Allegheny Energy ( AYE) upgraded at Barclays from Equal-weight to Overweight. $40 price target. Company should benefit from the upcoming Pennsylvania price power auction. Chipotle ( CMG) downgraded at Jefferies from Hold to Underperform. $62 price target. Stock looks expensive, as it could take longer for traffic to recover in the current economic environment. Frontier Oil ( FTO) downgraded at Deutsche from Buy to Hold. $15 price target. Company likely to face weaker earnings, as refining margins weaken. Lamar ( LAMR) rated new Underperform at Credit Suisse with an Underperform rating. See downside risk based on lack of visibility and lagging nature of the outdoor medium. Sets target price at $10. Starbucks ( SBUX) downgraded at Deutsche Bank from Hold to Sell. $7 price target. Competition will continue to weigh on the company, which likely needs to close more stores. Sysco ( SYY) downgraded at JPMorgan to Neutral from Overweight based on slowing inflation and restaurant industry contraction. Lowered target price to $25 from $26. TECO Energy ( TE) downgraded at Credit Suisse to Neutral from Outperform. Believes uncertainty in coal markets could lead to a decline in earnings. Lowered target price to $13 from $15. Wendy's ( WEN) rated new Overweight at Barclays Capital with an Overweight rating. $6.50 price target. Company has good short-term opportunity to realizing operating cost savings.
STOCK COMMENTS / EPS CHANGES
Avery Dennison ( AVY) numbers cut at Barclays to $27. Estimates also lowered, because of pricing and weaker cyclical demand. Equal-weight rating. CSX ( CSX) estimates increased at Merrill/BofA through 2010. Company realizing higher yields and margin. Buy rating and $34 price target.