Reynolds ( RAI) upgraded at Davenport to Buy. Stock is already pricing in lower cigarette volumes and Conwood margins. $48 price target. Raytheon ( RTN) rated new Outperform at Morgan Keegan. Company is highly diversified and the turnaround story is largely complete. Seagate Technology ( STX) downgraded at Deutsche Bank from Hold to Sell. Stock is up 90% from its March lows, and investors should not chase the sector. Pricing and inventory outlook is improving. VMWare ( VMW) upgraded at Goldman Sachs to Buy based on positive channel checks, increased confidence in earnings outlook and upcoming vSphere product cycle. Price target raised to $29 from $27.
EMC ( EMC) estimates lowered at Barclays through 2010. Company is seeing increased pricing pressure and slower storage demand. Equal-weight rating and $11 price target. IntercontinentalExchange ( ICE) numbers raised at Barclays. 2009 estimate increased because of the improvement in OTC commissions. Equal-weight rating and new $73 price target. Micron ( MU) 2009 estimates cut at UBS to a loss of $2.01 a share. Checks show that DRAM inventory could be high. Buy rating and $5 price target. New York Times ( NYT) estimates cut at Barclays throughout 2010. Company likely to see lower advertising revenue. Underweight rating and new $2 price target.