Discovery Communications ( DISCA) upgraded at JPMorgan to neutral from underweight and price target increased to $14 from $11. JPM now see less risk to estimates due to (1) solid Q1 ratings, which should help meet the revenue guidance for the quarter, and (2) increased confidence (following recent meeting with management) in the company's ability to mitigate revenue shortfall, at least partially, through cost cutting. The premium valuation presents downside risk, and JPM does not see near term catalysts at this point. Harley-Davidson ( HOG) downgraded at Keybanc from Hold to Underweight. $12 price target. Financing concerns remain a major issue. Estimates also cut. Mosaic ( MOS) downgraded at JPMorgan to neutral from overweight and price target reduced to $44 from $50. Downgrade due to a weaker earnings outlook and valuation issues. Mosaic now trades at 6.8x EV/EBITDA for F2010 (ends August) versus 6.4x for Potash for F2009 (ends December). Potash Corp has historically commanded a premium valuation on the basis of its higher financial returns. JPM prefers Potash to Mosaic at this juncture RF Micro Devices ( RFMD) upgraded at UBS from Neutral to Buy. $3 price target. Estimates also raised, as channel checks suggest strong sales momentum, which could lead to margin expansion.
STOCK COMMENTS / EPS CHANGES
Apple ( AAPL) estimates, target raised at Credit Suisse to $133, Credit Suisse said. Company seeing stronger demand for both Macs and iPhones. Outperform rating. Abbott Labs ( ABT) numbers cut at Barclays to $59. Estimates also lowered, because of lower than expected market share for Humira. Overweight rating.