CHANGE IN RATINGSAmazon.com ( AMZN) downgraded at Barclays Capital from Overweight to Equal-weight. $70 price target. Stock has outperformed the market by 60 percentage points since December. Biovail ( BVF) downgraded at Goldman Sachs to Sell from Neutral based on relative valuation and limited growth outlook. Note support to dividend but potential for lowered payout if company makes acquisitions to bolster pipeline. Price target at $10.
STOCK COMMENTS / EPS CHANGESAdobe ( ADBE) estimates, target increased at UBS to $25. Estimates also raised, based on signs of stability in the product channel. Buy rating. Ball ( BLL) numbers lowered at Merrill/BofA. Shares now seen reaching $47. Estimates also cut, to reflect lower volumes in North America. Buy rating. Citigroup ( C) estimates lowered at Credit Suisse through 2010. Company likely to see lower investment banking and corporate revenue. Neutral rating and $3 price target.
Dow Chemical ( DOW) target halved at Credit Suisse to $12 from $24 to reflect greater than expected headwinds throughout 2009. Also adjusting estimates following purchase of ROH. Maintained Neutral rating. Goldman Sachs ( GS) estimates raised at Barclays through 2010. Company will benefit from the recent equity rally, and the reversal in the value of ICBC. Equal-weight rating and $100 price target. Urban Outfitters ( URBN) numbers lowered at UBS to $20. Estimates also cut, to reflect disappointing comp sales. Buy rating. Williams-Sonoma ( WSM) estimates cut at UBS through 2011. Company is trying to re-position its brand in a particularly difficult macro environment. Sell rating and $6 price target.