low demand visibility. Neutral rating and $14 price target. Research in Motion ( RIMM) numbers reduced at UBS to $52. Estimates also lowered through 2010, because of lower expected replacement demand. Neutral rating. VMWare ( VMW) 2009 estimates, target reduced at RBC because of mixed channel checks. Enterprise demand likely remains soft. Sector Perform rating and new $23 price target.